Cocoa prices set a historical record

According to the London ICE Exchange, cocoa bean prices have reached a new historical high. For the first time in the history of trading, futures for raw materials for the production of chocolate exceeded the mark of $ 10,000 per ton.

The cost of cocoa delivered in May has increased by more than 2.5% since the beginning of the day. Experts note that since the beginning of 2024, quotations have increased 2.4 times due to concerns about a shortage of raw materials, and over the past five sessions, the price of cocoa has increased by more than 20%.

By mid-February, the cost of a ton of cocoa beans reached $ 6 thousand, having increased one and a half times since the beginning of the year. By March 7, prices had risen to $6.55 thousand. 

The reason for this growth was the intense heat and record rainfall over the past 30 years in Ivory Coast and Ghana, which provide about 60% of the world's cocoa bean supply. This led to a record low harvest, which in turn became a driver of price growth.

Analysts note that despite such astronomical prices, there has been no decrease in demand for raw materials, as it is supported by previously concluded contracts. However, over time, record prices for cocoa beans will lead to an increased global shortage of key raw materials for chocolate production and a sharp increase in product prices in 2024.