A crisis is looming in the global chocolate industry as major cocoa processing plants in Ivory Coast and Ghana have either halted or reduced operations due to financial constraints in purchasing cocoa beans
This development is likely to lead to a significant increase in chocolate prices worldwide, as companies struggle to meet consumer demand amid dwindling supplies.
The situation has been caused by three consecutive years of poor cocoa harvests in the two leading cocoa-producing countries, which account for nearly 60% of the world’s cocoa production.
As a result, cocoa prices have surged, more than doubling over the past year and reaching record highs.
Industry experts warn that unless there is a substantial decrease in demand to match the diminished supply, the market will continue to face significant challenges.
Chocolate manufacturers rely on cocoa processors to transform raw cocoa beans into cocoa butter and liquor, essential ingredients for chocolate production.
However, with processors unable to afford to purchase beans, the entire chocolate production chain is disrupted.
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