Cocoa Insights 2024 reveals significant impacts on the price of chocolate, in the midst of the Christmas season, due to increases in the price of cocoa: global and climate factors among the causes of the increases
Turin, December 6th, 2023 – In the midst of the Christmas season, there is a significant increase in chocolate prices. An increase attributed to the increase in cocoa costs, which has already led to a 14% increase in the price of finished products in the last year. The worst thing is that the price forecast is for a further increase of 7% in the next five months, with prices of the raw material growing strongly in the short term.
The data were collected from the new “Cocoa Insights 2024” report, a study just published by RedMarketing, an agency specializing in communication and marketing for pastry and ice cream shops.
The increase in cocoa therefore directly impacts consumers’ pockets, particularly during the Christmas period, traditionally characterized by high chocolate consumption.
Pastry shops and chocolate producers are forced to navigate rising costs and the need to remain competitive on the market.
The “Cocoa Insights 2024” report also details the factors that determine the trend in the price of cocoa, highlighting how these are influenced by global factors and climate change, including the effects of the El Niño meteorological phenomenon. This phenomenon has in fact led to adverse climatic conditions, especially in Ivory Coast and Ghana with temperatures above average, a factor which has negatively influenced cocoa production, causing a reduction in supply and, consequently, an increase in prices.
These external factors, combined with increased demand, have created a high price environment for cocoa, directly impacting chocolate production costs.
The Cacao Insights 2024 report predicts a further increase in cocoa prices in the near term, with a potential peak of $4,300 per ton based on data processed by Redmarketing with the help of artificial intelligence.
However, long-term market forecasts suggest a possible reduction in prices, approaching $3,800 per ton.
View the complete Cacao Insights 2024 Report