The price of cocoa has more than doubled in New York as in London since the start of 2023. Farmers in West Africa have reported the development of diseases after too much rain, notably so-called “black pods” Ivory Coast is by far the largest cocoa producer in the world, followed by Ghana.
These two countries provided almost 60% of global production for the 2022-2023 harvest. The surge in prices is weighing on the main chocolate manufacturers and is already having an impact on consumers.