Overview

• Climate change and adverse weather conditions have severely impacted cocoa production in West Africa, leading to a global shortage.
• The price of cocoa has doubled this year, reaching a record high, as exports from the Ivory Coast, the world's top producer, have significantly decreased.
• Confectionery giants like Hershey and Mondelez International have raised chocolate prices, passing the cost increase onto consumers.
• Despite higher prices, consumer spending on Easter chocolate is expected to remain high, with major brands reporting increased profit margins.
• Farmers and small chocolate businesses struggle to cope with the changing market, with many facing lower yields and financial difficulties.