Cocoa Prices Continue to Soar

Cocoa futures continue to rise, reaching a historic level today, exceeding $8,300 per ton. This increase comes amid concerns about cocoa bean supply, as production in major farms in Ivory Coast and Ghana continues to shrink due to adverse climatic factors and structural concerns in the sector, such as aging, diseased trees. Today, cocoa futures surged to $8,380 per ton, marking a new record. In February, analysts from Citi Research predicted cocoa futures could rise to $7,000 - $10,000 per ton if West African supplies continue to decline without any contraction in demand. Analysts stated, "In this scenario, prices may not decrease until the second half of 2025." The rise in cocoa prices has prompted chocolate makers, such as Hershey, to increase their product prices, reduce package sizes, and promote new products that use smaller amounts of cocoa.