If you have a sweet tooth, take note: Cocoa prices have been soaring — and that could drive chocolate prices higher.
Higher prices can be helpful for struggling cocoa farmers. But those prices, along with high prices of other key chocolate ingredients, might not be great news for sweets shoppers watching their budgets.
Meanwhile, demand has stayed strong, particularly in Europe and Asia, noted Paul Joules, a commodity analyst for Rabobank who focuses on cocoa and dairy markets.Initially, forecasters anticipated good supply this year, said Joules. But some months back, they realized that supply wasn't keeping pace with expectations.
Heavy rains in Ivory Coast, the world's top cocoa supplier, might also delay crops harvested in the spring and fall, the Cocoa Organization said, adding that rain and humidity make it more likely that crop disease could negatively affect the harvest.El Niño worsens conditions "We are very happy that cocoa prices are rising," said Pascal Baltussen, chief of impact and operations at Tony's. "Cocoa prices have been way too low for West African cocoa farmers to earn a living income."
Earlier this year, Tony's increased its U.S. prices for retailers by about 8%, the first hike since it launched in the U.S. market in 2015, according to the company. Baltussen did not share the company's future pricing plans.
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