According to the International Cocoa Organization, there has been around a 30 per cent decrease of cocoa supply arriving at Ivorian and Ghanaian ports compared to the previous season.
Cocoa prices across the globe are rising at a rapid rate — and local chocolatiers are feeling the pinch. Experts say climate change is causing a shortage of supply, and will continue to make chocolate more expensive for the foreseeable future.Cocoa prices across the globe have been skyrocketing, impacting global and local chocolatiers alike. Experts say climate change is causing a cocoa shortage and will make chocolate more expensive for the foreseeable future.
"It was a lot of shock when we first found out," said Brown. "We've had a lot of conversations to figure out what we're going to do and what we could change." Lesley Campbell, professor of chemistry and biology at Toronto Metropolitan University, said there are no signs the recent price increases are going to slow down.
Meanwhile, Ivory Coast, which produces almost half the world's supply of the raw ingredient used in chocolate bars, raised its farm gate prices by 11 per cent. Because cacao trees can only be grown in certain regions, any environmental risk will have a huge impact on the supply.Rise in global cocoa prices a bitter reality for local chocolatiers this Easter
Oliveira said in addition to the the price of cocoa beans going up, the price of dairy and other supplies have also risen as inflation drove up costs in recent years.
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