Your chocolates are going to cost you more! Why?
Cocoa bean prices have skyrocketed in 2024 ever since there is a global shortage in supply, reaching new heights of 12,000 USD a ton; prices have gone 4x in a year.
What is driving this unprecedented hike in prices?
West African countries (Ghana and Ivory Coast) produce 80% of cocoa beans in the world, and cocoa farms across West Africa are facing a climate change-induced drought, which in terms resulted in lower yields.
Cocoa is cultivated by smallholder farmers across the globe largely. Cocoa is one of those crops where farmers get less share of the value chain even though they produce high-value goods. Many farmers earn only 2 dollars a day, which made them shift to other crops.
Companies like us (Domorodot Chocolates) are affected badly as we don’t use palm oil and other fillers; we use pure cocoa.
Domordot will plant more cocoa trees to take control of the situation and establish more tie-ups with farmers across the globe.
Prices are going to stay elevated for some time. It’s an absolutely critical time for us.
ABOUT THE AUTHOR
Rinu Sarangadharan
Co-Founder at Domordot.com
Author
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