Cocoa prices have hit a new high, affecting the cost of popular chocolate brands in the UK as poor harvests, driven by climate change and adverse weather, take their toll. The result is a significant price increase for beloved chocolate products, underlining the impact of environmental challenges and market forces.
Cocoa prices have soared to over $10,000 per tonne, setting new records due to poor harvests in key producing regions such as Ivory Coast and Ghana. This increase is largely attributed to adverse weather conditions, including the impacts of climate change and El Nino, which have disrupted the usual production patterns by causing heavy rains followed by droughts. Such extreme weather events have led to diseases like black pod, significantly affecting crop yields.
The dramatic surge in cocoa prices has had a direct impact on chocolate prices in the UK, with popular products such as Easter eggs from brands like Cadbury, Lindt, and Maltesers, experiencing price hikes of at least 50% compared to the previous year. Some products have also reduced in size. The overall price of chocolate has risen by 12.6% in the past year, outpacing the general 5.6% increase in supermarket food and drink prices. Notably, the Freddo bar has seen a price increase of 150%, now costing 36p.
Analysts warn that these price hikes are not a short-term anomaly but part of a longer-term trend. The combination of climate change, global supply chain disruptions, and years of underinvestment in plantations has created a significant challenge for the chocolate industry. The Energy and Climate Intelligence Unit (ECIU) has emphasized the role of environmental factors in driving up prices.
Consumer groups such as Which? have advised shoppers to compare prices and shop wisely amidst rising costs. Meanwhile, industry experts predict that chocolate prices will continue to increase as major producers pass on the elevated costs to consumers. This situation poses an ongoing challenge for chocolate lovers and the industry, signaling the broader implications of climate change and market dynamics on global food supplies.