Cocoa prices have surged to their highest level in 50 years, driven by crop diseases in West Africa and adverse weather conditions. The price per tonne has risen from under $2,000 in 2022 to over $12,000 during the 2024 holiday season, now stabilising around $10,000, according to Philippe de Selliers, CEO of Leonidas and head of Belgian chocolate federation Choprabisco.
Industry experts, including Oxfam Fair Trade policy adviser Bart Van Besien, describe the increase as unprecedented. The rising cost of cocoa impacts chocolate manufacturers, particularly in Belgium, where nearly 280 brands face financial strain ahead of Valentine’s Day and Easter.
Analysts warn that chocolate prices could continue to climb as supply challenges persist.