21:55 13 April 2024
Chocolate Can Become a Luxury Commodity
The rapidly rising prices of cocoa in the global market this year are attracting the attention of not only investors but also the media, which is aimed at a wide range of consumers. The reason for the dynamic rise in prices is the unfavorable weather conditions in West Africa, whose countries are the main suppliers of cocoa to the world markets. This translates into the size and quality of the harvest, and it is difficult to expect a change in the trend in the short term. As a result, the prices of chocolate products in the retail market are rising.
“Cacao has been a star in the global commodity markets in recent months because it has attracted the attention of investors due to robust growth,” Dorota Sierakowska, raw material analyst at DM BOŚ, said.
These increases have been spectacular, especially in recent months. The price of a metric tonne of cocoa for several years oscillated between $2,000-3,000, but at the turn of 2022 and 2023 began the growth trend on this raw material, and 12 months later the prices approached $4,300. However, this was only a prelude to the rally, which has taken place since the beginning of 2024. The price of cocoa in U.S. contracts for May rose by almost 150 percent during this period, exceeding $10,400 per tonne.
(Newseria)
