News in Brief:
– Disease and wet weather are ravaging cocoa crops in West Africa, leading to major harvest losses for Ivory Coast and Ghana, the world’s top producers.
– This supply shortage is pushing global cocoa prices higher, impacting both farmers and chocolate consumers in the long run.
Cocoa farmers in West Africa, particularly Ivory Coast and Ghana â the world’s leading cocoa producers, are facing a devastating combination of wet weather and plant diseases that are significantly impacting crop yields and driving up global cocoa prices.
These challenges, including fungal black pod disease and cocoa swollen shoot virus, are causing widespread crop failure and threatening the livelihoods of many farmers, according to a news report. Wet weather conditions, as the rainy season commence, are exacerbating the spread of these diseases, further hindering efforts to control them.
Despite rising global cocoa prices, driven by a projected market growth from $48 billion in 2022 to $68 billion by 2029, farmers in these regions are struggling to take advantage due to significantly reduced harvests. This situation has led to discussions between farmers and industry representatives regarding potential solutions, with the possibility of industrial action looming if solutions are not found.
Furthermore, industry experts warn that the current production shortfalls will have long-term consequences for the international chocolate market. As demand for chocolate, particularly in Asia, continues to rise, global supply is expected to remain low, keeping prices high for consumers worldwide.
