Cocoa prices surge to $12,000/ton, reshaping global chocolate industry

Cocoa prices skyrocketed from $2,000 to $12,000 per metric ton between 2022-2024, driven by West Africa's supply crisis. Côte d'Ivoire and Ghana, producing 60% of global cocoa, faced simultaneous weather disruptions, Cacao Swollen Shoot Virus, and aging plantations. This 14% production drop forced structural industry changes: chocolate formulations changed, prices rose, and grindings fell. Prices stabilized at $6,000/ton by 2025, reflecting permanently higher costs due to supply fragility and sustainable sourcing demands.

SOURCE: https://nairametrics.com/2026/03/01/bitter-before-sweet-the-extraordinary-journey-of-cocoa-prices/