Rising Cocoa Prices: Belgian Chocolate Makers Face Unprecedented Challenges Amidst Economic Uncertainty

Cocoa Price Increasing Faster Than Bitcoin, Stabilization Not Expected Soon

The cost of cocoa beans has been steadily climbing, with a ton now worth over $10,000. This is due to disappointing harvests and there’s no sign of stabilization in the near future. Despite the high prices, investing in cocoa could be very lucrative as the price has reached unprecedented levels recently.

On the New York futures market, a ton of cocoa beans was recently sold for $10,047, an increase of 186% from previous months. This surge surpasses even the growth rate of Bitcoin. Poor harvests exacerbated by weather phenomena like El NiƱo have led to a scarcity of cocoa in the market.

Belgian chocolate producers are particularly affected by the rise in cocoa prices as Belgium is the world’s second-largest exporter of chocolate. With record prices being set every week, the cost of chocolate is expected to rise for consumers. Large companies in the industry have already indicated that they will be increasing prices to offset rising costs of cocoa.

However, Belgian producers like Libeert are taking steps to mitigate the effects of record prices. By purchasing cocoa at times when prices are low, they can control costs and ensure a steady supply for peak seasons like Easter and Christmas. Despite the challenges posed by high cocoa prices, the Belgian chocolate industry remains a major player in the global market.

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