MarketsFeb 16, 2024
The Price of Cocoa Has More Than Doubled Over the Past Year 🍫
What we’re showing
The year-over-year (YoY) price changes of major agricultural commodities, as of Feb 14, 2023. Cocoa stands out due to its substantial increase of over 120% (currently $5,949 per tonne).
Why has cocoa become so expensive?
One reason is the El Niño, a weather phenomenon causing drier and hotter conditions in major cocoa-growing regions, impacting crop yields.
Cocoa production is heavily concentrated in Africa.
How will this impact companies & consumers?
Hershey’s CEO Michele Buck recently told analysts that the high price of cocoa was expected to limit earnings growth going forward.
In 2023, prices for Hershey’s chocolates and other candy products in North America rose 9% (see Source tab).
Dataset
| Commodity | YoY Price Change (%) |
|---|---|
| Cocoa | 121 |
| Orange juice | 57 |
| Potatoes | 29 |
| Butter | 22 |
| Cotton | 13 |
| Rice | 4 |
| Soybeans | -23 |
| Wheat | -25 |
| Canola | -29 |
| Corn | -37 |
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