Wednesday, January 19, 2022

Demand for chocolate fuels surge in cocoa price

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The Omicron variant did nothing to weaken Americans ’sweet teeth.

According to Acesparks, demand for chocolate across the country remains high as retail sales grew by more than 5 percent each quarter.

The increase in high demand and supply has led to a sharp rise in the price of cocoa, a key ingredient in chocolate.

Cocoa prices have risen more than 8 percent since December. At the end of Wednesday’s trading, cocoa sold for $ 1,720 per pound.

According to Acesparks, one of the largest cocoa exporters, Ivory Coast sends less cocoa beans to ports.

But since last year, beans have been so plentiful that it has kept the price of chocolate relatively cheap compared to other food items that rose in price during a period of record inflation.

Cocoa stocks in U.S. ports have declined over the past 17 weeks, down more than 20% from a year earlier.

Other commodities, including raw sugar, Arabica coffee, and cotton, showed moderate gains.

Cocoa bean prices hit a two-month high due to high demand for chocolate.
Port Clinton, PA - March 18: Foil-wrapped hard chocolate Easter bunnies made by Niagara Chocolates will be on display at the Port Clinton peanut store.  Easter sweets at the Port Clinton Peanut Store in Port Clinton on Thursday, March 18, 2021 (Photo by Reading Eagle via Ben Hasty / MediaNews Group / Getty Images)
Americans spend $ 20 billion a year on chocolate.

The U.S. chocolate market is valued at about $ 20 billion. By the end of 2026, that number is expected to reach $ 26 billion.

According to the National Confectioners Association, the confectionery industry, which includes chocolate, candy, chewing gum and mint producers, generates $ 37 billion annually from retail sales.

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