cincodias.elpais.com
Cocoa Prices Soar 188%, Triggering Global Chocolate Price Increases
Soaring cocoa prices, up 188% in London in 2024 due to poor harvests, farmer migration to more profitable crops in major producing countries, and climate change, caused a 24.2% increase in Spanish chocolate prices and prompted manufacturers to downsize products or reformulate recipes.
- What are the immediate consequences of the significant increase in cocoa prices for chocolate manufacturers and consumers?
- The price of cocoa surged 188% in 2024 in London, impacting chocolate prices globally. In Spain, chocolate prices increased by 24.2% since April 2024, leading to strategies like downsizing and reformulation by companies like Hershey's. This volatility reflects deeper imbalances in the cocoa market, according to expert Judith Ganes.
- How have factors such as climate change, crop diseases, and farmer migration contributed to the current volatility in the cocoa market?
- Poor harvests in major cocoa-producing countries like Brazil and Vietnam, coupled with unfavorable weather and crop diseases, have driven cocoa prices up. Additionally, farmers in Ivory Coast and Ghana, which produce 60% of the world's cocoa, are switching to more lucrative crops like gold (up 25% in 2025) and rubber, further straining the supply chain.
- What are the long-term implications of the current cocoa market instability, including potential impacts on chocolate production, consumption patterns, and investment strategies?
- The cocoa market's volatility isn't temporary; it signals long-term structural issues. While a projected cocoa surplus in 2025/2026 may lower prices, the industry faces challenges like climate change and the potential for production ceilings in key regions. The shift toward luxury chocolate and the potential for sustained reduced demand in markets like the US add complexity.
Cognitive Concepts
Framing Bias
The article frames the cacao price volatility primarily through the lens of economic impact on businesses and consumers in developed countries, particularly focusing on the price increases of chocolate bars in Spain and the stock performance of Hershey's. While the plight of farmers in producing countries is mentioned, it is presented more as a contributing factor to the price volatility rather than a central concern. The headline (if there were one) would likely emphasize the price increases and market instability.
Language Bias
While the article maintains a relatively neutral tone overall, certain word choices could be considered subtly loaded. For example, describing the cacao price increase as a "mountain rusa" (rollercoaster) evokes a sense of excitement and instability. Using more neutral phrasing like "significant price fluctuations" would be less sensational. Similarly, phrases like "the rally" in reference to price increases might subtly suggest a positive outcome even if that's not explicitly stated. Also, the repeated emphasis on price increases in specific locations like Spain and the US subtly focuses attention away from the farmers and places where the commodity is produced. More balanced language could highlight the global impact more equally.
Bias by Omission
The article focuses heavily on the price volatility and economic impacts of cacao price changes, but it omits discussion of the social and environmental consequences of cacao farming practices in producing countries like Ivory Coast and Ghana. While the desertion of farmers seeking higher-paying jobs is mentioned, the broader implications for these communities and the environment are not explored. The article also lacks detailed information on the sustainability initiatives undertaken by chocolate companies to address these issues.
False Dichotomy
The article presents a somewhat simplistic eitheor scenario regarding the future of cacao prices. While it acknowledges that factors like weather and production levels play a role, the analysis largely revolves around the short-term price fluctuations and investment strategies, without fully exploring the complex interplay of long-term factors that could influence the market.
Sustainable Development Goals
The article highlights the significant price increase of cacao, a key ingredient in chocolate and other food products. This price volatility, driven by factors like climate change, disease, and shifts in agricultural practices, directly impacts food security and affordability, particularly for vulnerable populations. Increased chocolate prices affect consumer access to this food product, potentially contributing to food insecurity, especially for low-income consumers.