A new international report by Rabobank reveals skyrocketing cocoa prices are putting strong pressure on chocolate producers around the globe who are likely to pass on the burden to consumers.
RaboResearch Analyst Paul Joules warns that chocolate prices are on the verge of skyrocketing due to a significant cocoa shortage in West Africa.
Joules explains that diseases and ageing cocoa trees in Ghana and Ivory Coast, responsible for 70% of the world's cocoa, have led to a drastic drop in production.
Unfortunately, the worst may be yet to come, with significant price hikes expected for dark chocolate lovers while chocolate producers are considering strategies like shrinking product sizes or substituting ingredients.
Listen to the full chat between Paul Joules and Dominic George above.
To check out more episodes listen to the REX Podcast anytime on your favourite streaming platforms including Spotify, Apple Music and Rova.
Visit the Rural Exchange Facebook or Instagram page for more information and regular updates from the REX team.
