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What the Cocoa Deficit Will Be This Season?

Approximately 70% of the world's cocoa is produced in Africa, with Ghana and Cote d'Ivoire controlling the market. The past three years have seen a poor cocoa harvest due to harsh weather and crop diseases, which has caused a considerable spike in chocolate prices, according to media reports.
This week, the media reported that significant cocoa processing facilities in Ghana and Cote d'Ivoire have halted or decreased operations since they cannot afford to buy cocoa beans. Consequently, there is an anticipation of a substantial increase in global chocolate prices.
Sputnik took a deep dive into cocoa deficit and found out that it is forecasted that in 2023/2024 season there'll be a 375,000 tonnes lack of growing cocoa compared to 74,000 tonnes deficit in the previous season which represents more than a fivefold increase.
This will lead to a world production decrease to 4.45 million tonnes, which is a slightly over 12% decrease from 2022/2023 season.
Check out Sputnik's infographics to learn more!