Weather and disease damaging crop yields and underpaid farmers leaving the industry has caused supply issues, driving up the price of cocoa beans to record highs ahead of Easter.
WATCH: A local chocolatier says cocoa bean prices hit an all time high this week. But in the end, it may save the industry even as it hits the wallets of chocolate lovers. Doug Vaessen reports.“We love Master Chocolat for many years. We have six grandchildren every year we come here for every special occasion.”
Callebaut said the price per tonne for cocoa has doubled in the past three months and recently set a record high. Côte D’Ivoire saw a 30 per cent decline in production over the past year due to climate change and disease, according to Sophia Carodenuto — a professor of geography at the University of Victoria whose research specializes in global food systems.
“That could lead to a further erosion of chocolate volume sales and begin to impact dollar sales as well,” he said.Higher commodity futures also don’t necessarily dictate the prices farmers are being paid in real time, noted Carodenuto.
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