Soaring Chocolate Prices - The Bittersweet News

June 12, 2024

Soaring Chocolate Prices - The Bittersweet News

Chocolate, a classic and delectable treat beloved worldwide, has become a cornerstone of a range of desserts like cookies, cupcakes, cakes, pastries, and so on. And so, over the years, chocolate has witnessed a significant rise in popularity. However, the chocolate industry is currently facing a massive shortage owing to an unusual surge in the price of cocoa beans. It is the key ingredient in chocolate production that has currently taken a hit.

Several research and news bodies state that the price of cocoa beans has soared to a whopping Rs. 1000 per kg since April, almost three times the price since February. This massive change in prices has put cocoa processors under tremendous pressure. Cocoa processors play a key role in the chocolate supply chain as they process the beans into cocoa butter and liquor, which are important components in chocolate. Due to this unfortunate development, the entire chocolate industry is experiencing a huge setback in its operations.

The Factors affecting the Chocolate Industry

Climatic change affecting Cocoa Crops

Several key factors for this dramatic change in cocoa prices are at play here. The source of the troubles can be attributed to Western African countries like Ivory Coast and Ghana, responsible for close to two-thirds of the world's cocoa bean supply, experiencing a bad harvest season.

The development of the El Niño event from 2023–2024 has and will continue to impact the global climate, especially in West Africa. This climate phenomenon refers to the weather change that is a result of the warming of surface water in the equatorial Pacific Ocean. This in turn led to extremely heavy rainfall in West Africa, creating ideal conditions for the quick spread of the black pod disease across the cocoa fields. It causes cocoa pods to rot, substantially decimating the harvestable crop for this year.

Cocoa Farmers are Underpaid and Overworked

In addition to the weather-related challenges this industry is facing, the economic plight of cocoa farmers is also a long-standing issue that is affecting this industry and bringing it to its knees. The meagre incomes of farmers, which are almost half of the UN's absolute poverty line of 2.15 US dollars per day, prevent them from improving their existing infrastructure, purchasing additional land for new crops, or implementing modern agricultural techniques to mitigate the effects of such drastic climate change. The farmers are simply unable to combat the challenges faced by their crops.

The impact of these hardships is felt throughout the chocolate industry, threatening the affordability and availability of chocolate. This decline in the market is potentially making this beloved treat a luxury item, especially for bakers and cake studios.

The Future of Chocolate

In an attempt to maintain the high-quality customers have come to expect, cake studios such as ourselves are compelled to make small adjustments to the prices of our chocolate-themed offerings. We are committed to continue making quality desserts with premium ingredients. As opposed to our counterparts that use compound chocolate, which uses vegetable fat instead of cocoa butter, we work with Callebaut chocolate, known for its superior quality and high cocoa content. While it may be economical and easier to choose the former to work with, we maintain the quality, flavour, and texture of our chocolate desserts with Callebaut chocolate as one of our key ingredients.

Taking these setbacks in stride, we at Toujours are also focusing on ensuring that you enjoy the best desserts in Mumbai. Our menu continues to remain as enticing as ever with our range of non-chocolate cakes and diverse range of flavours that are as delicious. You can buy cake online and choose from a myriad of non-chocolate desserts that do not necessitate any price adjustments or indulge in our decadent chocolate desserts with a small albeit necessary price change. You may also like to read our blog on the advantages of buying cake online in Mumbai.

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