Cocoa supply volatility puts global chocolate industry in crisis

It’s also unclear how much cocoa will be able to reach European shores, putting more pressure on already declining exchange-certified stockpiles.

Double-digit production declines are forecast for cocoa crops in Ivory Coast and Ghana, which account for about 50% of supplies.

The world of chocolate is facing immense cocoa shortages. By early March, prices had already more than doubled in just a 12-month span. At that point, many speculators were calling it quits and slashing their bullish wagers.

The signs were all there for a massive deficit. The world had enjoyed chocolate on the cheap for decades, trees were older and crop disease was rampant in the West African countries that supply about half the market.