
Ivory Coast, the world’s top cocoa producer, is bracing for a severely diminished mid-crop harvest this season, potentially impacting global cocoa supplies and driving up chocolate prices further.
Unfavorable weather conditions, including a lack of rain and excessive heat, have severely hampered cocoa pod development, leading to concerns of one of the worst mid-crop harvests in the past 15 years.
Industry sources and government officials anticipate a mid-crop harvest of no more than 300,000 metric tons, significantly lower than the average of 500,000 tons.
This production shortfall could exacerbate the already challenging situation for the chocolate industry, with cocoa prices near record highs following a nearly threefold increase last year.
The impact of the poor harvest is expected to be felt throughout the supply chain, potentially leading to further price increases for chocolate consumers.
The Ivorian government has already lowered its export estimates, reflecting the grim reality of the situation.
Farmers and industry experts alike have expressed deep concern over the lack of rainfall and the impact on cocoa production. The absence of flowers and pods on cocoa trees indicates a significant decline in yield.
This news highlights the vulnerability of the global cocoa supply chain to climate change and the potential for significant disruptions in the chocolate market.