Experts have downgraded their assessment of the global cocoa shortage

The cocoa bean deficit in the last agricultural year was a record 494 thousand tons, the International Cocoa Organization reported. This is more than 50 thousand tons worse than the initial estimate of experts.

Thus, according to the organization, the world harvest of cocoa beans, a key raw material for chocolate production, in the 2023-2024 agricultural year turned out to be worse than the initial estimates – only 4.37 million tons against 4.49 million tons. This is the worst figure in eight years and 12.9% lower than the previous year.

At the same time, only 4.8 million tons of beans were put into production, although in February the estimate was higher – 4.9 million tons. A year earlier, significantly more raw materials were used – 5.1 million tons.

As a result, the estimate of the cocoa bean deficit for the last agricultural year was increased from 441 thousand tons to 494 thousand tons – it has never been so high in the last 15 years (the organization does not publish earlier data).

Tags: prices, cocoa