Chocolate Prices Surge in the U.S. Due to Cocoa Supply Shortage

On February 15, Jin10 reported that chocolate prices in the United States have been rising significantly due to a shortage in global cocoa supply. According to Jin10, data from the market research firm 'Data Compilation' indicates that from January 1 to early February, U.S. chocolate retail prices increased by 14.4% year-on-year. Cities like Denver and Los Angeles saw chocolate prices rise by approximately 17%, while the Dallas-Fort Worth area experienced a 19% increase. The primary factor driving the price hike is the global shortage of cocoa beans, a key ingredient in chocolate production. West Africa, which accounts for about 70% of the world's cocoa bean production, has faced poor harvests due to extreme weather conditions, previously pushing cocoa futures to historic highs. Although international cocoa prices have recently declined, U.S. chocolate products are still processing previously purchased high-priced raw materials, suggesting that the upward trend in chocolate prices may persist in the short term.