Global cocoa bean prices surged to new records, crossing the $8,300 per ton mark for the first time. This milestone is supported by data from the ICE exchange, which tracks the world market for this key ingredient in chocolate production. During today’s peak trading, the price touched 8,448 per ton, a level not seen since the late 1970s, and it is nearly double the level recorded at the close of 2022. By 4:15 p.m. local time, the futures price settled around 7,934 per ton, underscoring persistent strength in the market and the wider supply chain pressures at play.
The price rally began in February when cocoa beans surpassed 5,000 per ton for the first time since 1977. From there, values continued their ascent and reached about 5.5 thousand dollars per ton in the previous week, marking a 47 year high. This sharp climb reflects a combination of supply tightness, stronger demand expectations, and macroeconomic factors that have fed into commodity markets across the board.
Market participants caution that the rise in the price of the principal chocolate manufacturing input is likely to push consumer chocolate costs higher as well. A weaker ruble continues to inflate imported production costs, while increases in logistics and packaging expenses add to the overall cost pressure faced by Russian chocolate makers. Analyst Vyacheslav Cheglov has forecast an approximate 15 percent uplift in retail prices for chocolate products as a result of these dynamics.
Earlier, observers noted that the ongoing climb in cocoa prices was contributing to a broader rise in the annual cost of chocolate in Russia. In January 2024, prices moved up by around 3 percent, bringing the average cost to roughly 866.8 rubles per kilogram. This trend contributed to a general expectation of higher consumer prices for confectionery products in the near term.
Market commentary at that time highlighted the link between commodity costs and retail pricing, with industry voices warning that cocoa market movements tend to ripple through to finished chocolate items. The overall narrative suggested a tight supply landscape for cocoa beans, with weather events, crop forecasts, and exchange rate fluctuations all playing roles in the price trajectory.