Valentine’s Day is just around the corner and chocolate lovers are experiencing higher prices.
Due to poor cocoa harvests for the third year in a row, cocoa beans have become very expensive.
This shortage has forced chocolate makers to raise their prices, making chocolates like bonbons and truffles more of a luxury this Valentine’s Day.
As per NPR, Alex Whitmore, who runs Taza Chocolate, a Boston-area manufacturer said, "It's been a pretty dramatic change to our business model.”
He added, "The cost of cocoa for us has almost tripled," he says. "We did raise prices by almost 15% … and it's a possibility that we may have to increase again, but we're doing everything we can to kind of hold the line."
Major chocolate brands like Nestle, Hershey and Mondelēz, the company behind Cadbury and Milka have already increased their prices.
Not only that, they are also warning that prices may rise even more throughout the year.
As per the outlet, the cocoa supply is experiencing its worst shortage in 60 years.
This is because most cocoa comes from West Africa, especially Ivory Coast and Ghana, where climate conditions have led to extreme weather and disease in cocoa trees.
In the meantime, countries outside West Africa are increasing their cocoa production and as per the reports, farmers in Ecuador have planted new trees that will significantly boost cocoa production in a few years.
Last Valentine’s Day, cocoa prices reached their highest level in 47 years in the futures market and since then they have doubled.
