From Record Highs to a Crash: How the Cocoa Crisis Is Transforming the Chocolate Industry

Cocoa prices surged from US$2,500 in 2023 to nearly US$13,000 per ton in 2024 before falling sharply again. Yet the crisis exposed deeper issues such as underinvestment, climate shocks and supply concentration. As a result, the chocolate industry is rethinking its supply chain, from West African smallholders to cocoa-free alternatives.