The price of cocoa is surging. Due to increased demand, in large part because of the growing appetite for chocolate in China, everyone’s favorite sweet may become more expensive.
According to NBC News, last year, cocoa prices rose 20%, and this year cocoa futures have rise 10% already. On top of that, chocolate consumption in China has tripled over the past four years.
“If prices go up too much (chocolate makers) shift to substitutes and instead of cocoa butter, which gives that melt-in-the-mouth flavour, you can use palm oil, or even cotton seed oil,” said Edward George, head of soft commodities at Ecobank, to NBC. “There are limitations of course. If you put in too much substitutes, you are not allowed to call it chocolate.”
Chocolate is made from ground cocoa seeds.
George said that in the future chocolate in Europe could become “a bit like Champagne.”
“Something which is a luxury, but not all of us can afford,” George said.