OREANDA-NEWS World prices for cocoa beans, which continue to update historical records (at current auctions they rise by 8.5 percent, to about 9.2 thousand dollars per ton), lead to an increased global shortage of this key raw material for chocolate production and a sharp increase in product prices in 2024, which will affect Russia, according to Freedom Finance Global analyst Vladimir Chernov. 

Intense heat and record rainfall over the past 30 years in Ivory Coast and Ghana, which provide about 60 percent of the world's cocoa bean supplies, will lead to the lowest harvest volume in a decade, the expert recalled, pointing out that this was enough for a price rally.

"Against this background, we assume that milk chocolate (with a low cocoa bean content) in Russia will rise in price by 50-60 percent on average, and bitter (with a cocoa bean content of 70 percent and above) by 70-80 percent," the specialist said.

The prices of cocoa beans in the world have doubled since the beginning of the year only a week ago, and on March 25 it has already approached the 120 percent mark. Against this background, analysts were surprised to note the absence of a decrease in demand for the product, which remained almost without adjustments even at "astronomically high prices."