We hate to be the bearer of bad news moms, but it seems that chocolate will be getting a lot more expensive. So stock up now, start a mommy stash, and hide that from your kids before prices rise. The cost of chocolate has been rising due to high demand and increased demand for cocoa, which is of course chocolate's main ingredient. Chocolate demand is not only higher in North America but all over the world as well. It seems that a global pandemic is a great reason for people all over the world to indulge in chocolate. At least the world can agree on one thing and that is that chocolate makes everything better.
Bloomberg reports that with the holidays just past us, Christmas and holiday chocolate sales climbed by 5% over the last quarter. That's a significant jump compared to the same time last year. Of course, with Valentine's Day just weeks away and Easter soon after that, those chocolate sales are expected to grow even more. This demand for chocolate is new for this past year. Cocoa and chocolate weren't as popular in 2020 and followed more of the normal patterns of supply and demand.
However, it appears that as the year 2021 kept happening, people all over the globe turned to chocolate towards the year-end. We can only assume more chocolate is being eaten as a comfort food based on the continuing global pandemic.
66% of the world's cocoa comes from the Ivory Coast of Africa in Ghana and with the high demand, prices will be going up soon as well. Unfortunately, this year's cocoa crop in Ghana is also expected to be about 10% less than a normal year based on issues with growing. With not as much cocoa coming from Africa, an ABC News video shared that American chocolate makers have been dipping into cocoa reserves that are kept at US ports to make up the difference.
The stockpiles kept on hand in the case of cocoa shortages are 20% smaller than they were at this time last year. So, what does this mean? More expensive chocolate for those who want it, and it seems a lot of people want it. It is very delicious and comforting. Be prepared to pay just a bit more for chocolate while getting that Valentine's Day candy and stocking Easter baskets.