Chocolate Love Has Its Price on Valentine’s Day
No Beans, No Valentine’s Chocolate
The price of cocoa beans is setting unprecedented records on the commodities market, making the gift of love a bigger financial commitment than it once was. The essential ingredient in chocolate, cocoa, is not as cheap as it used to be. In the summer of 2022, it stood at less than $2,000 a ton, but it peaked at over $12,000 during the Christmas season and has been hovering around the $10,000 mark since.
"We are seeing unprecedented prices. They haven’t been this high for the last 50 years," said Bart Van Besien, policy adviser of the Oxfam fair trade group.
The Perfect Chocolate Storm
The shock of cocoa prices is a metaphorical perfect storm, mixing climate change, disease, commodity speculation, the plight of farmers, and social ascendency around the world into one heady mix.
"The drop that has happened now in production was directly linked to climate change," said Van Besien, blaming changes in annual rain and drought patterns in western Africa that weakened the sensitive trees in key production areas.
Chocolate Love within Reach
Does it mean a premier box of chocolates is a guilty pleasure on Valentine’s Day?
"Yeah, the guilt question …. It’s one that always works," said Van Besien, the fair trade expert. "We could not survive if we would be thinking about these things all the time," arguing that legislation should trump consumer emotions.
Conclusion
In the meantime, despite the price hikes, the chocolate shouldn’t leave too bitter a taste. "It’s a small luxury that most people still can afford," said Dominique Persoone, owner of the famed Chocolate Line brand. "I hope it stays like this."
FAQs
- Q: What is causing the price hike in cocoa beans?
A: The price hike is caused by a combination of climate change, disease, commodity speculation, the plight of farmers, and social ascendency around the world.
Q: What does this mean for chocolate lovers on Valentine’s Day?
A: The price of chocolate may be higher this year, but it’s still a luxury that many people can afford.
Q: What can be done to address the issue of high cocoa prices?
A: Some experts suggest that legislation could be used to ensure that cocoa is sold at a fair price, rather than leaving it up to consumers to make choices about what to buy.
Q: Will the price of cocoa beans continue to rise?
A: It’s difficult to predict, but some experts hope that prices will stabilize at around $5,000 or $6,000 per ton.
