Hopping-high chocolate prices: What a cocoa shortage means for your Easter basket

“Forget love, I’d rather fall in chocolate,” an anonymous saying. “But anyone for a dip?” Bernard Cibo’s passion has been chocolate for 41 years. He still makes Easter Bunnies for kids of all ages.

“I got up early at 5:00 in the morning, and I still love what I’m doing. I really do,” he says.

And his loyal customers are passionate about his chocolate too.

“We’ve been coming to Master Chocolat for many years. I mean, we have like six grandchildren, and every year, we’re here for every special occasion,” one customer shares.

But change isn’t just coming; it’s here. The price of cocoa beans has skyrocketed, doubling in the past three months to a record high.

“This past week in February of 2023, the price was $2,600 a ton. Like, this Tuesday, it was just over $10,000,” Cibo explains.

He says the cocoa bean shortage has been brought on by climate change, El Niño, and farmers in Ivory Coast and Ghana who supply 60% of the world’s cocoa market, leaving the industry in a tough spot.

“Yeah, because they don’t make enough money, so I think that if cocoa prices go up high, it’s good because we’re going to keep people in the industry; otherwise, there will be no chocolate anymore,” Cibo remarks.

He explains that farmers get about 30 to 50% of the price of the beans, and an average yearly farm yield is about a ton. So, even with a record high of $10,000, it’s hard for farmers to make ends meet.

Cibo says he hasn’t had to raise his prices yet.

“So, we are okay. But ultimately, in the long term, everybody that’s in the chocolate industry will have to raise their prices for us to survive. The prices need to go up. Unfortunately, that’s what’s going to have to be. The farmers do need to get paid better.”

“I’ve been making chocolates here for 41 years. I’m not changing it,” Cibo concludes.