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Chocolate Industry Faces Serious Shortage of Cocoa Supply, Sharply Higher Prices

November 8, 2010: 05:00 AM EST

Industry analysts are warning that the chocolate industry faces a cocoa shortage and much steeper prices as chocolate consumption increases faster than cocoa production, which faces serious headwinds. African cocoa farmers are abandoning their farms due to negligible returns, a problem compounded by soil depletion. Meanwhile, a change in weather systems has hit crops in Indonesia, the world’s third-largest cocoa producer.  As cocoa supplies declined, prices have risen, doubling in the last six years, a trend set to continue. John Mason, executive director and founder of the Ghana-based Nature Conservation Research Council, forecasts that “In 20 years chocolate will be like caviar. It will become so rare and so expensive that the average Joe just won't be able to afford it."

Anthea Gerrie, "Chocolate: Worth its weight in gold?", Telegraph.co.uk, November 08, 2010, © independent.co.uk
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