Chocolates have seen an increase in price due to a shortage of cocoa supply. (Peter Dazeley/ Getty Images)
Worldwide, candy consumers and manufacturers have been hit by the recent unprecedented rise in cocoa prices. Severe weather, including intense rain, then droughts in West Africa, where 70% of the world’s cocoa is sourced from, have meant a steep decline in supply.
But one segment of the confectionary world is experiencing gains, despite the challenges and record-breaking price increases: African chocolate makers. In such countries as Ghana and Ivory Coast, several small companies are seeing increased demand for their ethically made chocolate, from audiences in Asia, Europe and the US.
Chocolate has become infamous for its associations with ESG-related issues, including child labour and the lack of sustainability in its production cycle. Regulations have been rolling out since last year; on 30 December 2024, the European Union Deforestation Regulation will require chocolate makers and other companies to prove that goods imported to Europe comply with environmental requirements. The impending rule is already challenging the supply chain in West Africa and threatening to further hike up chocolate prices.
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Source link : https://www.news24.com/fin24/climate_future/chocolates-made-in-africa-in-hot-demand-as-overseas-buyers-demand-ethical-sweets-20240526
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Publish date : 2024-05-26 07:00:00
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