Every year, July 7 is celebrated as World Chocolate day. It is a universal favourite but the cost of desserts made with it has seen a steep hike and is expected to rise further. Bakers and patissiers in India are grappling with soaring cocoa prices that have surged by 110%-200%, impacting their chocolate-heavy menus. Globally, cocoa prices reached $12,000 a tonne due to crop shortages and tight supply. Factors like El Niño, black pod disease, and aging cacao trees in major producers across Ghana and Ivory Coast, alongside inequitable market practices are the reasons for this steep hike.
Importers also face increased cargo prices due to the West Asia crisis and a weakened rupee. This is pushing costs up by 50% and it is expected to increase. While some businesses bear the costs, some others are considering reducing the number of chocolate items on their menu and increasing prices but refuse to compromise on quality.
Indian craft chocolate makers like Mason & Co and Manam Chocolate face challenges but see opportunities as consumers shift to quality products. They believe that this could boost Indian cacao farming. With efforts to improve local cacao quality, India could emerge as a significant player in the global fine flavour cocoa market, offering a sustainable solution amid the chocolate crisis.
Read more: The big chocolate meltdown | Why 2024 cocoa prices are driving people nuts
Reporting: Satarupa Paul
Script and voiceover: Ananyaa Desikan
Video: Thamodharan B., Shiva Raj
Production: Shiva Raj
Published - July 07, 2024 12:43 pm IST
