(FOX WEATHER) – As if a sugar shortage wasn’t enough, now a cocoa shortage will surely put a damper on your holiday spirits as cocoa futures reach a high not seen in more than four decades.
During the past three to six months, the cocoa-producing West African region has experienced extreme rainfall, which poses a significant risk of crop losses, according to Everstream Analytics, a global company that provides supply chain insights and risk analytics.
“The main cocoa producers of West Africa include Côte d’Ivoire, Ghana, Nigeria, and Cameroon, and together account for around 70% of the world’s supply,” said Jon Davis, chief meteorologist for Everstream Analytics.
