Cocoa Shortage In The World 2024. Commodities experts expect cocoa bean prices to remain high next year, but carla martin at the fine cacao and chocolate institute said she doesn’t expect demand to drop all. Cocoa has more than tripled in cost over the past year and is up 129% in 2024.

The price of chocolate’s key ingredient has skyrocketed this year, prompting analysts to issue fresh warnings about extreme price volatility. Its high cost due to a global cocoa shortage, however, has limited chocolate innovations this past year.