As cocoa prices go through the roof, bakers are urged to source sustainably
The high cost of cocoa looks set to continue as its commodity market price globally reaches near-record highs. Chocolate makers have been stocking up amid fears of supply shortages from the Ivory Coast, a leading supplier.
A small rise to $3,385 would be a 29-year high (since February 1980) at New York, with London LIFFE seeing a 24-year high on 5 October.
Amid this backdrop, bakers are being urged to find more sustainable ways of securing cocoa supplies to safeguard against continued rises, such as building Fairtrade cocoa supply avenues.
"Because the potential income for farmers growing cocoa is so low, we’ve seen a lot of cocoa producing regions especially west Africa see farmers leaving cocoa to look for alternative work in the cities," said Samantha Dormer, business development manager at The Fairtrade Foundation.
"At the same time, old cocoa trees are producing very low yields. Every year there is less and less cocoa yield. This clearly demonstrates the importance of investing in a sustainable supply chain of cocoa."
l See page 28 for more on Fairtrade cocoa