
Cocoa prices reached a historic high of nearly $10,000 per metric ton in 2024, pushing chocolate prices up over the past year.Despite most cacao being produced in West Africa, the largest chocolate manufacturing hubs are concentrated in Europe, dominated by multinationals like Mars, Mondelēz, and Nestlé. With cocoa prices worsened by supply shortages and investor speculation, major companies are now struggling to meet global demand as consumption outpaces production.