You might want to stockpile a few bars
People are consuming more cocoa than farmers are able to produce, according to two of the world’s largest chocolate makers, who say that a global shortage of chocolate might be on the cards.
Mars, Inc. and Swiss-based chocolate giant Barry Callebaut say demand is likely to outstrip production by one million metric tons by 2020, the Washington Post reports.
Seventy percent of the world’s cocoa is produced in the Ivory Cost and Ghana but growing conditions in West Africa have not been ideal.
Drought has ravaged many cocoa plantations and a fungal disease called frosty pod has wiped out between 30 to 40 percent of cocoa production. Farmers are looking to other cash-crops such as corn, to make their living.
At the same time, demand for the tasty treat keeps rising and this is likely to force the price of chocolate to rise.