Cocoa Prices Are Easing. So Why is Chocolate Still so Expensive?

Cocoa prices reached record highs over the past two years, triggered by adverse weather conditions and poor harvests. Cocoa futures were last trading at $5327 per metric ton and are down 34% over the past year. The commodity surged to almost $12,000 per metric ton at the end of 2024. Cocoa prices typically hovered around $2,000 to $3,000 over the past two decades. Read more here.