Futures prices have more than doubled this year, reaching an all-time high, as crop failures among key West African producers have led to a supply shortage in the world for the third year in a row. The market is struggling with the effects of low profits paid to cocoa farmers, and fears are growing that they will be able to purchase enough beans. 

This is bad news for consumers if chocolate manufacturers continue to raise prices or sell smaller bars or bars with a lower chocolate content. Easter is the peak period for chocolate consumption, and the difference between the commodity and retail markets means that the main blow for buyers is still ahead.

The focus is currently on the upcoming average harvest in West Africa, the smaller of the two annual harvests. Ivory Coast’s regulatory body expects the harvest to decline this season, Bloomberg reports.  

“The cocoa supply situation in West Africa remains extremely tense as the average harvest begins next week, and this continues to support cocoa prices,” Hightower said in a report.