In 2024, cocoa emerged as the top-performing commodity, with prices increasing by 185%, surpassing even Bitcoin.
Cocoa Price Surge
According to MarketWatch, cocoa prices have risen by 185% this year. The main reason for this is significant supply disruptions due to declining yields in West Africa.
Factors Affecting Cocoa Market
Most of the world's cocoa is produced in Ghana, Cameroon, and other African countries. This year saw a drop in production due to climate factors and lack of support for local communities. The CSSVD disease also damaged crops.
Comparison with Other Commodities
In comparison, Bitcoin is up by 126.05% to $95,200. Other notable commodities include orange juice and natural gas, with gains of 73% and 43%, respectively. Meanwhile, palladium and soybeans are down 18% and 26%.
2024 was a year for cocoa, which experienced the highest growth among all commodities, driven by production issues and high prices.
