By the Numbers: Chocolate might get a lot more expensive

Chocolate sales are going up as cocoa production seems to be dropping, a combination that could lead to price hikes.
1:13 | 01/15/22

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Transcript for By the Numbers: Chocolate might get a lot more expensive
- Is the price of chocolate about to go way up? Well, with many hunkered down during the pandemic and this really cold weather, chocolate is getting more popular. But the production of cocoa-- chocolate's main ingredient-- might not keep up with demand. Here's a look by the numbers. Chocolate sales have been climbing more than 5% a quarter-- that's according to Bloomberg. And we haven't gotten to Valentine's Day yet. So at the same time, cocoa production appears to be slowing down. 2/3-- 66% of the world's cocoa-- comes from the Ivory Coast and Ghana. Ivory Coast officials say their country's crop is expected to drop by 10% this season, compared to the same time last year. And in Ghana, cocoa deliveries have dropped 45% year over year. That's according to the International Cocoa Organization. High demand and low supply usually means price hikes. The cocoa futures market hit a two-month high this week, and there are signs that cocoa and chocolate prices will keep rising. And finally, with reduced cocoa production in West Africa, chocolate makers have been tapping into domestic reserves. Certified stockpiles at US ports have fallen 20% since last year, and that's according to Bloomberg.

This transcript has been automatically generated and may not be 100% accurate.

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