In recent months, Americans may have noticed a rise in the cost of their favorite chocolate bars, but this price spike is linked to more than inflation.

In 2024, the price of cocoa beans -- chocolate's essential ingredient -- more than doubled compared to 2023. This surge isn't just an economic blip; it's a wake-up call about the deepening impact of climate change on the chocolate we consume.

For every 5 pounds of cocoa beans sold on global markets, 3 come from West Africa. Côte d'Ivoire alone grows about 40%, and another 14% is harvested in neighboring Ghana. However, the region is increasingly vulnerable to changing weather patterns. And in 2024, a devastating drought in Ghana cut the country's cocoa production by nearly a third, according to the International Cocoa Organization, which oversees 53 cocoa importing and exporting countries.

This drought led to a global cocoa shortage, causing prices to skyrocket for manufacturers. In May 2024, the cost of 1 metric ton of cocoa beans hit nearly $11,000, a sharp increase from just under $3,000 a year earlier.