International Cocoa Organization (ICCO)

The International Cocoa Organization (ICCO) is an organization comprised of cocoa-producing countries. It serves as a forum for these nations to address challenges and opportunities within the global cocoa market. The ICCO is currently newsworthy due to the significant drop in global cocoa prices, plummeting from $11,000/tonne to approximately $2,900/tonne. This drastic price decrease is causing concern among member countries, prompting them to convene a meeting of the producers' college next week. The aim of this meeting is to develop strategies to mitigate the negative impact of the price volatility. While cocoa prices have decreased, consumer prices for chocolate products, such as Easter bunnies, have increased significantly, highlighting a disconnect between raw material costs and retail pricing, further emphasizing the ICCO's relevance in addressing market dynamics.