Farmers in Latin America are rushing to plant cocoa as the price of chocolate’s main ingredient soars amid a global shortage of supplies.
Industry figures said farmers in their source markets of Ecuador, Brazil, Peru and Colombia were scrambling to acquire seedlings and adding to the land area devoted to the crop.
Ecuador’s total planted area for cocoa is expected to surpass 600,000 hectares this year, up from 500,000 last year, said the country’s cocoa exporters’ association. While data on new planting is not yet available for many other countries in the region, buyers are seeing an increase.
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