Extreme weather events continue to impact food production around the world, leading to rising grocery costs. As greenhouse gas pollution contributes to a changing climate, intensifying natural disasters impact the yield of staple crops.
What's happening?
Dirty energy usage contributes to global warming, which has disrupted agricultural production in recent years. Crops such as cocoa and coffee have had smaller yields as above-average rainfall and higher temperatures have impacted annual harvests.
Supply chain management consulting group Inverto published research stating that cocoa prices increased by 163% and coffee prices increased by 103% in the last 12 months.
Increased cocoa costs have forced chocolatiers to adapt their recipes to keep costs low for customers. Still, many manufacturers are struggling to adjust and believe chocolate is trending toward being a "premium" product.
Why are crop yields important?
Rising prices of crops have been detrimental to our food supply, which has a ripple effect on your grocery trip.
"Food commodity prices are set to remain volatile over the coming year," Inverto said in its report.
Fluctuations in harvests can increase the total cost of your shopping list. These changes also impact what you see on shelves. In addition to cocoa and coffee, shoppers have noticed that products such as olive oil, sugar, and strawberries have become scarce or expensive.
High costs can lead to food insecurity, which has become more prevalent in the United States since the beginning of the pandemic.
What's being done about crop yields?
Experts are advising food manufacturers to take precautions to mitigate increasing production costs. Inverto said these companies can enter forward contracts with farmers to lock in prices for future crop purchases in order to stabilize costs for consumers.
"Companies should also undertake more contingency planning that will allow them to more quickly swap one food commodity for another," said Katharina Erfort, principal at Inverto.
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Definitely 😭 Some farmers are also adjusting their crops to ones that are more amenable to changing weather conditions in their regions. Meanwhile, scientists are developing technology to make certain crops more resilient.
With chocolate in particular, retailers such as Aldi have invested in more sustainable and ethical cocoa supply chains.
Meanwhile, consumers can plan out their grocery trips in advance to ensure they reduce waste and spend their budgets efficiently.
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