In this episode of State of Sustainability, we take a deep dive into cocoa - one of the world’s most familiar commodities, and one of the most vulnerable. Host Saif Hameed opens with a personal path into commodity markets, from early fascination with cocoa trading to a brief stint in potato trading, before turning to the serious question at the heart of the episode: can cocoa remain viable in a world of rising climate risk, disease pressure, land competition, and market volatility?

The story begins with cocoa’s extraordinary price swings, which have taken the market from relatively stable levels to historic highs and then back down again. Those moves are not just about trading noise. They reflect deeper structural stress in a supply chain that is heavily concentrated in West Africa, where Côte d’Ivoire and Ghana account for the majority of global production. That concentration makes cocoa especially exposed to weather shocks, political instability, and agronomic decline.

Saif also explores the challenges facing the farmers who actually grow cocoa. Most are smallholders working on tiny plots, often with aging trees, low margins, and little room to absorb risk. Disease is another major threat, especially cocoa swollen shoot virus and black pod disease, both of which can severely damage yields. The episode also looks at land loss caused by illegal mining in Ghana and the way regulation, including EUDR, is reshaping where cocoa can and cannot be grown.

The demand side is changing too. Manufacturers are reformulating products, shrinking bar sizes, and substituting ingredients as cocoa becomes more expensive and harder to source. Saif closes with a sober prediction: cocoa supply is likely to keep under pressure, volatility will remain high, and the industry may be heading toward a less abundant future.

Let Saif know what you think by emailing Saif@altruistiq.com.

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This podcast is produced by The Podcast Coach.