The price of %Cocoa, the main ingredient in chocolate, is at an all-time high as the crop in Africa continues to struggle amid poor growing conditions.

In New York trading, cocoa futures are currently at a record high of $6,549 U.S. per metric ton. The price surpassed $6,000 U.S. for the first time ever at the end of February and is now up 57% year-to-date.

The all-time high comes as the supply of cocoa in West Africa, which accounts for three quarters (75%) of the world’s production, has dwindled due to adverse growing conditions over the past two years that have included both flooding and abnormally hot temperatures.

The rise in cocoa prices is being felt by consumers around the world who are paying more for chocolate products.

However, commodities analysts say they are not seeing a drop in global demand for cocoa or chocolate, at least not yet.

The record prices are being felt by companies though, with %Hershey (NYSE: HSY), one of the world’s biggest chocolate companies, issuing a profit warning recently.

The maker of Hershey chocolate bars and Reese’s peanut butter cups said in a written statement that high cocoa prices will hamper its earnings in 2024.

Analysts forecast continued price increases for both cocoa and chocolate over the near-term, saying that African cocoa supplies need to recover before prices start to move lower.

That looks unlikely to happen anytime soon as weather conditions remain extreme and unfavorable for cocoa production in Africa.

El Niño-related dryness in much of Asia, India and Africa has fueled a price rally in commodities such as cocoa, sugar and coffee in recent months.

The El Niño phenomenon is a naturally occurring climate pattern that happens when sea temperatures in the eastern Pacific rise 0.5 degrees Celsius above the long-term average.

El Niño conditions lead to more storms and drought conditions than are seen in a typical year.