Cocoa prices have jumped by around 25% since March, and there is scope for further gains, says the Frankfurter Allgemeine Zeitung.
Western consumers appear to be especially keen on chocolate this year, with cocoa processing rising by an annual 12% in America in the second quarter.
A disappointing harvest in west Africa, which accounts for two-thirds of supply, is another reason the market is likely to fall into deficit this year after a surplus of 87,000 tonnes in 2012.