Chocolate Prices Set to Rise With Soaring Cost of Cocoa

July 27, 2023 10:47 am in by

With reduced production in the main growing region of West Africa, it has seen cocoa prices rise all around the globe rise by 27 percent.

The Ivory Coast, which accounts for more than 40 percent of the globe’s cocoa production, has experienced abnormally wet conditions and flooding leaving the cocoa trees rotting with disease.

According to Pia Piggott from Dutch financial provider Rabobank, another factor in chocolate prices rising is also due to raw sugar becoming more expensive.

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Even after last year’s 20 percent rise in chocolate prices, the key ingredients becoming more expensive are only pushing manufacturing prices higher.

“We’ve seen a lot of inflation in the chocolate category already, however we’re expecting there’s more price pressure coming,” said Piggott.

“The cocoa price will continue to stay quite elevated into next year.”

There is some relief for manufacturers with dairy prices remaining low, but cocoa and sugar prices are at record highs for the decade.