This Friday (14), the United States celebrates Valentine’s Day. One of the traditions is to gift the person you love with chocolates.
But it will be harder to find good deals this year. In fact, the cost of chocolate promises to leave a bitter taste in the mouths of those who will buy it.
According to experts, chocolate prices are expected to be about 10-20% higher compared to last year. The reason is that the price of cocoa has more than doubled since the beginning of 2024.
The price of cocoa reached a record $12,646 per metric ton in December. A year of bad weather in the main cocoa-producing region of West Africa and viruses have harmed its production.
Côte d’Ivoire and Ghana produce 70% of the world’s cocoa. However, over the years, production in these West African countries has become less reliable due to unpredictable weather and diseases. This opens opportunities for other countries.
In the past two years, the cost of chocolate manufacturing has increased by more than 167%, according to the Producer Price Index.
In its 2024 report, Swiss chocolatier Lindt stated that it was a “challenging year characterized by record cocoa costs, substantial price increases, and weakened consumer sentiment.” The company said it raised its prices and expects this trend to continue in 2025. A 5.7 oz box of Lindt Valentine’s heart chocolate truffles costs $21.99.
Premium chocolates contain a higher percentage of cocoa. Therefore, chocolate manufacturers suggest that consumers circumvent the high prices by buying cocoa powder-based chocolate or products with less cocoa in their manufacturing.
Source: CNN