Buying chocolate on Valentine's Day? Here's why it's so expensive
Published On Feb 14, 2025, 11:16 AM
Cocoa prices have surged dramatically, rising over 355% since January 2023. This increase is due to adverse weather conditions and cocoa diseases that have seriously impacted crop production, especially in key regions of West Africa. As a result, chocolate manufacturers are facing significant cost pressures, with many raising prices for their products. The International Cocoa Organization predicts a 13.1% decline in global cocoa production for the 2023-2024 season, marking a third consecutive year of production deficits. These factors indicate challenges in the supply chain and higher costs for consumers, especially ahead of Valentine's Day.
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The continued rise in cocoa prices is expected to impact the profitability of companies in the chocolate industry, leading to higher retail prices. However, major chocolate manufacturers may pass on costs more effectively due to brand strength, although a potential shift in consumer behavior could emerge if prices escalate too quickly.
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