The price of cocoa is currently at a record high and chocolate makers are increasingly passing these costs onto consumers. This is a challenging time for chocolate enthusiasts. Information from Edwardt Chocolatier, a shop in Paris that imports most of its chocolate from Southeast Asia and Latin America, shows that drought in West Africa, where 70% of the world’s cocoa is produced, is pushing cocoa prices up and affecting the market as a whole.
“Big companies looking for supplies in West Africa will have to consider importing cocoa from different sources because they still need to produce chocolate. Therefore, Edwardt Chocolatier is feeling the impact of this increase in all markets, be it Papua New Guinea, Venezuela… with prices increasing day by day. Suppliers have raised prices by 15% just this month due to cocoa prices reaching near record highs,” said Juliette Billette de Villemeur, CEO of Edwardt Chocolatier.
Big companies looking for supplies in West Africa will have to consider importing cocoa from different sources – Photo: Edwardmarc
To save costs, some companies have had to reduce production scale while keeping prices the same. Other businesses have had to supplement, choose cheaper alternative ingredients such as different types of nuts, or simply reformulate their products to use less chocolate.
According to chocolate producers in Europe, this is the second consecutive year that cocoa prices have risen. Last year, many companies had to accept certain losses, but this year they have had to pass some of those costs onto consumers.
