Valentine’s Day chocolate gift giving has become a luxury

The price of cocoa beans per ton was still below $2,000 in the summer of 2022, but then an explosive price increase began in early 2023. During the Christmas season, the exchange rate exceeded the psychological threshold of $12,000 and has since stagnated around $10,000. According to Oxfam expert Bart Van Besien, this is the most drastic price increase in the past fifty years.

The sudden price explosion was caused by a “perfect storm”:

poor harvests due to climate change,
diseases that are destroying cocoa trees,
increasing commodity speculation,
declining production due to low incomes for producers,
and increasing demand from a growing middle class worldwide.
Chocolate producers in crisis

Belgium’s 280 chocolate producers are directly affected by the rise in cocoa prices. Dominque Persoone, owner of Chocolate Line, said his chocolates are already 20% more expensive, but many smaller producers cannot pass on the high prices to consumers.

Some chocolatiers are closing before Valentine’s Day, hoping that the Easter season will bring more favorable conditions. Philippe de Selliers, head of Leonidas, said the only solution was a fairer market system that also ensured the livelihood of cocoa farmers.