The price of cocoa on the world market is at a record high, and Valentine’s Day will be expensive

By: Trademagazin Date: 2024. 02. 06. 12:17

The world market price of cocoa has not been this high in 46 years, and the price of sweets will also rise due to the poor harvest and rising raw material prices. The world’s largest cocoa producers, West African countries, are shipping a third less cocoa beans as a result of the extreme weather. According to analyst Kristóf Mohos, there has been no precedent for a quotation above the price level of 5,000 dollars per ton for 46 years.

Compared to last year, manufacturers are paying more than one and a half times as much for cocoa and sugar, due to which a price increase of up to 25 percent can be expected in the field of sweets. Following rising raw material costs, manufacturers may be forced to raise prices in several steps, which will affect confectionery products, including chocolates and candies.

The rise in the price of sweets does not only affect manufacturers, but also has a direct impact on consumers. Hungarians spent slightly more on chocolate and candy in 2023 than the previous year, while manufacturers note that they bought 10 percent less sweets in stores. The above-average price increase of confectionery products contributes to inflation.

Analysts are expressing concern about the shortage of cocoa, and rising cocoa and sugar prices are putting additional pressure on product prices. Consumers should be prepared for the fact that the price of sweets may rise significantly during the year.