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Cocoa currently costs 70 percent more than in January on the raw material exchanges. The increase also affects Swiss producers.
Chocolate – the sweet temptation. A lot of it is eaten, especially during the holidays. However, an important ingredient for the sweet has become significantly more expensive this year. The main reason is crop losses in West Africa.
Rainy weather is responsible for crop failure
In Ivory Coast, the cocoa harvest has fallen by around a third compared to the previous year. There are few supplies left in a cocoa warehouse in the West African country. Heavy rains this year have made cocoa cultivation difficult in the country. The subsequent drying and transport of the beans was also difficult due to the weather.
According to Christian Robin, managing director of the Swiss Platform for Sustainable Cocoa, Ivory Coast and Ghana together are responsible for 60 percent of global cocoa production. “If there are signs that the harvest is noticeably declining, this will have a direct impact on the raw materials markets in London and New York.”
No “chocolate shop” in the chocolate business
Since the beginning of the year, the price of cocoa has risen by almost 70 percent. Accordingly, the suppliers to the chocolate manufacturers also charge more. The Swiss chocolate manufacturer Max Chocolatier is also feeling this. The company, based in Lucerne, produces up to 5,000 pralines by hand every week.
In view of the increased prices, managing director and founder Patrik König had to talk about the books: “We will increase our prices by an average of around seven to eight percent in January 2024. “That’s not as strong as cocoa prices have risen.” The higher costs will therefore put pressure on the provider’s profits.
The increased costs are not completely passed on to the sales prices. «The consumer these days has become more price sensitive. “We cannot therefore raise prices very much,” says the managing director of Max Chocolatier.
Legend:
Founder and managing director Patrik König is confident that his customers will understand the price increase.
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Despite his customers’ price sensitivity, König is confident: “The customer understands that. He knows that labor costs and raw material prices have risen.”
Chocolate lovers will have to dig a little deeper into their pockets next year.