Whether due to climate change or the international tensions affecting major cocoa-producing countries, the price of cocoa, along with other precious raw materials, has become increasingly expensive in 2023 and is expected to rise even more in the next five months, according to industry experts.
Following the alarm sounded by Turin, the birthplace of Gianduiotto, in the wake of the Cocoa Insights 2024 report by RedMarketing, a specialized communication and marketing agency in the confectionery sector, Switzerland, the world’s leading chocolate producer, has also weighed in on the soaring prices of the raw material. Expressing concern, as reported by the Swiss radio and television network Rsi, is none other than Patrik König, owner and founder in Lucerne of the renowned luxury artisanal chocolate brand Max Chocolatier. “In January, we will have to increase our prices, on average by 7-8%, an increase still lower than that of the cocoa price,” König stated to the broadcaster.
Recent data points to global factors and climate changes that have caused significant crop losses in Ivory Coast and Ghana, two of the world’s major producers, along with Cameroon, Nigeria, and Ecuador. This is the reason why, since last January, the price for the raw material has ‘risen’ by almost 70%, according to year-end reports. Blame is placed on torrential rains in Ivory Coast, followed by long months of drought that have irreparably damaged the crops.
König explains that this increase is only partially reflected in the selling price because along with the price of the raw material, the cost of labor has also increased. Therefore, even now (perhaps because we are in the midst of the holiday season), “we cannot increase the price by much.