What soaring cocoa prices mean for Easter?

Soaring cocoa prices are coming to bite the Easter Bunny this year, making chocolatiers adjust strategies and seek alternatives to trim costs as they face changing consumer preferences.

Hershey’s leads the adaptation, unveiling a range of Easter delights, including Cadbury Caramello and lemon crisp KitKat, alongside a gummy product expansion.

The shift is palpable in sales data
Non-chocolate treats saw a robust 12.1% surge in 2023. Chocolate sales lagged at 5.8%, according to the National Confectioners Association.

Concurrently, US chocolate retail sales dipped 5.3%, reflecting buying hesitancy among consumers amidst elevated prices.

The challenges extend beyond consumer behavior. Ghana and Ivory Coast, the backbone of global cocoa production, grapple with weather-related production setbacks and mounting costs, potentially impacting global supply.