Chocolatiers and chocolate makers across the UK are grappling with the sharp rise in cocoa prices, a trend that has intensified over the past year. Experts say the spike in costs is largely due to disruptions in cocoa bean production, which have been driven by extreme weather conditions and chronic under-investment in farms, particularly in West Africa.
In the last 12 months, the wholesale price of cocoa has surged by as much as four times, placing significant pressure on small businesses, including those in the run-up to Christmas—one of the busiest periods for chocolatiers.
Helen Jones, head chocolatier at Zara’s Chocolates in Bristol, explained the financial strain: “Our profit margins are small, and while many think we’re making a fortune, that’s not the reality.”
Zara’s Chocolates, which produces around 18,000 truffles during the busy Christmas season, sources its chocolate in pre-tempered form from suppliers. However, Jones noted that the price of key ingredients has risen dramatically. “Some ingredients have increased by 25%, while others—like the chocolate we purchase—have seen increases of up to 200%,” she said.
In an effort to shield customers from these rising costs, the company initially absorbed the price hikes. However, as the impact became too great to sustain, Jones explained that it was no longer possible to avoid passing on the increases to customers. “We put up a little note in the shop to explain why prices were going up, and thankfully, people were understanding,” she added.
Cocoa trees, which are predominantly grown in a narrow band around the Equator, are highly vulnerable to climate fluctuations. This year, West Africa—home to the world’s two largest cocoa producers, Ivory Coast and Ghana—has been hit particularly hard. Severe droughts in the region, coupled with record-breaking temperatures exceeding 40°C, have severely affected crop yields. To make matters worse, both countries also experienced heavy rainfall in December 2023, creating ideal conditions for black pod disease, a fungal infection that causes cocoa beans to rot on the trees.
These extreme weather conditions have contributed to the sharp rise in cocoa prices, with some industry players saying the effects are still being felt. Jacques Cöp, head chocolate maker at Coco Caravan in Stroud, described the challenges his business faces, including a sharp rise in the cost of cacao butter, which has more than doubled from $4.50 per kilogram to $12.50. As a result, the company has been forced to stop producing certain product lines. “We can absorb some of the costs by adjusting our product range, but ultimately, we’re just having to take the hit,” Cöp said.
Looking ahead, Jones hopes that the cocoa market will stabilize in the coming months. “I’m hopeful that the price of the chocolate we buy will plateau in January and, with any luck, start to come down after that,” she said.
While the outlook remains uncertain, many chocolatiers are bracing for a challenging holiday season as they navigate the ongoing volatility in the cocoa market.
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