Chocolate Prices Jump 8.3% for Valentine’s Day as Global Cocoa Costs Hit All-Time Highs
Valentine’s Day treats are more expensive this year, jumping 8.3% because of worldwide shortages and rising production costs. By December, wholesale cocoa prices hit a record-breaking $12,646 per metric ton.
“A lot of the world’s cocoa comes from West Africa. The Ivory Coast and Ghana produce 70% of all the cocoa consumed in the world today,” said Christine Vistro to CBS News Boston.
In the U.S., where yearly chocolate sales reach $2.8 billion, big chocolate makers have raised prices by 10% to 20%. Some products saw even bigger jumps – M&M’s Valentine’s classroom exchange bags are now 35.4% pricier than last year.
“West Africa – they had a big drought in their crop in 2023. It was really wet in 2024, and because of the smaller crop, we’ve seen a really big increase in cocoa prices,” Vistro said.
U.S. chocolate imports went up to $4.04 billion last year, a 6% bump. Among 120 countries sending chocolate to American shores, Canada now tops the list, providing nearly half of all imports at 49.2%.
These price hikes have forced makers to change their pricing. Swiss chocolate maker Lindt warns of tough times ahead, pointing to a massive 180% jump in cocoa costs. Mondelez International plans to raise prices throughout 2024.
Breaking from the pack this Valentine’s season is Hershey, whose smart planning for cocoa supplies has worked in their favor. Their strategy of buying a year ahead helps them avoid market swings.
“Whatever is happening at their crop is going to affect the market as a whole,” Vistro noted. Despite the higher prices, she tells customers to “go and get the good stuff.”
