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Frey chocolate
Why the price of cocoa is going through the roof right now
The price of cocoa has almost quadrupled in one year. Bruno Feer, a raw materials buyer at the Migros subsidiary Delica, explains the background to this and the consequences for Frey chocolate – and why this is even a good thing.
By how much has the price of cocoa risen?
The global price of cocoa beans is four to five times higher than it was a year ago. A tonne of cocoa currently costs just under CHF 9,000. Migros Industry also has to buy at these prices.
What does this mean for the products on the shelf?
Chocolate has already become more expensive over recent months. Thanks to our large cocoa warehouse in Amsterdam, we have only had to raise prices moderately so far. Further increases are now unavoidable.
Which products are affected by this?
All products are affected, with those with a higher cocoa content impacted somewhat more severely. Milk chocolate is also significantly more expensive to produce, as it contains a higher proportion of cocoa butter. Its price has risen even more in comparison with cocoa beans and cocoa powder.
Are such price increases anything out of the ordinary?
We have also had to deal with price fluctuations in the past, but the situation today is unprecedented. Prices are currently at an all-time high.
What are the reasons for this?
This situation is due to a combination of factors occurring at the same time – cocoa has been too cheap in recent years and has not adequately reflected the enormous amount of work put in by producers. This made it less attractive to grow cocoa and maintain the plantations, which has resulted in declining yields. An additional factor is climate change, with failed harvests becoming more frequent due to droughts and excessive rainfall. Consequently, supply is declining, while global demand continues to rise.
Cocoa has been too cheap in recent years.
Who benefits from higher cocoa prices?
In principle, everyone involved in the value chain, i.e. producers and exporters as well as retailers. In particular, cocoa farmers who sold their last main harvest at the old prices, will benefit more this autumn. It is to be hoped that some of this income will be invested in revitalising the plantations and that this will be reflected in higher yields. This would also be desirable for cocoa farmers, as they would benefit twice over from larger harvests and higher prices.
When can we expect prices to fall again?
Personally, I doubt that the price of cocoa will fall back to pre-2024 levels. A great deal of work goes into producing this raw material, and this must be fairly remunerated. Only by doing so will cocoa farming remain attractive in the future.
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