2024 was the year in which the cocoa price touched its highest peakwith a record increase of 170% which led the value of the raw material to exceed 11,000 dollars per tonne. An increase that has translated into increases for consumer products, in particular for cakes and chocolate tablets, as you may have noticed (given the prices).
Second Soloswho conducted a study on the topic, the impact of this surge in costs made itself felt particularly on the pockets of Italian consumers. The dizzying increase in the price of cocoa had a direct impact on the retail price lists of the products that contain it and, during the Christmas holidays, it has become even heavier.
Consumers found themselves in front of an increase in the price of chocolate barsThat On average they went from 1.26 euros in 2021 to 1.60 euros in 2024with an increase of about 27% in three years.
Why has cocoa increased?
The record increase in the cocoa price in 2024 was influenced by a series of global factors. Among the main reasons are the difficulties in production, linked to unfavorable climatic conditions in some of the main producing countries, such as the Ivory Coast and Ghana, which together represent about 60% of world production.
Climate instability, such as drought and floods, has reduced the availability of cocoa, increasing costs. In addition, the growing global question, in particular by emerging countries and Asian markets, has contributed to further push prices.
Finally, the transport and logistics costs, already increased due to pandemic and war in Ukraine, have had a negative impact on the raw material prices.
In short, A combination of climatic, economic and geopolitical factors has created a real perfect storm which hit the cocoa market.
The weight of the bars is reduced
One of the most obvious responses from producers to the cost crisis was the decrease in the weight of chocolate bars. If until recently a standard bar weighed 100 grams, today more and more producers are opting for smaller formats, going down to 75 grams or, in the most extreme cases, even at 60 grams.
A solution adopted to contain costs without, however, reduce the price to the public in a corresponding way. This is the now practical note of the Shrinkflation of which we have often spoken. The problem is that consumers many times do not notice the difference and therefore do not know that they are paying more.
The situation, among other things, does not seem destined to improve in the short term. In fact, according to Assoutenti, the increase in the costs of raw materials does not only concern cocoa, but is also affecting other sectors, such as coffee, olive oil and butter. The combination of these increases and the reduction of the size of the products risks leading to a further impoverishment of Italian consumers, already grappling with the increase in the costs of life.
How to defend us?
When we buy a product, including chocolate tablet, we always pay attention. The best thing is Compare the price per 100 grams or per literrather than for single packaging, to have a clearer idea of the real cost.
In addition, it is useful to read labels, which often indicate the weight or net quantity of the product. In this way, it will be easier to notice if the product has been “shrunk” without a corresponding reduction in the price. Being informed and paying attention to these details can help contain the expense, avoiding that the increases pass unnoticed.
