Chocolate is one of bite! promotions best sellers. Let’s face it, who says no to chocolate! It is a little indulgent treat we can all afford.

We contract buy our chocolate as the market is liable to fluctuate, and contracting gives us some stability. We have been making chocolate since 1991 & we have never seen cocoa prices spike like this!

Cocoa is traded on the stock market as are many other commodities, such as gold.
We keep a close eye on the markets, and this week we saw prices spike to an all-time high, in fact the cost has doubled in price since January 2024. You may have heard about this on the news.

There are a number of factors that have affected this

• Higher energy prices
• The war in Ukraine
• The devastating impact that the Harmattan winds in West Africa have had on last year’s cocoa crops and is expected to have an impact on this year’s crop
• The dramatic effects the El Nino is having because on higher sea temperatures which, in turn, is affecting land temps and rainfall across the cocoa growing belt.

What does this mean? Well unfortunately this will mean price increases for all of us. Michelle Wadley Director of Bite Promotion says that ‘it will not only us smaller manufacturers, but also the global giants Cadburys, Mars & Nestle who will also be forced to increasing prices’.

Published on: March 21st, 2024