It is unlikely that prices for chocolate in Russian stores will increase by more than 15%. This forecast was given to socialbites.ca by Doctor of Economics, Professor of the Fundamental Department of Trade Policy at the Russian Economic University. GV Plekhanov Vyacheslav Cheglov commented on the closure of Africa’s largest cocoa bean processing plants and the increase in prices.
“In the coming months, wholesale and retail in Russia will sell the rest of the chocolate and they do not want to get a “shock” reaction from the consumer; The price increase will be gradual. Second, the market is waiting for the cocoa bean harvest. So far we are seeing a nervous reaction in the futures market, but production failures have happened before,” the economist noted.
Most likely, he suggested, chocolate manufacturers will reduce portions or further reduce the content of cocoa beans.
“In the expensive chocolate segment, the price increase could be over 15 percent. Here you can also change the packaging, but the consumer is literally more affluent and discerning,” said Cheglov.
According to him, real chocolate and confectionery products containing it have long become a delicacy in Russia and are not available to everyone. The expert explained that the mass product that Russians consume every day (for example, milk chocolate) contains a small amount of cocoa beans and many flavoring additives.
He ruled out a decline in chocolate consumption in Russia due to rising prices, adding that it was already a socially important product. The economist suggested that the mass consumer will more often buy chocolate bars with various flavoring additives, and some of the usual desserts may change the recipe. Cheglov concluded that stores would traditionally limit price increases, but only limit them.
Since the beginning of 2024, world cocoa bean prices have increased by more than 50% as African factories closed. reported March 13, Reuters.
Previously “socialbites.ca” named Prices of chocolate products in Russia.