The real increase in chocolate prices will occur after the new year, when companies will renew their contracts and start purchasing cocoa beans at 2024 prices. This forecast was given to socialbites.ca by the founder of the Tomer confectionery factory, Andrey Latyshev.
According to him, the prices of cocoa beans will differ significantly from current prices, and now, due to high demand, manufacturers’ stocks of goods are running out much faster than usual.
The entrepreneur stated that the prices of dark chocolate will increase the most.
“The price will increase the most for bitter chocolate varieties due to their 65% cocoa content. Prices for such a product will definitely increase by 50-100%. Manufacturers will switch to dark, milk and white chocolate, trying to maneuver at the expense of sugar and milk. And of course they will play more actively with the weight,” said Latyshev.
He added that an increase in prices has already been observed due to the inability to harvest cocoa beans due to bad weather conditions and disease in Africa. Supply problems are expected to continue until the end of next year.
“In 2023, even taking into account fixed prices in old contracts and stocks of manufacturers in Russia, the cost of chocolate has already increased by 15-20%. And now there is the high season – the New Year and Christmas holidays are approaching, and sales during this period usually grow rapidly,” explained the expert.
He warned that chocolate prices would increase by another 16 percent from December 1.
“Compared with other countries, the highest growth in chocolate is expected to be in Russia. Firstly, due to the ruble exchange rate. Secondly, due to the 5 percent customs duty imposed on cocoa powder on April 1 of this year. But in any case, everyone will suffer,” Latyshev said.
Former chocolate makers warned about the increase in sweet prices.