Chocolate prices on the rise, what does it mean for chocolatiers?

Chocolate eggs, chocolate bunnies and other chocolate treats are a big part of Easter holiday celebrations, especially among kids who are fans of sweets.

However, as the price of groceries and other goods have increased the price of chocolates has hiked up as well.

So what does that mean for people who are in the chocolate business?

David Walker with Walker’s Chocolate has been in the industry for 20 years and he says there is a workplace advantage.

“You get a snack every day, there is always something to eat, you never go hungry,” said David Walker.

But those snacks are costing a little more. According to the United Nations, consumers around the globe are being hit by higher cocoa prices due in part to climate change.

West Africa is the world’s largest cocoa-producing region and it has been hit with heat waves and shifting rain patterns.

Cocoa prices went up 136 per cent between July of 2022 and February of 2024.

“When the vast majority of chocolate consumed is cocoa, and when raw material goes up especially as sharply, as the prices of cocoa went up-there is an impact on the price of end goods as well,” says Opher Baron from the Rotman School of Management at the University of Toronto.

But Walker’s Chocolate says it hasn’t hit their customers yet.

Jennifer Walker from Walker’s Chocolate says they haven’t noticed any changes in their chocolate prices just yet because they use a yearly contract when they purchase their chocolates.

“We are kind of in the dark too and hoping it’s not going to be as bad as it sounds,” said Jennifer Walker.

Even though the price of cocoas has gone up, people who work in the industry say it’s still a good business to be in because people will always have a sweet tooth.

Mary Nguyen from Chocolat on James says the happiness chocolate brings consumers is what brings them back, “we have to increase the price, but they still come to buy chocolate because they work so hard and chocolate makes them happy.”

Jennifer Walker and others at Walker’s Chocolate have noticed a bit of a dip in their chocolate sales but Jennifer says, “people are still willing to spend a little more for a quality treat.”