This year, lovers looking to celebrate Valentine’s Day with a classic box of chocolates may pay significantly more than they did in previous years.
The soaring price of cocoa beans—the essential ingredient in chocolate—has set unprecedented records in the commodities market, turning the sweet gesture of love into a costly affair.
The Cocoa Price Surge
Over the past two and a half years, the price of cocoa has skyrocketed. In the summer of 2022, cocoa traded at less than $2,000 per ton.
However, by early 2023, prices began surging, reaching a staggering peak of over $12,000 per ton during the last Christmas season.
Since then, the price has been hovering around the $10,000 mark, making it the most expensive cocoa market in the past 50 years.
“The price increase of cocoa is spectacular,” said Philippe de Sellier, head of both Leonidas and the Belgian chocolate federation Choprabisco.
Industry experts attribute the surge to various factors, including poor harvests in major cocoa-producing countries, climate change, and increased global demand.
Impact on the Chocolate Industry
Belgium, renowned for its world-class chocolate, is feeling the effects of these price hikes. With around 280 chocolate companies in the country, many businesses are struggling to absorb the increased costs.
“We are seeing unprecedented prices. They haven’t been this high for the last 50 years,” said Bart Van Besien, policy adviser of the Oxfam fair trade group.
While some chocolatiers are finding ways to cope, others fear the long-term impact on both businesses and consumers.
Dominique Persoone, owner of the famed Chocolate Line brand, considers himself fortunate as he still has enough cocoa beans in stock.
Additionally, his ownership of a cocoa plantation in Mexico gives him a strategic advantage.
What This Means for Valentine’s Day
With cocoa prices at record highs, Valentine’s Day chocolate gifts will undoubtedly come with a higher price tag this year.
Whether it’s a simple chocolate bar or an elaborate gourmet selection, lovers may need to dig deeper into their pockets to express their affection through the beloved sweet treat.
