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- Chocolate prices are surging in 2024
- Poor cocoa harvests in West Africa are impacting supply
- Additional pressure comes from spiking sugar prices
Indulgence is turning to luxury as chocolate prices skyrocket in 2024. This Easter, six white chocolate eggs cost R65, up R10 from last year. The price of a Lindt bunny leapt from R45 to R60 and even a modest 80g chocolate bar cost more than R20.
A key reason is falling cocoa production in west Africa. Producer of 70% of the world’s cocoa beans, the area is being hard hit by changing climate conditions.
Cocoa bean prices on the ICE exchange in London increased by 49% between July and December 2023 and by 93% between January 2024 and March 2024, according to Tiger Brands, which owns Beacon.
Adding to the cost pressure for South Africans is a recent increase in the price of sugar, imposed by the SA Sugar Association. Globally, the industry is also under pressure with droughts in sugar-producing countries such as India and Thailand compounding pricing challenges.
— 4 April, 2024Subscribe to the weekly newsletter for more charts like this
