All articles tagged with #cadbury
Cocoa prices have nearly doubled in 2024, outpacing bitcoin's growth, and may lead to higher Easter chocolate prices as Hershey and Cadbury consider consumer price hikes due to cocoa supply shortages caused by heavy rains in West Africa, where most of the world's cocoa is grown.
The Hershey Company and Mondelēz International, the company behind Cadbury chocolates, have signaled possible price hikes for their products due to the soaring cost of cocoa, which has more than doubled since last year following adverse weather conditions in major cocoa-growing regions. Executives from both companies cited rising cocoa prices as a key factor behind the potential increases, with Hershey already implementing price hikes on some items. The International Cocoa Organization has forecasted significant declines in cocoa production due to unfavorable weather and diseases, leading to a decrease in global cocoa supply and an anticipated impact on chocolate processors.
Hershey issues a warning on profits and sales due to record cocoa prices, with global cocoa prices hitting new peaks as poor harvests in west Africa drive up costs. The company expects cocoa prices to limit earnings growth and is considering price rises on products. Cadbury owner Mondelēz also faces significant cost increases and has already increased prices, following a report that found the price of popular festive chocolates had risen by over 50% from Christmas 2022 to 2023, contributing to a significantly higher chocolate price increase compared to overall supermarket food and drink inflation in the UK.