All articles tagged with #chocolate industry
Originally Published 1 year ago — by Seeking Alpha
Hershey's stock fell by 3.6% following Mondelez's announcement of a $9 billion share repurchase plan, which led to a 3.4% rise in Mondelez's shares.
Originally Published 1 year ago — by CNBC
Hershey's stock surged by 15% following reports of another takeover attempt by Mondelez, despite Hershey's history of rejecting such offers. Hershey's market cap has risen to $40.49 billion, while Mondelez's stock has declined by 15% this year. Hershey's dual-class structure and Pennsylvania law provide significant control to the Hershey Trust, complicating potential acquisitions. Consumer goods companies are pursuing mergers to boost sales amid rising costs and stagnant demand.
Originally Published 1 year ago — by Seeking Alpha
Hershey's stock surged 15% following reports that Mondelez is considering a takeover of the chocolate company, while Mondelez's shares fell by 2.2%.
Originally Published 1 year ago — by Fortune
Tony's Chocolonely, known for its bold marketing stunts and commitment to ethical sourcing, has rapidly grown to become a major player in the chocolate industry. Despite facing challenges such as rising cocoa prices and legal disputes over its marketing tactics, the company remains focused on raising awareness about the exploitative practices in the cocoa industry. With a strong emphasis on impact and social responsibility, Tony's Chocolonely continues to prioritize its mission of shaking up the cocoa industry and advocating for fair treatment of cocoa farmers.
Originally Published 1 year ago — by CNBC
Cocoa prices have surged to record levels due to supply disruptions in key producing nations of Ivory Coast and Ghana, leading to the worst supply deficit in decades. Consumers could soon face higher prices or "shrinkflation" in chocolate products, with the industry working to manage costs and keep chocolate affordable. The surge in prices has hit chocolate giant Hershey, which sees flat earnings for the year, while speculators and bad weather exacerbate the situation. The industry is bracing for the worst as the systemic issues facing the market are expected to keep cocoa prices elevated for some time.
Originally Published 1 year ago — by CNN
Cocoa prices have doubled in the past year, leading to concerns for the chocolate industry and potential price increases for consumers, especially with Valentine's Day approaching. Climate issues in West Africa, where over 60% of global cocoa production occurs, are impacting crop yields and constraining supply. This, along with inflation and other cost increases, is affecting chocolate makers and retailers. While demand for chocolate remains strong, the rising prices are also highlighting the challenges faced by cocoa farmers in Ghana and Cote d’Ivoire, who are struggling to benefit from the higher cocoa prices.
Originally Published 2 years ago — by The Associated Press
Illegal cocoa farming is threatening the Omo Forest Reserve in Nigeria, a protected tropical rainforest that is home to critically endangered African forest elephants, pangolins, and other wildlife. Cocoa from the conservation zone is being purchased by major global cocoa traders, including Olam Group and Starlink Global, and may potentially make its way into the supply chains of chocolate manufacturers such as Mars Inc. and Ferrero. The chocolate industry has made efforts to ensure sustainable and traceable sourcing, but the complex and opaque supply chain makes it difficult to determine if cocoa from deforested areas is used in their products.
Originally Published 2 years ago — by Yahoo News
Cocoa farmers in Nigeria are illegally expanding their plantations into protected areas of the Omo Forest Reserve, a tropical rainforest that is home to endangered species and is one of Africa's largest UNESCO Biosphere Reserves. The cocoa from these deforested areas is purchased by major cocoa traders, including Olam Group and Starlink Global, who supply chocolate manufacturers such as Mars Inc. and Ferrero. The complex and opaque chocolate supply chain makes it difficult to determine if cocoa from the deforested areas makes it into the final products. The global demand for chocolate is increasing, leading to concerns about human rights abuses, exploitative labor, and environmental damage in the industry. Despite pledges and campaigns for traceable and sustainable sourcing, the enforcement of anti-deforestation policies remains a challenge in Nigeria.
Originally Published 2 years ago — by New York Post
Mars, the chocolate giant behind popular brands like M&Ms and Snickers, has been accused of using cocoa harvested by children as young as five years old in Ghana, according to a report by CBS News. The investigation revealed children as young as five wielding machetes to harvest cocoa beans, with one child nearly losing his fingers in the process. Mars had previously pledged to eliminate child labor in its supply chain but field supervisors admitted to fabricating lists and not verifying if children were actually enrolled in school. A proposed class action lawsuit has been filed against Mars and other American food companies. Mars condemned the use of child labor and stated that it is committed to eradicating it, but acknowledged that more needs to be done.