Sweet Easter baskets will likely come at a bitter cost this year for consumers as the price of cocoa climbs to record highs.
Chocolate rabbits wait to be decorated at the Cocoatree chocolate shop, April 8, 2020, in Lonzee, Belgium. …NEW YORK —
Sugar prices are also rising. Futures for a pound of sugar are up about 8% in 2024, after rising 2.7% in 2023.maker Mondelez have been passing those costs on to consumers - and then some: Hershey’s net profit margins ticked higher to 16.7% in 2023 from 15.8% in 2022. Mondelez reported a jump to 13.8% in 2023 from 8.6% in 2022.
The National Retail Federation expects a drop in spending on Easter this year, though the total figure still remains high by historical standards. Its latest survey shows that consumers are expected to spend $3.1 billion on candy this Easter, or $24.78 per person. That’s down from $3.3 billion, or $26.31 per person a year ago., has been relying on price increases to counter the surge in cocoa prices. The company has said it commands a 13% share in the global chocolate market.
Hershey raised prices on chocolate overall last year as inflation surged and said it increased prices on some grocery and food service items early in 2024. It expects sales growth of up to 3% this year.
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