Customers are souring on costly chocolate, resulting from a few disappointing cocoa crop years.
Hershey Co. is introducing more non-chocolate candies to its lineup as costly chocolate candy curbs the company’s sales revenue.
In the past year, dollar sales for chocolate candies rose 1.5%, driven by inflation and rising shelf prices, according to a report this month from the National Confectioners Association. But, faced with costly chocolate, people are cutting back on M&Ms and Hershey’s bars: The number of chocolate candy units sold over the same period dropped almost 5%.in February but has been increasing for more than a year.
According to a recent report from the Wells Fargo Agri-Food Institute, next year will mark the third consecutive year with failed cocoa harvests.in the African region and South American countries, where orchards have been more productive. However, cocoa trees take at least a few years to produce.Chocolate manufacturers will likely feel the pain for some time, which means chocolate candy prices will also stay high for a while.
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