Reported 8 months ago
Consumers are expected to reduce their chocolate consumption as cocoa prices surge, causing manufacturers like Nestle SA to raise prices. The historic cocoa rally, driven by a global shortage, has more than doubled cocoa futures this year, leading to increased production costs for confectionery. While chocolatiers secured supplies at lower prices, they will eventually have to pass on the higher costs to consumers, potentially dampening demand. Nestle's managing director Mark Davies anticipates the impact on the industry and consumers as cocoa prices remain elevated due to poor harvests in West Africa.
Source: YAHOO