Cocoa prices have more than doubled since January, hitting a record high, so get ready to pay more for your chocolate.
Snacking and confectionery giant Cadbury’s manufacturing facility in Victoria’s Ringwood produces two million Easter eggs every day.
But it appears chocolate has been able to buck this broader trend of consumer cautiousness as O’Brien says more and more Easter eggs are being sold every year. “One bad crop the end of the world but because they had bad weather last year, too, the farmers didn’t get enough money to buy fertiliser, so that hit things even more.Koko Black owner Simon Crowe says Easter chocolate production is up 20 per cent on last year but he has flagged price rises to come.But the cost of making chocolate is getting more expensive. “The price of manufacturing is going up across the board. Cocoa prices have gone through the roof,” he said.
“We haven’t yet taken a price increase only because we’ve had locked-in contracts. But when those contracts expire, we know that we’ll take small increases, and we’ll consider those carefully across the range.” O’Brien is conscious of this. “One of the things that drives efficiency in our business is selling volume. And when prices go up, volumes tend to come off,” he said.
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