According to Nicole Poon’s blog post, the price of chocolate has drastically risen due to the increased price of raw material. Soon, chocolate will become a luxury item, so much so that not everyone will be able to afford it. Reports show that chocolate prices may possibly increase to a horrific price of $113 per kilogram. The prices of raw materials, once cheap and readily available resources for chocolate companies, are projected to increase significantly. According to research done by Mintec, the price of raw material to produce 100 grammilk chocolate bars has increased 28 percent this year. The price of cocoa butter- a major ingredient and component of chocolate bars- rose as much as 63%. Not only is the price of cocoa butter increasing, but the price of milk powder is also rising by 20%. From the statistics, the cost for a company to produce one chocolate bar is going much higher than previous times. Consequently, consumers will have to suffer from the increased prices of material and pay more for each chocolate they consume. From a business perspective, the consumption of chocolate by the world’s biggest of chocolate aficionados in Europe will most likely drop if current price trends are not reversed. By then, the sweet taste of chocolate may soon become a distant dream for most common folks.
Sources:
https://blogs.ubc.ca/nicolejoellepoon/2013/10/08/soaring-chocolate-prices/