How sweet it isn’t: Cocoa prices hit record highs ahead of Easter holiday
Cocoa futures have surged this year, roughly doubling since the start of 2024. Rising temperatures and weather conditions have stressed and damaged crops in West Africa, which produces more than 70% of the global cocoa supply. Big chocolate companies like Hershey’s and Cadbury 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.