Ghana Cocoa Board Raises Farmgate Price 50% to Prevent Farmer AbandonmentGhana's COCOBOD increased the farmgate cocoa price by 50% to GHS 2,400/bag, the largest increase in history, as farmers threatened to abandon cocoa for more profitable crops like rubber and cashew.
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Maria50% is unprecedented but necessary. At previous prices, Ghanaian cocoa farming was below minimum wage.
CompetitiveMars Wrigley · 8d ago
Mars Wrigley Launches Carbon-Neutral Chocolate Bar Using Cocoa from AgroforestryMars introduced the Dove Carbon Neutral bar sourced from agroforestry cocoa systems in Ghana where cocoa is grown under shade trees that sequester carbon, achieving verified net-zero emissions.
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JamesAgroforestry cocoa is the gold standard for sustainability. But scaling it to Mars' volume needs is the challenge.
RegulationEuropean Commission · 8d ago
EU Proposes Maximum Cadmium Levels in Chocolate Effective 2027The European Commission proposed tightening maximum cadmium levels in chocolate to 0.3 mg/kg for dark chocolate and 0.1 mg/kg for milk chocolate, with enforcement from January 2027.
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FatimaEcuador's fine-flavor cocoa is prized for taste but penalized for cadmium. The regulation needs soil-science nuance.
PanoramaEuromonitor · 8d ago
Global Chocolate Confectionery Market Contracts 3% as Cocoa Costs Force ShrinkflationEuromonitor reported the global chocolate confectionery market declined 3% in volume in 2025 as manufacturers reduced pack sizes and raised prices to offset cocoa costs that doubled in 18 months.
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MariaShrinkflation is a short-term fix. Consumers notice and brand loyalty erodes. Reformulation is the real answer.
MaFinancial Times · 8d ago
Swiss Chocolate Makers Form Consortium to Secure Direct Cocoa Butter SupplyLindt, Chocoladefabriken Lindt & Sprungli, and Barry Callebaut formed a consortium to invest $300M in dedicated cocoa grinding capacity in Ivory Coast, securing direct butter supply.
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JamesWhen Lindt invests in grinding, you know the market is broken. Premium makers never used to worry about supply.
CertificationMondelez · 8d ago
Mondelez Commits $500M to Cocoa Farmer Income Support ProgramMondelez International announced a $500M investment over 5 years in its Cocoa Life program, guaranteeing minimum income supplements to 200,000 cocoa farmers in Ghana and Ivory Coast.
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Fatima$500M sounds large but spread across 200,000 farmers over 5 years, it is $500/farmer/year. Meaningful but not transformative.
MaterialICCO · 8d ago
Cocoa Butter-Powder Ratio Hits Record 3.8x as Butter Demand Outstrips PowderThe cocoa butter-to-powder price ratio reached 3.8x, far above the historical average of 2.5x, as chocolate demand for butter outpaced food industry demand for cocoa powder.
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ChenAt 3.8x, grinders are making all their margin on butter. Powder is practically a byproduct.
CompetitiveJakarta Post · 8d ago
Indonesian Cocoa Grinding Capacity Doubles as Origin Processing GrowsIndonesia's cocoa grinding capacity reached 600,000 tonnes/year after investments by Olam, Cargill, and local processors, positioning Indonesia as Asia's largest cocoa processing hub.
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JamesOrigin grinding makes economic sense when bean export taxes are high. Indonesia's 15% bean export tax drives this.
SupplierReuters · 8d ago
Cargill Cocoa Grinding Operations in Amsterdam Run at 60% Capacity on Bean ShortageCargill's Amsterdam cocoa grinding facility, Europe's largest, reduced operations to 60% capacity as West African bean arrivals fell 30% below contracted volumes.
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Chen60% utilization means Cargill is losing money on fixed costs. Expect further capacity rationalization.
PanoramaConfectionery News · 8d ago
Cocoa Butter Prices Surge to $16,000/Tonne as Bean Supply Crisis DeepensEuropean cocoa butter spot prices reached $16,000/tonne, a 120% increase YoY, as West African bean shortages forced grinders to reduce throughput and ration butter allocation.
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Maria$16,000 cocoa butter is forcing every chocolate company to reformulate. Expect more compound chocolate and less real chocolate.
PanoramaMondelez International · 8d ago
Mondelez Announces 12% Price Increase on All Chocolate Products Effective April 2026Mondelez International confirmed a 12% weighted average price increase across Cadbury, Toblerone, and Milka chocolate brands, the third increase in 18 months, citing sustained cocoa cost inflation.
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MariaThree price increases in 18 months. At some point consumers switch to gummies and biscuits.
SupplierIndonesian Cocoa Association · 8d ago
Indonesia Cocoa Production Rebounds 25% on Government Replanting ProgramIndonesia's cocoa output reached 350,000 tonnes in 2025, up 25% from 2023 lows, as the government's $200M replanting program with improved hybrid varieties began bearing fruit in Sulawesi.
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Chen350,000 tonnes is still small versus the 700,000 tonne West African deficit. But the trajectory is encouraging.
CompetitiveCargill · 8d ago
Cargill Launches Cocoa Butter Alternatives Using Shea and Mango Kernel OilCargill introduced a range of cocoa butter equivalents (CBEs) using shea butter and mango kernel oil, priced at 40% below cocoa butter and approved for up to 5% inclusion in EU chocolate.
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MariaEvery percentage point of CBE substitution saves manufacturers $50/tonne on chocolate production.
ResearchMars Inc. · 8d ago
Mars Invests $500M in Cocoa Agroforestry Program Across Ivory CoastMars Inc. announced a $500M 10-year investment in cocoa agroforestry across 150,000 hectares in Ivory Coast, combining cocoa with shade trees to improve yields, sequester carbon, and comply with EUDR.
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James$500M over 10 years is serious money. If Mars can prove the model, others will follow.
MaterialFinancial Times · 8d ago
Ghana Cocobod Defaults on $1.5B Syndicated Loan as Crop Revenue CollapsesGhana's Cocoa Board defaulted on its annual pre-export finance facility after the 2025/26 crop fell 35% below the volume pledged as collateral, triggering cross-default clauses with international banks.
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FatimaThis is a sovereign-level crisis. Ghana's cocoa sector employs 800,000 families. The social implications are enormous.
SupplierBarry Callebaut · 8d ago
Barry Callebaut Reports $200M Loss on Cocoa Hedging as Prices DoubledBarry Callebaut disclosed $200M in mark-to-market losses on cocoa forward contracts as prices doubled beyond hedging assumptions, forcing the company to raise chocolate prices 15-20% across all product lines.
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ChenWhen Barry Callebaut gets caught, you know the market has moved beyond all historical models.
RegulationEuropean Commission · 8d ago
EU Due Diligence Regulation Forces Cocoa Traders to Map 2 Million Smallholder FarmsEUDR enforcement requires cocoa importers to provide GPS coordinates and deforestation-free proof for every farm in their supply chain, affecting an estimated 2 million smallholders in West Africa.
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FatimaMapping 2 million farms in 18 months is physically impossible. The EU needs to extend deadlines or accept supply disruption.
PanoramaICE Futures · 8d ago
ICE Cocoa Futures Breach $10,000/Tonne for First Time in HistoryICE cocoa futures surged past $10,000/tonne as West African production collapsed for the third consecutive season, with Ghana and Ivory Coast reporting combined output of 2.8 million tonnes versus 3.5 million in 2022/23.
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Maria$10,000 cocoa is unprecedented. Every chocolate manufacturer on earth is reformulating right now.