Valentine’s Day chocolates have long been a cherished gift to express love, but this year, they come with a hefty price tag. Thanks to soaring cocoa prices, the sweet treat is becoming an even greater financial commitment.
Cocoa beans, the essential ingredient in chocolate, have seen unprecedented price hikes. In the summer of 2022, cocoa was priced below $2,000 (€1,909) per ton. However, by Christmas of the following year, it skyrocketed to over $12,000 (€11,454) per ton, and it has remained around $10,000 (€9,546) ever since. “The price increase of cocoa is absolutely spectacular, now for 2, 2½ years,” remarked Philippe de Sellier, head of Leonidas and the Belgian chocolate federation Choprabisco.
These record-high prices have caused a stir in Belgium, home to some of the finest chocolatiers in the world. “We are seeing unprecedented prices. They haven’t been this high in the last 50 years,” said Bart Van Besien, a policy advisor at Oxfam. Many of Belgium’s 280 chocolate companies are feeling the pinch, especially during Valentine’s week, a key time for chocolate sales.
Dominque Persoone, owner of the famed Chocolate Line in Bruges, is among the lucky ones, partly because he owns a cocoa plantation in Mexico. “I have a lot of colleagues who are really in trouble, because the price is too high,” he said, explaining that some chocolatiers are even closing for Valentine’s Day, hoping for better fortunes with Easter.
Rising cocoa prices are forcing chocolatiers to pass on the extra costs to customers. Persoone revealed that his chocolates increased by 20% in the past year alone, while de Sellier noted that price hikes vary depending on the producer.
This steep rise in cocoa prices can be attributed to a combination of factors: climate change, diseases affecting cocoa trees, commodity speculation, and increased demand from emerging markets like China. “The drop in production was directly linked to climate change,” said Van Besien, citing erratic weather patterns in West Africa, where many cocoa beans are grown. These shifts, along with diseases, have led to failed harvests.
Meanwhile, cocoa farming has become less attractive due to years of low prices, pushing farmers to abandon the profession in favor of better opportunities in urban areas. “60% of cocoa comes from the Ivory Coast and Ghana, and these farmers need to make a better living,” said de Sellier, stressing the importance of fair compensation for farmers. Persoone agreed, saying, “We didn’t pay enough to ensure an honest price for the farmers.”
Ironically, farmers are finally receiving a fair price for their cocoa at the very moment they are leaving the industry. “With the price they’re getting now, they could have invested in sustainable practices and sent their children to school,” said Van Besien. Unfortunately, it’s the result of years of neglect and low wages that contributed to the current price surge.
