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Insight of the Day: Choc-pocalypse: Why you're going to have to pay more for the sweet treat

The price of chocolate is poised to rise due to a convergence of factors creating a cocoa crisis. Cocoa prices have surged to record highs over the past year, with global cocoa prices tripling and exceeding $9000 per tonne. This spike is attributed to various challenges in key cocoa-producing regions, including Ghana and Ivory Coast, which together account for over 60% of the world's cocoa supply.

Factors contributing to the cocoa shortage include climate change, illegal mining activities, underinvestment in the cocoa industry, and the spread of diseases like the cacao swollen shoot virus. As a result, chocolate manufacturers, such as Whittaker's, anticipate significant cost escalations in cocoa, inevitably leading to higher prices for consumers.

Chocolate makers may implement price increases through direct retail price adjustments, product downsizing (known as "shrinkflation"), or altering ingredients to include cocoa substitutes. However, such changes may risk consumer dissatisfaction, as seen in past instances like Cadbury's substitution of cocoa butter with palm oil.

Whittaker's emphasizes its commitment to transparent communication with consumers, providing advance notice of any planned price adjustments. The company prioritizes maintaining quality, ethical sourcing practices, and the integrity of its chocolate products amidst rising cocoa prices.

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