UK consumers may have to pay more for high-quality chocolate

Chocolate is one of the essential items on the grocery list for many consumers in the UK. Many consumers are spending more on chocolate and shifting to premium quality, which increased cocoa prices by 30% in 2018.

In terms of production, the main African suppliers of cocoa, such as Cote D’Ivoire, are demanding a higher price for their beans, which if not fulfilled may lead to a cocoa supply shortage and higher consumer prices later this year. As such, many experts are warning consumers that prices for premium chocolate made with high-quality cocoa beans will increase by the end of 2018 as a higher price has to be paid to farmers.

GlobalData’s Q4 2017 global consumer survey found that 85% of consumers in the UK always or occasionally purchase premium food products. British consumers are clearly willing to spend more for high-quality food, but if a big increase in chocolate prices is incoming then this may put consumers off buying premium chocolates.

Experts are concerned about whether the prices paid to cocoa farmers will be high enough to maintain production levels; otherwise the result will be a global cocoa deficit and a knock-on effect on retail prices.

Last year, Mars and MySupermarket.co.uk warned that there will be rise in UK chocolate prices after Brexit unless Britain manages to secure a good deal with the EU.

Chocolate makers are passing the costs on to consumers by raising prices or making smaller chocolates. Chocolate lovers may have no other choice but to pay more to have the premium chocolate they love.

For more insight and data, visit the GlobalData Report Store – Food Processing Technology is part of GlobalData Plc.