Finance & economics | Hot chocolate

Why the global cocoa market is melting down

Toblerones could soon become luxury goods

A cocoa farmer dries cocoa beans near Abengourou, eastern Ivory Coast.
Photograph: Getty Images

BARRY CALLEBAUT, the world’s largest maker of bulk chocolate, is full of beans. Its share price has jumped by 20% since April, when it reported higher sales volumes despite a steep rise in the cost of cocoa. Peter Feld, its boss, told investors not to worry about expensive ingredients: “What goes up fast comes down fast.”

This article appeared in the Finance & economics section of the print edition under the headline “Bitter prospects”

From the May 11th 2024 edition

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