Global Demand for Chocolate Falls Despite Decline in Cocoa Prices

Global demand for chocolate is decreasing, despite the drop in cocoa prices. Chocolate manufacturers have reported a decline in demand for their products, even though the price of cocoa beans has fallen and raw materials are being replaced with cheaper plant-based ingredients, Bloomberg reports.

Experts attribute this to the fact that many chocolate companies are still using cocoa stocks purchased at record-high prices. As a result, even though the price of cocoa butter has dropped by 75% in 2025, processing cocoa beans has become less profitable compared to using substitutes.

According to data from research firm Circana, chocolate confectionery sales in North America have declined by 21% over the past year.

Julia Buech, a senior analyst at Dutch cooperative bank Rabobank, noted that the industry is entering a "new normal" of high costs, which requires producers to continuously adapt to changing conditions.

Experts also point out that the combination of expensive sweets and cheaper products containing cocoa substitutes creates uncertainty in the long-term global demand forecast for cocoa beans.