Love may be priceless, but chocolate isn't anymore

Chocolate lovers are paying a bitter price this Valentine’s Day, with consumer prices spiking 14.4% year-over-year, according to market intelligence firm Datasembly.

The chocolate prices increase 7.8% from last year and 10.5% in 2024. The firm conducts analysis of more than 4,000 chocolate products across 57,000 U.S. stores.

But what’s the actual reason behind this surge?

A global cocoa bean shortage is driven by poor harvests in West Africa, which produces about 70% of the world’s cocoa.

Extreme weather in the region further escalated the tension, increasing the price to $2,500 per metric ton in mid 2022 to above $12,600 in late 2024.

Therefore, prices increased rapidly as supply suddenly dropped while demand stayed largely the same.

Since the tension, cocoa prices have crashed below $4,000 per metric ton, but customers didn’t experience any relief.

The major reason behind it is that candy makers bought beans months ago at crisis-level prices and are still processing that expensive inventory.

Steeper hikes have been seen in regional shoppers with 17% in Denver and Los Angeles, and 19% in Dallas-Fort Worth.

According to Hershey Company, about 75% of the products remain under $4, but broader candy prices surged 7.5% in January.

On Valentine’s Day, 75% of the candy sales are attributed to chocolates. This year, chocolate sales in the U.S. are projected to total $2.6 billion.

Experts predict that prices may drop by Easter.