RALEIGH, N.C. — Chocolate prices are on the rise due to increased cocoa prices.
What You Need to Know
Cocoa prices are rising all across the world
The prices are affecting local factories like Videri Chocolate in downtown Raleigh
The global cocoa bean shortage is largely due to a drought in North Africa where cocoa is grown
Consumers are seeing this problem appear through increased chocolate prices
It’s affecting chocolate factories all across the country, including Videri Chocolate Factory in downtown Raleigh. Owner Sam Ratto says it’s impacting business.
At Videri, visitors can watch the entire chocolate making process from the bean to the bar, and Ratto is a big fan of the finished product.
The chocolate starts as a cocoa bean, the price of which has been skyrocketing over the past few months.
“This bag of beans cost us, let's call it $500,” Ratto said. “This bag of beans is going to start costing us $2,500. So the pricing change has gone up like four and five times in a lot of ways.”
Ratto gets his beans from all over the world, but the global cocoa shortage has more than doubled the prices over the past year, reaching record highs. According to research done by JP Morgan, the jump in price is largely due to a widespread drought in North Africa, an area that produces 80% of the world’s cocoa.
Chocolate factories across the world are feeling the effects. Ratto says those prices are then transferred to the customer. However, he says they’re not going to stop doing what they love.
“Our whole goal here is to make fruit forward chocolate flavored chocolate,” Ratto said. “That sounds cheesy, but we want to uplift that. This thing grew on a tree, and it's fruit in the country it's grown in. But when it comes here, we transform it into chocolate.”
The global cocoa supply could decline by 11% this season, according to the International Cocoa Organization.
While Videri is trying to push through these high cocoa prices, their delicious chocolate is still getting recognition. The factory is nominated for best independent chocolate factory in the United States for a reader’s choice list compiled by USA Today. Last year, Videri won 9th in the country.