Chocolate prices are likely to go up in India as its key ingredients – cocoa and its products – have become costly. Global cocoa prices have increased 28% over the past year and are set to climb further following a crisis in West Africa, the top producing region. Prices have shot up to $2,516 per tonne from $1,961 per tonne last April, according to the International Cocoa Organization.
The increase is reflected in the price of Indian cocoa, which has advanced 6% over the past few months to Rs 170 per kg, as the industry waits for the harvest season to go into full swing from next month. “It will definitely have an impact as products like cocoa butter and powder have also become costly,” said DS Rao, senior GM of Lotus Chocolate Company.