Record high prices of cocoa beans have boosted the development and adoption of cheaper replacement options which provide the same chocolate taste - for less. Food companies have seen their profit margins hit by record cocoa prices caused by two successive years of unfavourable weather in West Africa in 2023 and 2024, where 75% of the world’s cocoa is harvested. According to the latest quarterly bulletin of the International Cocoa Organisation (ICCO) released on August 29, global cocoa production declined by 12.9% year-on-year to 4.368 million tonnes. The global supply deficit widened to 494,000 tonnes. While some of this price increase has been passed on to chocolate lovers, manufacturers have been innovating with solutions to replace cocoa with customised flavours and fillers without sacrificing on taste. These substitutes are already found in many chocolate flavoured treats like ice creams, cakes or muffins. According to market analysis firm Market Research Intellect, the cocoa ...
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