Chocolate lovers may be in for a tough latter half of the year, thanks to the "volatile" cocoa market.
As the cost of chocolate reaches "unprecedented" heights, The Hershey Co. and other chocolate providers are facing price hikes in the coming months that will impact consumers of a variety of brands, according to a new report from the Associated Press.
While Hershey's has vowed not to raise the prices of Halloween-branded candy this fall, according to the publication, U.S. retail prices for Reese's, Whoppers, barkThins and more will start to climb later this fall, which may reflect in both decreased pack sizes and increased list prices.
“This change is not related to tariffs or trade policies," Hershey stressed to the publication. "It reflects the reality of rising ingredient costs including the unprecedented cost of cocoa.”
Related: Hershey's Drops Delectable Seasonal Treat That Fans Say Should Be 'Year-Round': 'I Need 10 Bags Now'
Earlier this week, Lindt confirmed that it had raised prices by 15.8% so far this year. While new long-term contracts helped offset some of the rising costs, much of it was passed on to consumers.
“The development of the global chocolate market in the first half of 2025 was a continuation of what we saw in 2024, with cocoa prices remaining close to record highs,” Adalbert Lechner, the company's CEO, said during a conference call with investors.
Cloetta, another Swedish company, and Nestle also saw increasing product prices throughout the year so far.
Per the AP, poor weather and crop disease in West Africa, where 70 percent of the world's cocoa comes from, have caused the price of cocoa to more than double over the last two years. While the cost of a metric ton of cocoa was down from December's $11,984 to $7,380 this week, that number is still 121% higher than it was in 2023.
Prices continue to fluctuate in a "volatile" manner, the publication wrote, with Cloetta Chief Financial Officer Frans Ryden recently telling investors that it's "almost a bit dangerous to comment on this because it’s changing so fast,” thanks to changes in the weather, production forecasts and more.
On the consumer-facing front, the average price of a bar of chocolate in the U.S. is said to have risen 41 percent since July 2021, from $2.43 to $3.45, which appears to correlate to a 1.2 percent decrease in unit sales.
While tariffs have not come into play yet, there are also concerns that prices may be further impacted by their implementation. The National Confectioners Association has requested that the Trump administration protect cocoa from tariffs.
Related: Peacock Ruffles Feathers With Big Changes to Come: 'This is Madness'
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