Hershey is raising the retail price of its chocolate products by up to 20% amidst soaring cocoa costs. The current cocoa price of around $8,100 per metric ton is still significantly above its historical average. Approximately 75% of Hershey's candy portfolio will remain priced at $4 or less despite these increases. Recent regulatory pressures aimed at eliminating child labor and deforestation in cocoa production are also contributing to rising prices in the chocolate industry. Competitors like Lindt and Mondelez are similarly raising prices due to cocoa market conditions.
Hershey is raising prices on its chocolate products by up to 20% due to sustained high cocoa costs, which remain well above historical averages.
Around 75% of Hershey's candy portfolio will still be priced at $4 or less, despite the looming price increases and competition among other brands.
Cocoa prices, currently at about $8,100 per metric ton, are significantly above historical norms, leading to increased costs across the chocolate industry.
The chocolate industry is under pressure from new regulations aimed at eradicating child labor and deforestation associated with cocoa farming, further influencing chocolate prices.
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