AUSTIN / LONDON (IT BOLTWISE) – Rising chocolate prices could hurt the Halloween tradition in the US this year. Due to inflation, tariffs and high cocoa prices, chocolate products have become more expensive, which could affect the availability of candy in trick-or-treat bags.
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The rising cost of chocolate is threatening the Halloween tradition in the US this year. Due to inflation, tariffs and high cocoa prices, chocolate products have become more expensive, which could affect the availability of candy in trick-or-treat bags. According to industry reports, chocolate prices have increased by almost 30% since last Halloween, while they have increased by 78% in the last five years.
A 100-pack of mixed candy now costs $16.39, compared to $7.20 in 2020. These price increases are reflected on the shelves, with Hershey and Mars increasing their prices by 22% and 12%, respectively. Hershey CEO Kirk Tanner warned that holiday sales could be weaker this year.
Chocolate’s dominance in Halloween candy is waning. While it accounted for 52% of sales last year, that figure is down to 44% this year as consumers switch to cheaper, trendier candy. Candy prices are rising faster than the national inflation rate, resulting in an increase of about 10% compared to last year.
High cocoa prices are due to a combination of rising temperatures, erratic rain, drought and crop diseases in West Africa, which produces about 70% of the world’s cocoa. This has led to one of the largest global cocoa deficits in the last 60 years. Experts expect prices to stabilize but not fall as crop yields have increased.
While chocolate is becoming more expensive, fruity, sour and chewy sweets are becoming more popular. More than half of shoppers plan to prioritize gummy bears for Halloween this year. Chocolate manufacturers are responding by expanding their range of gummies and introducing new products to offset rising ingredient costs.
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