Premium chocolatiers thrive as consumers develop taste for luxury

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Financial Times 3d ago

Premium chocolatiers thrive as consumers develop taste for luxury - Financial Times

Quick Summary:

Hershey’s and Oreo maker Mondelēz both warned on profits in February, after reporting a decline in sales volumes in 2024, while the confectionery division of Nestlé, which owns KitKat, reported a drop in sales last year.

Many mainstream chocolate makers have been quietly reformulating recipes to protect profits from soaring costs, often cutting cocoa content and replacing it with other fats and flavourings.

Mondelēz chief executive Dirk Van de Put said this year that the company was navigating “unprecedented cocoa cost inflation” while Hershey’s noted in its annual report that it continued “to experience overall declines in consumer demands for our products”.