If you’re unwrapping chocolate this holiday season, it might not contain any actual cocoa.
Market turbulence, ethical concerns and sustainability questions have sparked a movement among some chocolate makers to scrap cocoa in favor of alternative ingredients — prompting calls that the real deal could soon become a “luxury” for consumers.
Poor agricultural conditions in Ghana and Cote d’Ivoire — the world’s leading cocoa producers — have damaged crop yields in recent years, sending cocoa prices on a rollercoaster ride. After surging to all-time highs of more than $12,000 toward the end of last year, cocoa futures
have tumbled more than 50% over the course of 2025 amid tentative signs of crop recovery.
Price volatility has left businesses in the industry on edge, and it’s ultimately found its way into consumer goods, with data from Circana and the U.S. Bureau for Labor Statistics showing chocolate prices surged 30% in the year to October.
