Chocolates are a pricey affair this Valentine’s Day

Valentine’s Day could be bittersweet this year if you’re trying to surprise a loved one with chocolates. The confectionery price has soared 10–20% over last year, according to the Wells Fargo Agri-Food Institute.

A 5.7 oz box of heart chocolate candy truffles from Lindt costs $21.99. A 1-pound bar of Hershey’s chocolate costs $14.99.

The price of cocoa has more than doubled since the start of 2024.

Soaring prices of cocoa beans and shortages stemming from low harvests are making big chocolate brands like Nestle, Hershey, and Mondelez raise prices. These brands also warn of further increases in 2025.

Cocoa prices hit a record high of $12,646 per metric ton in December, aggravated by three years of low bean harvests due to unpredictable weather and disease in Ivory Coast and Ghana, which account for 70% of the world’s cocoa production.

While nations outside Africa, like Ecuador, are stepping up cocoa production by planting more, a cocoa tree takes 4–6 years to harvest. It means there is no immediate relief in chocolate prices.

But people are still buying chocolates, and sales are rising, per NPR. Customers can avoid higher prices by purchasing chocolates made with cocoa powder.

The food industry is adjusting
Big sweet manufacturers and bakeries are focusing on other flavors. KitKat has launched cinnamon-toast and Neapolitan flavors without chocolate dip.

Brands are pushing customers towards gummies and other less-chocolatey candy.