UK consumers will have pay more for high quality chocolate in 2018, says GlobalData
Many UK consumers are spending more on chocolate and shifting to premium quality, which has increased cocoa prices by 30% so far in 2018, according to GlobalData, a leading data and analytics company. 
Chocolate is one of the essential items on the grocery list for most of the consumers in the UK. In terms of production, the main African suppliers of cocoa, such as Cote D’Ivoire, are demanding a higher price for their beans, which if not fulfilled may lead to a cocoa supply shortage, leading to increased consumer prices later this year.
Ghina Romani, Consumer Analyst at GlobalData, comments: “Our Q4 2017 global consumer survey found that 85% of consumers in the UK always or occasionally purchase premium food products. This shows that British consumers are willing to spend more on high-quality food. However, a big increase in prices might well put consumers off buying premium chocolates.”
Experts have expressed concerns about whether the prices paid to the African farmers will be high enough to maintain production levels; and warned of a potential global cocoa deficit that would increase retail prices. Furthermore, in 2017 Mars and MySupermarket.co.uk warned that there will be a rise in chocolate prices in the UK market after Brexit unless Britain manages to secure a good deal with the EU.
Romani adds: “Chocolate makers are now dealing with this issue by passing the costs on to consumers through raised prices or smaller chocolates. As a result, chocolate lovers may have no other choice but to pay more for the premium chocolate they crave.”
