Rising cocoa prices aren’t the only concern for customers this Valentine's Day.
Last Thursday, Hershey Co. said it would cut 5% of its workforce after historic cocoa prices and inflation-weary consumers dampened fourth quarter earnings.
“And it looks like it’s not necessarily going to subside anytime soon.”The Supreme Valentine’s Day SweetRoughly 92% of Americans say they plan to share chocolate and candy for Valentine’s Day this year, according to the National Confectioners Association.
In 2023, Valentine’s Day chocolate and candy sales exceeded $4 billion, the NCA says.
Issaka said that while high demand and low supply raise prices, cocoa farmers are getting squeezed.
Persons:
”, Michele Buck, Billy Roberts, ” Roberts, Lindsey Nicholson, Marnie Ives, Ives, ” Ives, “ It’s, Karl Schneider, Roberts’s, Issifu, Issaka, ” Issaka, “ I’m, Cote, Will Kletter, Sabi Ibarra Guerrero, Uwe Gneiting, Gneiting, Joke Aerts, Aerts, ” Aerts, Sia Kambou, Price, Tony’s, “, they’ve, CNN’s Eva Rothenberg
Organizations:
CNN, Hershey Co, National Confectioners Association, NCA, Cocoa, Oxfam America, Getty, Fairtrade, Cote d’Ivoire, “
Locations:
West Africa, North America, Manhattan, Queens , New York, Neck, NY, Bloomfield , NJ, Ghana, North Region, Cote d’Ivoire, Silicon, Africa, Accra, Cote, Hermankono, AFP