People: Cocoa volatility
Ian Blackburn, boss of confectionery and snack foods group Zetar, reckons that a rise in the price of chocolate is a distinct possibility. ‘Ivory Coast recently had a very good cocoa crop,’ he concedes. ‘However, for political reasons there may be a temporary reduction in exports, which may cause some short-term volatility.’
Blackburn, who is keen to emphasise the fact that the group is covered on forward purchases until April, notes that a variety of other foodstuffs have seen a rise in value, including apricots, nuts and walnuts. He argues that their increasing price is ‘not a temporary phenomenon’ but is driven by both ‘global supply issues’ and an ‘increase in disposable incomes in developing countries’.
Despite these concerns, Blackburn remarks that he has noticed a move among customers towards premium chocolates, declaring that the demand for value items is ‘plateauing’.
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