Explore More Than Just This Free Article

This article is a glimpse of the exclusive insights we provide daily to industry leaders. Dive deeper into our industry-specific reports and uncover the strategic information you need.

GlobalData: UK chocolate industry faces all-time high cost of cocoa, which is expected to impact consumer buying behavior; survey finds 10% UK consumers have stopped buying chocolate and dessert products, and 54% switching to cheaper brands, private label

March 29, 2024 (press release) –

Leading players in the UK chocolate industry have their eyes on the prize this Easter. However, there are many challenges to overcome, especially “eggflation”. The cost of cocoa is at an all-time high. This rise in raw material costs consequently influenced the prices of many chocolate brands in the run-up to Easter. The price rise of chocolate will impact the buying behavior of UK consumers, as many continue to be affected by the cost-of-living crisis, says GlobalData, a leading data and analytics company.

Ramsey Baghdadi, Consumer Analyst at GlobalData, comments: “Other raw materials have started to lower in price; however, cocoa and sugar have seen particularly high cost increases due to unfavorable weather conditions. This adds an extra layer of challenges for chocolate manufacturers, as the decision to increase the price of their end products becomes more likely. If manufacturers decide to raise their chocolate prices, they will likely experience less sales this year, as consumers show money-saving behavior in response to the cost-of-living crisis.”

A survey* conducted by GlobalData found that 1 in 10 UK consumers claimed they have stopped buying chocolate, confectionery, and dessert products because they are too expensive now. Over half (54%) of UK consumers claim that they are either switching to the store’s own chocolate, confectionery, or dessert brand or are switching to another cheaper brand.

Baghdadi concludes: “An affordable pricing strategy will be a critical success factor for chocolate brands this Easter season, as more consumers consider private label offerings. Looking forward, cocoa prices are expected to impact shopping behaviors during other festive seasons such as Halloween and Christmas. A well-executed promotion partnership with retailers will ultimately leverage the revenue performance, as this closely aligns with consumer preferences.

“In addition to pricing, positioning is also key for chocolate companies. Having multiple points of sale will ensure consumer engagement. A clear omnichannel strategy to target consumers online and offline will be a sink or swim moment for the chocolate industry.”

*GlobalData 2023 Q4 Consumer Survey – UK, published in December 2023, sample size – 500

Media Enquiries

If you are a member of the press or media and require any further information, please get in touch, as we're very happy to help.

* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.

See our dashboard in action - schedule an demo with Jason
Jason Irving
Jason Irving
- SVP Enterprise Solutions -

We offer built-to-order consumer packaged goods (cpg) coverage for our clients. Contact us for a free consultation.

About Us

We deliver market news & information relevant to your business.

We monitor all your market drivers.

We aggregate, curate, filter and map your specific needs.

We deliver the right information to the right person at the right time.

Our Contacts

1990 S Bundy Dr. Suite #380,
Los Angeles, CA 90025

+1 (310) 553 0008

About Cookies On This Site

This website stores cookies on your computer. These cookies are used to improve your website experience and provide more personalized services to you, both on this website and through other media. To find out more about the cookies we use, see our Privacy Policy. We won't track your information when you visit our site. But in order to comply with your preferences, we'll have to use just one tiny cookie so that you're not asked to make this choice again.