Prices Are Up For Valentine's Day Chocolate As Cocoa Prices Hit Record High

As Valentine's Day approaches, it's only natural to consider gifting a box of chocolates. But this year, the classic holiday candy may cost as much as 20% more than in 2024, per CNN, thanks to record high cocoa prices. The cost of cocoa has more than doubled since the same time last year. As of the beginning of 2025, cocoa is $10.75 per kilogram, compared to its price of $5.56 per kilogram in February 2024 (via YCharts). Though the current price is considered a record high, the price has been rising for some time, and also impacted last year's candy-focused holidays, such as Halloween and Easter.

Culprits for the high cost of cocoa include high demand, diseases affecting cocoa trees, and ongoing weather events, particularly across West Africa, where more than 70% of the world's cocoa is sourced from. This factors have significantly affected production in Ghana and Côte d'Ivoire, the country that produces the most cocoa globally. While candy pricing was not tracked, the International Cocoa Organization (ICCO) warned of the possibility of pricier chocolate in its December 2024 report, noting, "Amid the soaring prices of cocoa beans, chocolate manufacturers may end up raising the price of their products." The report cites that Lindt, Ina Garten's favorite chocolate brand, has credited recent product price increases as being due in part to rising cocoa prices.

While Halloween may boast the largest candy sales of the year in the U.S., Americans spent $1.8 billion on Valentine's Day chocolates in 2023 (via the Chocolate Affairs Magazine). This year, a survey conducted by the National Retail Federation suggests that the holiday's total candy sales will approach $2.5 billion. While buying chocolates for your valentine now seems like a given, the tradition of gifting chocolates in a heart-shaped box was introduced by Cadbury in 1861. However, the box design wasn't intended for Valentine's Day. It was simply one of several decorative boxes the company introduced to boost sales. Nevertheless, today, tens of millions of chocolate-filled, heart-shaped boxes are purchased globally every year.

Although the price of cocoa rises and falls as supply and demand change throughout the year, and while prices were high for much of 2024, this current surge seems unique. The good news is there are signs of recovery, better weather, and increased production on the horizon. While it may not completely shave off any price increases that customers have witnessed over the past year or two, there is the chance for at least some relief on the price of raw cocoa, and hence chocolate, in the long term. Of course, CNN reported last Halloween that a surplus was expected to help relieve prices by fall 2025, so we will have to wait and see. In the meantime, if high chocolate prices have got you feeling low, you can always celebrate Valentine's Day with one of these five heart-shaped pizzas instead.