The rising price of cocoa doesn't seem to be dampening the love of chocolate in the U.S.
Market research firm Euromonitor International estimates that sales for chocolate will grow to $17.75 billion this year, which will take place while Hershey and other chocolate manufacturers raise prices to cover costs for ingredients, according to The Island Packet. Cocoa saw a 2.2 percent increase in price in September due to concern over the Ebola outbreak causing a problem for shipments from West Africa.
Cocoa butter, the main ingredient in chocolate, saw a five percent increase in cost thanks to a 15-percent increase in Cocoa futures. As a result, giants in the chocolate industry raised prices in July, with Hershey raising prices by 8 percent and Mars raising prices by an average of 7 percent.
Market research firm IRI said chocolate sales experienced an increase from the previous year by 1.9 to 2.2 billion pounds in the 52 weeks ended Oct. 5th, The Island Packet reported.
The U.S. is currently the top chocolate-consuming country in the world, with the National Confectioners Association in Washington saying the country typically experiences its peak of chocolate consumption from Halloween through Easter. Many people, including former New York pastry chef Jacques Torres, believe that won't be changing.
"People love chocolate," Torres said. "Business is still strong. The market is there. The economy in New York and the U.S. is better."
Pinar Hosafci, a packaged food analyst for Euromonitor in London, said a lot of people view chocolate as a luxury they can afford, The Island Packet reported.
"The demand for chocolate remains still very strong," Hosafci added. "In the U.S., growth for premium-chocolate variants and also bite-sized chocolates is quite high."
Trudy Kane, a retired flutist in New York, said one of the reasons for America's love for chocolate is the feeling it provides.
"Chocolate makes you feel good," Kane said. "When everything is right, and you feel so wonderful because everything is just as it should be- you get the same feeling from a great piece of chocolate."
Despite the price hike in chocolate, Bronxville, N.Y. resident and bookkeeper Sahar Kanda, who bought seven bags of Halloween candy last year, plans on buying eight 50-piece bags this year, Island Packet reported.
"When I buy chocolates from drugstores, I don't even look at the price because they're not such a big part of my budget anyway," Kanda said, adding that she gets the snacks she likes since she keeps the leftovers.
