Easter Chocolate Sees Prices Surge

As Easter approaches on March 31, consumers reaching for their favorite chocolate treats are facing sticker shock.

Prices for iconic Easter chocolates, from See’s Candies’ bunnies to Godiva’s egg gift boxes, have hopped much higher this year.

This year’s price surge reflects a broader trend affecting the chocolate industry, with increases ranging from 5.08 percent for See’s Tall Milk Chocolate Bunny to a steep 25.00 percent for Ghirardelli’s Spring Assorted Chocolate Squares. Behind the hikes lies a host of reasons, including rising cocoa prices—now at $6,466 per metric ton—amidst climatic challenges and agricultural hurdles in major cocoa-producing regions.

The industry’s struggle with escalating costs for core ingredients, energy, packaging, and transport is making the Easter treat tradition a costlier affair.

While the Tall Milk Chocolate Bunny sold by the Warren Buffett-owned See’s Candies has seen a modest increase of 5.08 percent, now priced at $15.50, up from $14.75 in 2023, Russell Stover’s 6 Ounce Hollow Chocolate Bunny jumped by 20.02 percent, moving from $9.99 to $11.99.

Lindt’s charming Gold Bunny & Friends Carrot Box is up 13.35 percent, now at $8.49 compared to last year’s $7.49. More luxurious options like Godiva’s 18-Piece Foil-Wrapped Chocolate Easter Egg Gift Box and Ghirardelli’s 80-Piece Spring Assorted Chocolate Squares Gift Bag have not been spared either, with increases of 20.20 percent and 25.00 percent respectively, pushing their prices to $29.99 and $39.95.

Cadbury, too, confirmed that it is raising prices. In response to a Twitter user’s complaint about the price of a bag of Cadbury Mini Eggs (Amazon sells a 6.5-ounce bag for $13.93) in January, the company’s UK account said, “Making changes to the price of our products is always a last resort, however, costs across our supply chain have risen steeply. Core ingredients we heavily rely on, like cocoa and sugar are a lot more expensive, while the cost of energy, packaging, and transport also remain high.”

The tweet continued, “As a [result], we are having to make some carefully considered price increases across our range so we can continue to provide consumers with the brands they love without compromising on taste or quality.”

It’s true. Newsweek reported that cocoa prices reached highs of $6,019 per metric ton earlier this month, but prices have since kept climbing, largely attributed to the impact of a weather event combined with poor harvests in crucial cocoa-producing areas.

The escalation in cocoa costs is rooted in environmental and agricultural issues, particularly in West Africa, which is responsible for nearly three-quarters of global cocoa output. The weather event introduced drier conditions in key cocoa regions such as Ghana and the Ivory Coast, as noted by ADM Investor Services (ADMIS), a prominent entity in futures brokerage.

The adverse weather conditions have critically impaired crop yields, contributing to a worldwide cocoa shortfall projected at 375,000 tons, thus making input costs higher for companies like Russell Stover and Ghirardelli.

Hershey’s CEO Michele Buck earlier this month told investors that the company is navigating these “historic cocoa prices,” which “are expected to limit earnings growth this year.”

Despite having strategies in place to help mitigate the higher input costs, the CEO said in an earnings statement that the volatility in cocoa prices presents an obstacle to maintaining stable production costs. However, Buck added that its “innovation and brand investments will drive top-line growth.”

For those preparing to celebrate Easter with traditional chocolate treats, this year’s higher prices are a reminder of the broader economic forces at play, from farm to festive basket.