(Bloomberg) -- Chocolate fans in Japan, among Asia’s biggest cocoa buyers, are heading for a sticker shock later this year as an unprecedented surge in cocoa...
-- Chocolate fans in Japan , among Asia’s biggest cocoa buyers, are heading for a sticker shock later this year as an unprecedented surge in cocoa prices finally filters through to stores.Itochu Corp., one of the country’s top trading companies and cocoa importers, says a sudden spike in the retail price of chocolate is inevitable and expects processors to use more substitutes to rein in costs.Cocoa has been on a tear, with New York futures more than doubling since the start of the year.
“No one knows what to do,” Yamada said in an interview, referring to measures for managing the surge in cocoa prices. “We haven’t had this level of tightness before. We don’t know if $12,000 might be appropriate, or if $15,000 might be appropriate, or $8,000.”Japan is a large market for high-value confectionery and it sources about 75% of its cocoa imports from Ghana, World Bank statistics show.
Customers will not notice a big difference between cocoa butter and CBE, Yamada said. Demand for this and other substitutes will rise in Asia, where there is a huge diversity of purchasing power, he said.Biden Strategy to Tame Gas Prices Is in Peril as Iran Sanctions Pressure MountsJapan’s Debt Dilemma May Doom Any FX Intervention, Brooks Says
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