With the skyrocketing prices of cocoa, chocolate substitutes are becoming a more cost-effective and sustainable option for the confectionery industry. However, the challenge lies in convincing consumers to break their chocolate addiction.
Chocolate prices have nearly quadrupled in the last two years due to extreme climate challenges in cacao-growing regions like Côte d’Ivoire and Ghana. This has led to significant cost inflation for companies like Mondelēz, the owner of Oreo and Toblerone.
As prices continue to rise and global chocolate supply faces challenges in meeting demand, there is a growing interest in cocoa-free chocolate alternatives.
Voyage Foods, a company specializing in alternatives to scarce commodities, is expanding its production of cocoa substitutes to address the increasing prices. They have partnered with Cargill to reach more industries and consumers.
While chocolate remains a dominant segment in the confectionery industry, sales have been declining, prompting companies to explore cost-effective solutions like cocoa substitutes. Voyage Foods offers a range of cocoa-free products with clean-label ingredients.
Other ingredient suppliers, like Ardent Mills, are also introducing alternatives to cocoa to address price volatility. These alternatives offer a more sustainable path forward in a cocoa market facing supply constraints.
Consumer research shows a growing interest in sustainable chocolate options, with cocoa-free alternatives being up to 50% cheaper than traditional chocolate. These alternatives also have environmental benefits, making them an attractive choice for conscious consumers.
Despite the challenges in replicating the taste of chocolate, companies are working to create alternatives that appeal to consumers’ desire for indulgent treats while aligning with their values. While taste remains a barrier, the shift towards more sustainable options is gaining momentum.