Credit: Special Arrangement
Over the last six months, cocoa prices have been surging globally due to poor weather and diseased crops in Ghana and the Ivory Coast, pushing up rates of chocolate exports.
Several Bengaluru-based chocolatiers told Metrolife the ongoing crisis has affected their pricing and demand. World Chocolate Day was observed on July 7.
Exported cocoa powder is priced between Rs 1,200 and Rs 3,500 per kg. Abhishek Singhania, director of Zoroy Luxury Chocolate with outlets on Church Street and in HSR Layout, says, “As a premium brand, the impact is felt across sourcing, production, and logistics.” The surge has caused many businesses to raise prices of their chocolate desserts. Kanchan Achpal, chief marketing officer of Smoor Chocolate, Indiranagar, says they had to increase their rates by 8-10%. “We have tried to combat this by improving manufacturing processes and cutting down packaging costs,” she adds.
Nivedita Prasad, co-founder of Chocolate Philosophy, Ashok Nagar, notes a 150-200% rise in global cocoa prices, which has caused a definite drop in her sales. “Reduced demand for chocolate items has prompted a shift toward goodies such as croissants, breads, and puffs,” she adds.
Unique substitutes
While some chocolate brands have started using compound chocolate to cut costs, a few bakers and chocolatiers are experimenting with unconventional ingredients to tackle the crisis. Nivedita has had to introduce options like ragi brownies and avarekai slates.
“Since we were not very fond of kunafa, one of the ingredients in the viral Dubai chocolate, we used avarekai to create a dessert that reminds one of Bengaluru,” she says. “With these inclusions, we’ve managed to bring the cost of our box of chocolates down from Rs 1,500 to Rs 1,100,” she adds.
M L Amarnath, co-founder and partner with Mahadevapura-based Chocolate Junction, recently introduced a new range of herb centre-filled chocolates. “We plan to actively promote these chocolates in the coming months,” he adds.
Balancing act
A few shops, while marginally raising their costs, have chosen to reduce their profit margins to prevent customers from having to pay exorbitant prices. Thripti Hinduja, chef and co-founder of Happy Belly Bakes, Benson Town, says that by “reducing our profit percentage, we didn’t have to compromise on the quality of our desserts”.
Instead of cutting products at Zoroy, Singhania has scaled back seasonal and limited-edition items and is focusing on promoting carefully curated gifting collections.