A new report reveals that U.S. consumers will likely face elevated chocolate prices this coming Halloween.
The findings were published Thursday by Wells Fargo’s Agri-Food Institute.
Americans to face high chocolate prices ahead of Halloween
What they’re saying:
“Expect continued high prices for chocolate treats this Halloween as the price of cocoa has more than doubled since the beginning of 2024 with peak prices hitting consumers in late 2024,” the report said.
With cocoa prices remaining at or near record highs, the report said industries that rely on this commodity are having to raise prices to remain profitable.
Why is cocoa more expensive?
Big picture view:
According to the report, the reason for the cocoa surge is supply driven due to changing weather patterns across key cocoa producing regions of West Africa, which produce approximately 70% of the total global cocoa supply, and continue to have a negative impact on cocoa production.
Cocoa yields were severely impacted by heavy rains in late 2023, which led to an increased incidence of black pod disease and crop rot, followed by El Nino-induced droughts in 2024 which increased the prevalence of Cocoa Swollen Shoot Virus Disease (CSSVD).
Halloween candy is pictured during a Halloween party. (Credit: Natalie Kolb/MediaNews Group/Reading Eagle via Getty Images)
The International Cocoa Organization reported that global cocoa production in 2023/2024 fell by 12.9% year-over-year, resulting in a production deficit for the third year in a row, resulting in an increase in the global cocoa supply deficit – the highest in over 60 years.
Cocoa production from the Ivory Coast (the world’s largest producer) was 25.3% less than 2022/23, while Ghana’s production was down 31.3% year-over-year.
Tariffs add to cost factor
Dig deeper:
Recently imposed tariffs on major suppliers of cocoa and cocoa products to the U.S. are an added cost factor.
Hershey, the makers of many of the most popular chocolate candies, including Reese’s and Kit Kat, pledged not to raise prices on their Halloween packaged treats.
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However, in some cases, pack sizes will get smaller; in others, list prices on its other Hershey products rise.
Swiss chocolatier Lindt said it already raised prices by 15.8% in the first half of this year. The company said it was able to offset some of the higher cost of cocoa with long-term contracts but had to pass much of it on to consumers.
Will cocoa prices drop soon?
Dig deeper:
While cocoa prices have eased from the late 2024 record highs, the impact of higher costs is now hitting manufacturers, resulting in significant increases in current ingredient costs, the report explained.
In addition, other production costs such as energy and packaging costs have also increased. As a result, prices across most manufacturers’ product lines have been increased.
To try and limit price increases, manufacturers are reducing the amount of special seasonal products produced as well as shrinking portion sizes, dubbed “shrinkflation.”
Looking to 2026, while cocoa prices have declined, it is likely that cocoa prices will remain high at least through the next crop year ending September 2026 given the current record cocoa supply deficit.
Per recent preliminary crop assessments conducted by pod counters employed by cocoa exporters, the production forecast for the 2025/26 crop year, which begins in October, will have a 10% decline in cocoa output for the four West African producers.
What you can do:
To save money, experts suggest shopping for sweet treats that contain less cocoa. This could mean opting for non-cocoa items or grabbing a treat with filler that is not 100% cocoa, which could make it cheaper.
Experts also recommend considering generic alternatives this year. Shoppers can sometimes save between 50-70% on off-label purchases.
Bottom line: This year’s suggestion may be less chocolate, more Twizzlers.
The Source: The information for this story was provided by an October 2025 report by Wells Fargo Agri-Food Institute. The Associated Press contributed. This story was reported from Los Angeles.
