
Pexels / ChoViva Official Instagram
Cocoa is the key ingredient that many corporations use to make chocolate, yet Korean investors are increasingly shifting their focus to alternative chocolate companies. These firms, known for using cocoa substitutes and eco-conscious practices, are reshaping the confectionary landscape.
But what is driving this sudden surge of interest in these unconventional players? Could it be the changing tastes of consumers, the growing demand for sustainability, or a strategic move to capitalize on a booming global market? Let’s uncover the factors fueling this fascinating trend.
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Chocolate Prices Soar in South Korea
Since the second quarter of 2024, prices of chocolate-based products in South Korea have consistently increased. Ghana Mild chocolate bar climbed to 1,400 won from 1,200 won, and Pepero Chocolate jumped to 1,800 won from 1,700 won. ABC chocolate grew from 6,000 won to 6,600 won, while Goo Goo Cluster increased from 5,000 won to 5,500 won.
Moreover, major confectionary company Orion raised the prices of 14 products by 10.6 percent on average in December 2024. Choco Songyi (Choco Boy) and Bichobi, two of its iconic items, experienced a price increase of as much as 20 percent.
Orion also stated it would suspend the production of its To You chocolate bar temporarily instead of implementing a necessary price increase exceeding 30 percent. However, the agency decided not to change the price of its flagship Choco Pie.
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