“UNPRECEDENTED” INCREASE IN COCOA PRICES
Singapore-based artisan chocolatier Anjalichocolat is one retailer that has switched its business model amid such market challenges. It has a physical store in Tanglin Mall and sells its sweet treats online as well.
Founder Anjali Gupta told CNA that her company’s small size means it does not buy large enough quantities of sustainable chocolate, which is already priced higher than regular chocolate, to get a bulk discount.
“The recent increase in cocoa prices has been unprecedented and it’s definitely given us a curveball,” she said.
“If we were to break even, then we would have to increase our prices by about 30 per cent and we don’t think our customers can accept that kind of price increase. We will increase our prices slightly and then we would have to manage the other parts of our business.”
The firm has held chocolate-making workshops since 2015, which Ms Anjali said have been “very popular” as corporate team-building events. It recently invested in a new workshop studio in Dempsey in January 2023.
Another boutique chocolatier, Embrace Chocolate, is paying double the price for raw cocoa beans now compared with the start of the year.
The vegan bean-to-bar shop in Joo Chiat, which produces only about 600 chocolate bars every month, is set to pay even more amid the increasing cocoa prices. Founder Namita Gupta said her shop may have to pass on the cost to consumers by S$0.50 to S$1.
