From 2023 onwards, if consumers think that their favourite chocolate treat has shrunk and become more costly, they may not be wrong. The International Cacao Organisation (ICCO) noted in its August 2023 report the possibility of “chocolate shrinkflation”.
Shrinkflation is the phenomenon in which a product becomes more expensive, but its quantity decreases. “Profit margins of chocolate manufacturers are likely to be at risk because of high cocoa prices, including other ingredients such as sugar,” posits the ICCO report. “Retailers and consumers should not be taken by surprise if chocolate bars reduce in size or increase in price.”
