Hershey set to raise chocolate prices by double-digits amid unprecedented cocoa costs

The Hershey Company has moved to confirm that is set to increase the prices of its chocolate ranges by low double-digits this autumn, in response to what it has termed ‘unprecedented cocoa costs,’ reports Neill Barston.

Notably, the maker of flagship US brands including Reese’s, KitKat and its own core chocolate bars confirmed the move this week, amid other price rises in recent months reported by the likes of Nestle, Lindt and major B2B supplier Barry Callebaut.

The price-hike move comes as Hershey is reported to have approached the White House for exemptions on cocoa tariffs being brought in by the US, which it asserted would cost the business up to $200 million in additional costs to its operations – though the company has reportedly stated that its own proposed increases are unrelated to this.

Confectionery Production understands that the company’s much-anticipated Halloween confectionery is not set to be affected by the price rises, but its core ranges will be priced higher from this autumn.  

As Confectionery Production has previously reported, commodities prices on Futures markets at the turn of 2025 saw cocoa values topping $12,000 a tonne on New York and London Markets, before dipping below $10,000, but have remained comparatively high since that point amid continued global market volatility.

Cocoa challenges
This has been caused by a number of combining factors including adverse weather conditions affecting crops, as well as significant instances of key cocoa diseases including swollen shoot virus majorly impacting yields, as well as the impact of an ageing agricultural workforce that has continued to exist with below poverty wages of on under a dollar a day in many instances within Ivory Coast and neighbouring Ghana.

While farm gate prices paid to agricultural workers have improved over the past year within Ghana and Ivory Coast, they remain significantly lower than the rates obtained in commodities markets, as well as some neighbouring African countries – which has further fuelled cocoa smuggling in the region.

In a statement on the issue, Hershey noted it remained committed to producing quality confectionery ranges. It stated: “This change is not related to tariffs or trade policies. It reflects the reality of rising ingredients costs including the unprecedented cost of cocoa.”