14 Dec 2023 15:22

Chocolate production in Russia growing, prices affected by cost of feedstock and FX rate - AgMin

MOSCOW. Dec 14 (Interfax) - Russia's confectionery industry produced up to 243,300 tonnes of chocolate (in packaged form) in 10M of this year, 7.4% more than a year ago. Production of chocolate in unpackaged form, as well as products containing cocoa, were up by 10.8% to 215,500 tonnes, the Agriculture Ministry said.

However, the price of these products is primarily affected by the cost of feedstock that is not produced in Russia, the ministry said. "Price trends are associated with the change in the ruble exchange rate, as well as with fears of a reduction in the harvest in Cote d'Ivoire and Ghana, the primary producers of cocoa beans," the report said.

RBC, citing market participants, reported that chocolate products in Russia in 2024 may rise in price by 15-20% due to growth of world prices for cocoa beans, the weakening of the ruble, as well as the rise in the cost of logistics and packaging. In particular, since the beginning of 2023, logistics have risen in price by at least 35%, feedstock - on average by 30-50%, packaging and containers - by 50%.