Chocolate consumption in the United States and Europe is falling due to the economic crisis. Luxuries like chocolate just aren’t as easily justified now that more consumers are struggling to make ends meet.
This had had a corollary effect on the world’s cocoa prices, which have fallen by about 10% from record highs in 2007.
Swiss chocolate maker Callebaut CEO Richard De Maeseneire came to the defense of the good stuff: He said the chocolate business was a “defensive industry” because even in times of recession, people will always tempted by the relative affordability of chocolate.
That, he said, coupled with continuing strong demand from Asia promises to help keep growth on track however.
I say bring it on. You won’t hear me complaining about a glut of cheap chocolate on the market.