Amul in India is considering raising prices for its chocolate range by 10% to 20%.
New Delhi: Cocoa is the main ingredient in chocolates and other beloved treats like ice cream and cakes, However, it has experienced a notable increase in prices lately. This surge in cocoa prices is now causing widespread impacts across the chocolate industry, affecting various players in the market.
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The rising prices of cocoa are starting to take a toll on the profits of big players in the industry. In addition to traditional chocolate manufacturers such as Amul, popular brands like Baskin Robbins and Havmor are also encountering difficulties due to the higher prices of cocoa, as per TOI report.
Amul in India is considering raising prices for its chocolate range by 10% to 20%. According to a report from Times of India by Jayen Mehta, Managing Director at Gujarat Cooperative Milk Marketing Federation (GCMMF).
The cost of one kilogram of cocoa beans has increased significantly in India, rising from Rs 150-250 to Rs 800. This surge in price is creating pressure on chocolate manufacturers, stated Mehta. He also mentioned that the price hike will take effect in about two months. Nevertheless, Amul is keeping the prices steady for its ice creams and beverages for now.
Baskin Robbins, a popular American ice cream brand, is also considering holding its prices. Mohit Khattar, CEO at Graviss Foods, mentioned that the prices of numerous cocoa-based ingredients have surged by 70-80% compared to previous levels.
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Havmor Ice Cream, which slightly increased prices earlier this year to match inflation, aims to keep its current pricing unchanged, according to its Managing Director, Komal Anand.
