Hershey's: West Africa Cocoa Supply Dynamics

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I wouldn't say I'm an expert, but I've done a fair amount of reading on cocoa and the companies, and I've listened to some earnings calls from major brands and suppliers in the space.

Regarding consumption, chocolate companies are using pipeline stocks, but eventually, they will have to start putting high-priced beans equivalent products onto the market. Slowly, we will see this reflected in prices. Companies are aggressively reformulating their recipes. We have been involved in this process. Many have reduced pack sizes, as seen in the news, with 100-gram packs becoming 80 or 75 grams, without changing recipes, just adjusting pack sizes.

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I wouldn't say I'm an expert, but I've done a fair amount of reading on cocoa and the companies, and I've listened to some earnings calls from major brands and suppliers in the space.

You will soon see reformulated products on the market. This is an internal process they will undertake without altering flavor and taste profiles. A lot of research is ongoing. Something that is not quite a compound or chocolate, but something in between, is under R&D and will likely enter the market.

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I wouldn't say I'm an expert, but I've done a fair amount of reading on cocoa and the companies, and I've listened to some earnings calls from major brands and suppliers in the space.

Overall, all brands are reducing cocoa content in their products. This is the current situation, and going forward, maybe in March or April, after Easter, you will see some price increases on the shelves.

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