BLOOMER Chocolate, North America’s largest cocoa processor, has unveiled a new product aimed at providing confectioners with a cost-effective alternative to cocoa butter amidst soaring cocoa prices. The product, launched on Tuesday, is designed to help candy makers manage the increasing costs of cocoa products.
Cocoa prices surged by 60 percent in 2023 and have risen an additional 88 percent so far in 2024, driven by crop issues in the world’s two largest producers, Ghana and Cote d’Ivoire. This has caused cocoa products, including powder and butter used globally by chocolatiers and candy producers, to spike in price.
In response, Blommer has introduced a cocoa butter substitute made from alternative ingredients such as palm kernel and sunflower oils. The chocolate flavour is achieved through the addition of cocoa powder or cocoa liquor.
‘As the market value of cocoa butter continues to rise, it is exciting to have a product to offer our customers that provides an economically viable alternative without compromising on quality,’ said Scott Funk, Blommer’s vice president of sales and marketing, as reported by Reuters.
Analysts suggest that a reduction in demand for chocolate and cocoa products could eventually stabilise cocoa prices, noting that increased production from countries outside Africa would take at least two to three years.
Blommer’s new product, named Elevate, aims to deliver a taste comparable to that of cocoa butter. However, the company did not disclose specific pricing details in comparison to traditional cocoa butter.
With Elevate, Blommer hopes to provide confectioners with a sustainable solution to manage rising costs while maintaining the quality of their products.
