Freia head addresses 161 percent surge in cocoa prices

Cocoa prices surged by 161 percent between 2023 and 2024, leading to significantly higher costs for chocolate products. Rune Pedersen, Managing Director of Mondelez Norway and head of Freia, noted that cocoa is no longer a stable commodity, contrasting with the period between 2010 and 2022 when prices remained nearly unchanged.

While daily spot price fluctuations have less impact on Mondelez due to their use of long-term contracts, the industry's cocoa coverage has improved from seven months in 2024 to ten months currently. Pedersen emphasized that the company cannot compromise on quality despite the rising costs.