Cocoa prices erased early gains as forecasts for drier Ivory Coast weather eased harvest disruptions. However, El Niño formation and poor crop development for the 2026/27 season offer support, limiting the decline.
White chocolate is made mainly from cocoa butter, sugar and milk powder, so its costs follow all three inputs. Cocoa prices had fallen sharply earlier in the year but rose again during Q3, after a brief July dip as exchange stocks climbed and Ivory Coast arrivals increased. Concerns then grew over the next West African crop, as ageing trees, crop disease, El Niño and higher fertilizer costs pointed to lower output. Sugar costs rose strongly in August as hot, dry weather cut European beet yields and El Niño affected Asian crops, while milk powder prices climbed on tighter European milk supply before easing slightly in September. Demand varied by region. In Asia, cocoa grindings rose 25% in the second quarter, led by Malaysia, as lower prices encouraged buying. In Europe, grindings fell 4.6% and consumer demand stayed weak, prompting Lindt to cut prices and reduce pack sizes in price-sensitive markets. North American volumes fell after sharp price increases by manufacturers.
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According to Procurement Resource, in the coming months, white chocolate costs are expected to stay elevated as cocoa supply risks and firmer sugar weigh on producers, while soft European demand may keep retail price increases limited.
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White Chocolate markets moved toward softer cost conditions during Q2’26 as cocoa, a key input influencing chocolate manufacturing costs, remained well below the previous year despite recovering from its March low through April and May. The lower cost environment reduced pressure on industrial chocolate processors, with manufacturers beginning to pass some of the savings through to buyers. Sugar markets also remained relatively low and stable, providing limited additional cost pressure. Lower cocoa costs improved the economics of formulations using cocoa ingredients compared with alternatives based on vegetable fats, encouraging processors to shift back toward conventional chocolate recipes. This supported industrial chocolate demand as manufacturers responded to changing formulation economics. However, retail chocolate prices remained elevated despite the decline in wholesale input costs, as manufacturers continued to reflect earlier procurement costs, hedging positions, and pricing decisions in consumer markets. The gap between industrial input costs and retail pricing therefore remained significant during the quarter.
White chocolate is basically a chocolate confection prepared from milk solids, cocoa butter, and sugar. White chocolates do not contain cocoa solids, that are often present in other types of chocolate. It has a pale ivory colour. The melting point of cocoa butter, which is the only cocoa bean component present in white chocolates is high enough to prevent them from melting at room temperature, as with milk chocolates and dark chocolates.
Truffles, Bars, Brownies, Cookies and Pastries, Scones
The Hershey Company, Nestlé S.A, Ferrero U.S.A., Inc, Barry Callebaut AG, Mondelez International, Blommer Chocolate Company, Choco Tonic
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In order to produce White Chocolate, cocoa liquor is first devoid of cocoa solids that are the non-fat component of cocoa and the major constituent of conventional chocolate liquor. As a result, the cocoa butter is the only cocoa ingredient left in white chocolate. Then, cocoa butter, sugar, and milk powder are mixed, and this mixture is finally conched in a conching press. The obtained product is caramelised and may include additional flavourings, like vanilla, thus producing White Chocolate.
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This report shows the cost structure of chocolate coated almonds production from the panning process. In this process, a large drum is used, which is set at a set rotation to avoid the spilling of inner material.
This report provides the cost structure of chocolate liquor production from the milling process. Cocoa pods(fruits) are picked from the cocoa trees.
This report provides the cost structure of white chocolate production from cocoa butter. Cocoa butter is separated from the whole cocoa mass to make a press cake of cocoa beans.
This report provides the cost structure of dark chocolate production from conching and tempering processes. The cocoa beans are fermented to bring out the full flavour potential of the cocoa beans.
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