As Easter approached, chocolatier Julianna Tan, owner of Those Girls at the Market in Saskatoon, found herself struggling to keep up with the high demand for chocolate. Despite selling out of pre-orders, Tan has concerns about rising cocoa prices. A report from CoBank indicated that cocoa prices were nearly 65% higher than the previous year, with New York futures prices at a 46-year high. Factors such as plant disease in Africa and heavy rains disrupting the supply chain have contributed to this surge in prices.
Hershey’s chief financial officer Steven Voskuil mentioned that the confection business will bear the brunt of the margin impact due to rising cocoa prices. Tan, like many other business owners, is no stranger to the challenges that come with running a business. She expressed nervousness about the impact of rising prices on her chocolate business. Tan believes that there will always be obstacles to overcome in business, whether it be the economy, rising prices, or the pandemic. She sees this as just another challenge that she will have to face as a business owner.
Although the price spike has not yet affected Tan’s business, she is bracing for a significant jump in raw ingredient prices. Tan acknowledges that they will have to pivot their strategy moving forward to navigate the impact of rising prices. Despite the challenges, Tan sees this as an opportunity to think outside the box and get creative with her chocolate offerings. She has already started experimenting with using frozen dried fruits in her confectioneries, exploring new ways to incorporate unique ingredients into her products.
As the looming spike in prices presents a challenge for Tan and other local chocolate shops, finding creative solutions seems to be the best course of action for success. Tan remains optimistic and determined to navigate the challenges ahead, focusing on staying innovative and adaptable in her approach to the business. With a positive mindset and a willingness to explore new ideas, Tan is poised to overcome the obstacles presented by rising cocoa prices and continue to thrive in the chocolate industry.
