The global cocoa market experienced a significant supply shock in 2023/24 due to crop failures in West Africa, leading to skyrocketing cocoa butter prices that peaked in mid-2025 before sharply declining as demand slowed. In response to these high prices, manufacturers increasingly turned to Cocoa Butter Equivalents (CBE), leading to a 11% growth in CBE demand in 2024 as companies reformulated recipes and even completely replaced cocoa butter in some snack categories
