1977 cocoa crisis
Poor harvests in West Africa and heavy speculation sent cocoa prices to then-records, roughly quadrupling within a year. Chocolate makers passed costs to consumers, and smaller confectioners lost ground to larger firms with better supply access.
Retail chocolate prices rose sharply and demand dipped.
The industry consolidated around large buyers who could secure supply.
The 2024-25 cacao spike is the closest modern parallel to this input-cost shock, and it is squeezing the same kind of small makers.
