LCF REVIEW
LCF REVIEW
COCOA MARKETS A WAKE-UP CALL AT THE
VOLATILE LONDON CHOCOLATE FORUM Bringing together voices from across the cocoa and chocolate value chain, the
panel at the London Chocolate Forum 2025 explored the collision of market forces, regulatory pressure, and sustainability goals — and what these shifts mean for farmers, manufacturers, and the very future of chocolate itself.
2025 A
t this year’s London Chocolate Forum, a full audience gathered for one of the most closely watched sessions: a
panel on “Cocoa Prices and Market Volatility.” Moderator Simon Wright guided a frank and insightful discussion with Chris Vincent (World Cocoa Foundation), Sophie Jewett (York Cocoa Works), and Spencer Hyman (Cocoa Runners). With cocoa prices having surged to record
14 • KENNEDY’S CONFECTION • OCTOBER 2025
highs and then dipped unpredictably, the conversation probed what’s really driving the swings — and whether the industry is equipped to adapt. Wright began by asking how each panellist
had experienced the past year of cocoa pricing. Sophie Jewett set the tone. Her cocoa butter
costs, she explained, had climbed from around £7 per kilo to £17, and then spiked again to
£40. “It’s been a challenging time frame to negotiate,” she said. “Farmers who once agreed to £6 a kilo decided to hold onto their cocoa because they might get another dollar next week — who can blame them?” She argued that the volatility is a symptom
of an outdated system. “I don’t think this is solved by a commodity model,” she added. “We need to listen when farmers tell us what
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