Cocoa prices declined over 9% this week, with London front-month futures falling to around 4,202 GBP/t. The market lacked a strong driving force, but demand-side updates contributed to the bearish momentum.

China’s Singles Day shopping holiday showed consumers exercised greater caution with discretionary spending. Despite the holiday being extended this year to boost sales, spending fell around 20% overall. Singles Day represents an important moment for chocolate buying, with emphasis on discretionary purchases and gifting.

Barry Callebaut‘s fiscal year results for September/August showed sales revenue rose 49% year-on-year due to cocoa-linked pricing. However, chocolate segment volumes declined 5.3% overall. Western European sales fell 6.6%, while the Asia-Middle East-Africa segment dipped 0.5%. The company attributed lower volumes to “customer behavior shifts” and “consumption softness.”

Gourmet sales, representing the higher end of the market, fell 2.1%, indicating the premium segment experienced less pressure from elevated prices.

Barry Callebaut forecasts further weakness in chocolate volumes in the coming year, approximately 5%.

Fuji Oil, a provider of plant-based food ingredients, reported profit increases in its Vegetable Oils and Fats segment for the six-month period to September 2025. The company noted steady sales of vegetable fats for chocolate applications, indicating growing use of cocoa butter alternatives.

Ivory Coast port arrivals measured 411,000 tons from October 1st to November 9th, lagging 9.7% year-on-year. This represents an improvement from previous weeks when arrivals lagged by over 30%. Ivorian cocoa farmers indicated weather conditions in growing regions have been supportive of harvest and storage activities.

Industry cover extended during the recent weak price environment to around seven months on average.

Cocoa product prices weakened over the past week. Cocoa mass declined 7.7% week-on-week and cocoa butter fell 7.3%, while powder prices remained mostly unchanged at around 7,700 EUR/mt.

This newsarticle is part of a more comprehensive cocoa market analysis. For the full analysis, visit: https://app.vespertool.com/market-analysis/2436