Three of the biggest names in the chocolate industry reported in the past fortnight, and they do not describe the same market.
Lindt & Sprüngli cut its full-year 2026 organic sales guidance from a range of 4% to 6% down to 0% to 2%. First-half organic growth of 4.3% came entirely from pricing, up 11.8%, while volume and mix fell 7.5%. Premium brands held North America up 12.7%, but in Germany, Switzerland and Austria price sensitivity and a hot summer left retailers cutting seasonal orders. Chief executive Adalbert Lechner has left after four years, with vice-chairman Dieter Weisskopf back as interim. The company raised prices by as much as 20% in 2025 and has since pledged to lower them. Its stock is down about 28% this year.
Mondelez grew organic revenue 2.2%, and chocolate was the one category where that growth came purely from price, with volumes flat to negative.
Nestlé went the other way. Real internal growth over nine months rebounded to 2.8% while pricing slowed to 1.1%, and its Food and Snacks arm grew 5% on a 5.4% volume increase, helped by retailers phasing Christmas orders unusually early. Its room to raise European prices further is close to none, at 0.2%.
Read together, pricing has run out of road in mature European markets, while volume is still there for manufacturers who moderate price and lean on seasonal execution and emerging markets. Cocoa futures were down about 1% in both London and New York against 16 October.
Read the full global cocoa market analysis here.
