Your Money Minute – “Where's The Real Chocolate?”

Host: Jessica Ettinger, CNBC
Air Date: January 1, 2026

Episode Overview

In this concise episode, Jessica Ettinger explores the changing landscape of chocolate products in light of soaring cocoa prices and volatile global supply. She explains how major chocolate makers are responding, what consumers can expect to see on store shelves, and tips for identifying “real” chocolate in your treats.

Key Discussion Points & Insights

Skyrocketing Cocoa Prices ([00:00]–[00:13])

• Question to Listeners: Jessica opens by asking, “Do you still have holiday chocolate in the house?” and hints that much of it “has very little actual chocolate in it.”
• Reason: Global cocoa prices have reached unprecedented highs, driving changes in the chocolate industry.

Industry Perspective: Mondelez CEO Dirk Vandeput ([00:13]–[00:24])

• Dirk Vandeput (Mondelez CEO) Quote:
  • “The cocoa prices have been unprecedented.”
    ([00:13])
• Mondelez Brands Mentioned: Cadbury, Milka, Toblerone, Oreos.

Price Impact on Consumers and Industry ([00:24]–[00:30])

• Dirk Vandeput Quote:
  • “Chocolate around the world going up 30–50% over a two year period and that is quite substantial.”
    ([00:24])
• Key Statistic: Chocolate has increased 30–50% in price globally over two years.

Shift in Ingredients ([00:30]–[00:46])

• Reduced Cocoa Content: Many chocolate makers are “reducing cocoa content and even skipping cocoa in their products altogether.”
• Reason: Poor agricultural conditions in major cocoa-producing countries (like Ghana) have driven price volatility and supply shortages.

Cocoa Futures Volatility ([00:46]–[00:59])

• Cocoa futures “surged to all time highs” about a year ago, but later “tumbled more than 50% over the course of 2025 amid tentative signs of crop recovery.”
• Despite this dip, manufacturers are not reverting back to high cocoa content, opting for ingredient changes to maintain profits and affordability.

The Rise of “Fake” Chocolate ([00:59]–[01:15])

• “A move away from true cocoa is gaining traction, especially among international confectioners,” Jessica says, predicting “it could become the norm to see fake chocolate used in more budget friendly products.”
• Consumers are warned to check labels for “chocolate flavored” instead of real “chocolate.”

Consumer Tip ([01:15]–[01:23])

• Advice:
  • “You should look for the label ‘chocolate flavored’ on items that used to be real chocolate.”
  • Direct reference to cnbc.com for further information.

Notable Quotes & Memorable Moments

• Jessica Ettinger ([00:00]):
  “Do you still have holiday chocolate in the house? Well, there’s a good chance that some, if not all of it has very little actual chocolate in it.”

• Dirk Vandeput, Mondelez CEO ([00:13]):
  “The cocoa prices have been unprecedented.”

• Dirk Vandeput ([00:24]): “Chocolate around the world going up 30–50% over a two year period and that is quite substantial.”

• Jessica Ettinger ([00:59]): “A move away from true cocoa is gaining traction, especially among international confectioners.”

• Jessica Ettinger ([01:15]): “You should look for the label ‘chocolate flavored’ on items that used to be real chocolate.”

Key Timestamps

• 00:00–00:13: Introduction—less real chocolate in sweets
• 00:13–00:24: Dir. Vandeput on unprecedented cocoa prices
• 00:24–00:30: Chocolate prices up 30–50% globally
• 00:30–00:46: Makers reducing or skipping cocoa due to shortage
• 00:46–00:59: Cocoa futures volatility and crop recovery
• 00:59–01:15: Ingredient changes and “fake” chocolate becoming normal
• 01:15–01:23: Consumer tip—look for “chocolate flavored” labels

Summary Takeaway

Soaring cocoa prices, damaged crop yields, and market volatility have driven many chocolate producers to cut back on real cocoa, replacing it with cheaper alternatives. This shift is affecting even major global brands and could make so-called fake chocolate the standard in affordable confections. When shopping, consumers are advised to check labels for “chocolate flavored” to spot products that may no longer contain real chocolate.

For more information, listeners are encouraged to visit cnbc.com.