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ZURICH, Switzerland – Barry Callebaut, the world’s leading producer of premium chocolate, has seen a decline in sales volumes and has revised its guidance downward for the third time since the beginning of the year. In the first nine months of the 2024/25 financial year (September–May), the company sold 1.6 million tonnes of chocolate, a year-on-year decline of 6.3%.
This exceeded the 5.1% decrease expected by analysts on average. However, in the wake of rising cocoa prices, turnover increased sharply, with revenues reaching CHF 10.9 billion — a 50% increase. In local currency, the increase was even greater at 57%. This was mainly achieved thanks to a flexible pricing model, which enabled the company to pass on the sharp rise in raw material prices to its customers.
“Over the past 18 months our industry has faced unprecedented disruption and volatility,” Peter Feld, CEO of Barry Callebaut Group, said in a statement. Consistent with our commercial model, we have priced through the cocoa price increases to our customers. Meanwhile, customers are managing end-consumer price increases, causing short-term B2B disruption, further impacting our volume. The third quarter was impacted by our prioritization of volumes in the Global Cocoa business. We are working closely with our customers to develop more cost-effective solutions, leveraging the comprehensive strength of our full chocolate solutions portfolio. At the same time, our BC Next Level investment program is enhancing our agility and resilience to cocoa bean price volatility, with an emphasis on optimizing returns and reducing leverage.”
Barry Callebaut Group – 9-Month Key Sales Figures, Fiscal Year 2024/25
Global Chocolate saw a -5.1% volume decrease in an overall declining chocolate confectionery market according to Nielsen (-3.0%)2. The market saw its largest decline in a decade in the third quarter (-4.2%)3, with Global Chocolate volumes decreasing by -6.2%. Volume development for Food Manufacturers (-5.8%) remained impacted by market volatility and customer behavior changes. Volumes in Gourmet also decreased (-1.7%) but the channel was more resilient, with strong growth in AMEA and Latin America. In the third quarter, the Gourmet business saw -6.4% volume with quarterly volatility driven by the phasing of customer purchases.
Looking at regional performance within Global Chocolate, Latin America (+8.3%) was the strongest contributor to volume performance, supported by innovative customer solutions. Asia Pacific, Middle East and Africa (AMEA) saw positive growth (+0.5%) with negative growth in the third quarter (-2.2%), as strong growth in India, the Middle East and Indonesia was offset by negative growth in China and the South Pacific. Volumes declined in Central and Eastern Europe (-5.5%) driven by a challenging customer environment especially in Türkiye. North America reported a volume decrease of -5.8%. New customer wins were more than offset by the challenging demand environment, customer ramp up in Toluca, Mexico and additional tariff-related uncertainty, resulting in -12.3% volume in the third quarter. Volume development in Western Europe (-6.8%) was significantly impacted by customers adapting to higher and volatile cocoa bean prices, as well as by SKU rationalization.
Global Cocoa saw an -11.3% decrease in sales volume, with a -22.6% decline in the third quarter. The business saw a negative market demand impact from significant cocoa bean price increases, particularly in AMEA, CEE and Latin America. Volumes were also impacted by prioritization of volume towards higher return segments within Cocoa and to Global Chocolate in a supply constrained environment.
Overall, the Barry Callebaut Group reported sales volume of 1,602,458 tonnes, down -6.3%, for the first nine months of the fiscal year 2024/25 (ended on May 31, 2025). Sales volume decreased -9.5% in the third quarter, as the highly volatile market environment impacted customer behavior, with particular tariff-related uncertainty in North America, as well as the impact of prioritization in the Global Cocoa business.
Sales revenue amounted to CHF 10,946.7 million, an increase of +56.7% in local currencies (+49.5% in CHF). Growth was driven by the successful pass through of significantly higher cocoa prices, which Barry Callebaut manages through its cost-plus pricing model for the majority of its business.
Guidance
Due to unprecedented market conditions, the Group revises its FY 24/25 volume guidance and now expects a mid single-digit decrease in Global Chocolate and a double-digit decrease in Global Cocoa. This results in an overall around -7% volume decrease and a mid to high-single digit increase in EBIT recurring in local currencies in FY 24/25.
Price developments of key raw materials
During the first nine months of fiscal year 2024/25, terminal market4 prices for cocoa beans increased significantly, driven by a range of factors. Prices accelerated from a starting price of GBP 5,332 to a high of GBP 9,425, before closing the period at GBP 6,453 per tonne on May 31, 2025. On average, cocoa bean prices increased by +43% versus the prior-year period. The first months of the 2024/25 harvest saw good arrivals of beans in West Africa and non-West Africa origins, with adverse weather conditions in the later part of the period impacting the mid-crop.
Global sugar prices averaged -17% lower than the same period last year, driven by improving fundamentals across most exporting regions, including Brazil, the world’s largest producer. In Europe, sugar prices fell by an average of -33%, reflecting increased sugar beet acreage for the 2024/25 campaign, which concludes in September. This expansion resulted in a better-supplied market compared to the same period last year.
Dairy prices increased on average by +1% compared to the prior year. Global dairy inventories have remained balanced due to limited growth in milk supply and healthy export activity, excluding the tariff-related slowdown in U.S. trade. As a result, prices, while higher than a year ago, have remained generally stable at elevated levels.
2. Source: Nielsen volume growth excluding e-commerce – 26 countries, September 2024 – April/May 2025. Data subject to adjustment to match Barry Callebaut’s reporting period. Nielsen data only partially reflects the out-of-home and impulse consumption.
3. Source: Nielsen volume growth excluding e-commerce – 26 countries, February 2025 – April/May 2025. Data subject to adjustment to match Barry Callebaut’s reporting period. Nielsen data only partially reflects the out-of-home and impulse consumption.
4. Source: London terminal market prices for 2nd position, September 2024 to May 2025. Terminal market prices exclude Living Income Differential (LID) and country differentials.
