Rising cocoa prices have driven the cost of Maltesers candy to surpass that of premium steak on a per-gram basis, industry data shows. This unusual shift results from a significant global shortage of cocoa, triggered by adverse weather conditions and disease outbreaks affecting key production regions.

According to recent market figures, a 126-gram bag of white Maltesers at Sainsbury’s is priced at £4, equating to approximately £31.75 per kilogram. This is marginally higher than the price of matured sirloin steak, which stands at about £31.33 per kilogram. Meanwhile, a 93-gram pack of milk chocolate Maltesers at Asda climbed from £1.61 in October to £1.88 just days later, illustrating the rapid increase in retail costs.

The surge in cocoa prices has been driven by shrinking global output, particularly in West Africa, where extreme weather and the cacao swollen shoot virus have significantly reduced yields. The Ivory Coast, the world’s largest cocoa producer, has been among the hardest hit. Overall, global cocoa production has declined by around 14 percent.

Wholesale cocoa prices, which usually range between £2,000 and £4,000 per metric ton, soared to nearly £10,000 last year. While prices have since moderated to about £4,500 per ton, they remain elevated compared to historical averages. The cost of cocoa butter—the fat extracted from cocoa beans used primarily in white chocolate production—increased even more rapidly due to its lower yield compared to cocoa solids.

The price pressures have affected manufacturers across the industry. Some artisanal chocolate producers, such as Russell & Atwell in Birmingham, have reduced packaging to keep products affordable amid the rising raw material costs. Major companies have also adapted their formulations. Nestlé has reportedly reduced the cocoa content in Kit-Kat bars, while McVitie’s reclassified its Penguin and Club products as “chocolate flavour biscuits” after replacing some cocoa ingredients with palm and shea oils.

These adjustments reflect broader challenges facing the confectionery sector as it grapples with volatile raw material markets, forcing brands to balance maintaining product quality with managing cost increases.