The Bangsan Market in Jung-gu, Seoul, has been recognized as a "sacred place for handmade chocolates" among the MZ generation every year leading up to Valentine's Day, owing to its inexpensive materials for handmade chocolates, various chocolate molds, and packaging. However, this year, the situation has changed. The rise in prices for the raw materials is said to be the cause. A drought in West Africa, the main source of raw materials, has reduced yields, impacting the Bangsan Market even at a distance of 13,000 km.
On the 14th, the Bangsan Market was relatively quiet. A vendor in his 50s, who has been selling handmade chocolate materials for over 20 years, said, "This year is particularly tough," noting, "Sales during the Valentine's Day season must support a year of business, but customers aren't coming in as they used to, causing a lot of concern." Another vendor, Kim Ki-young (64), remarked, "There were relatively many customers last Valentine's Day," adding, "Now, it feels like customers ‘are completely absent’ due to the rising prices of chocolate."
The drop in customer traffic ahead of the busy Valentine's Day is said to be due to a significant rise in the prices of main ingredients for making handmade chocolates. The vendor stated, "Currently, couverture chocolate is priced at 17,000 won for 500g, which is double the price from a year ago," explaining, "With the money I could make two batches of handmade chocolates, I can now only make one, which has drastically decreased customer satisfaction." Couverture chocolate is a premium chocolate with a cocoa butter content of over 30%, produced by melting it in a water bath and pouring it into molds to create handmade chocolates.
Following a Valentine's Day handmade chocolate-making video that garnered 580,000 views on YouTube, filling a shopping basket with materials totaled 87,000 won. A year ago, the same materials could have been purchased for 63,000 won. The overall cost has risen due to the main ingredients of chocolate, excluding sugar, butter, and packaging materials, which have remained stable in price.
Buying materials for two servings of almond chocolate cost 54,000 won, while ingredients for a sufficient amount of mendiant chocolate to fill two palm-sized boxes were priced at 33,000 won. A year ago, these could be purchased for 40,000 won and 23,000 won, respectively. Almond chocolate is made by coating roasted almonds with sugar and layering chocolate multiple times, while mendiant is prepared by placing nuts or dried fruits on top of a chocolate disc.
This situation can be viewed as the ‘butterfly effect’ of climate abnormalities in West Africa. Kakao, the main ingredient of chocolate, accounts for 60% of global production from the Ivory Coast and Ghana in West Africa. A severe drought in this region has drastically reduced yields. According to the International Cocoa Organization (ICCO), the cocoa production processed from Kakao in the Ivory Coast from September 2023 to September last year decreased by 22% compared to a year prior, while Ghana saw a 27% decline.
As a result, cocoa gift prices, which had maintained a level of around $2,000 per ton for several decades, surged more than 5 to 6 times last year, exceeding $10,000. The cocoa price increase over the past year was 172%, making it the largest increase among major raw materials. The escalation in international prices is soon reflected in domestic retail prices. There are projections that chocolate and cocoa prices will rise again next month.
Couples visiting the Bangsan Market to buy handmade chocolate materials ahead of Valentine's Day are also expressing disappointment. Choi (27) stated, "I planned to make handmade chocolates with friends to give to my boyfriend, but after shopping, I went over the budget of 100,000 won," adding, "I also intended to share chocolates with acquaintances, but I lack materials." Kim (23), who is living alone in Sinchon, Seoul, noted, "Considering the cost of materials, I can't bring myself to make handmade chocolates," suggesting, "It's better to spend that money on dining out with my boyfriend, so I've decided against chocolate gifts."