Cheaper cocoa is making consumers crave Mondelez products again

After years of sky-high cocoa prices and steep price hikes, Mondelez is seeing volumes recover: the maker of Oreo, Côte d’Or, and Toblerone is growing again by selling more, rather than just raising prices. Still, CEO Dirk Van de Put remains cautious: American consumers, in particular, are keeping a tight grip on their wallets.

Consumers are buying more

For Mondelez, the cocoa crisis finally seems to be losing its sharpest edges. Thanks to falling raw material costs and rising sales, the snack giant exceeded analysts’ profit expectations in the third quarter. Adjusted earnings came in at 78 cents (70 euro cents) per share, compared with an expected 71 cents (64 euro cents).