ZURICH — Customer-retailer pricing negotiations, delayed orders and stock-keeping unit (SKU) rationalization impacted Barry Callebaut negatively in the first quarter ended Nov. 30, 2024, leading to a 2.7% decline in sales volume to 566,238 tonnes from 580,876 tonnes in the previous year’s first quarter. Sales revenue increased 63% in constant currency to 3.45 billion Swiss francs ($3.80 billion) from 2.24 billion Swiss francs, driven by a rise of over 70% in cocoa bean prices.
The price of cocoa beans on the London stock exchange stood at ₤4,355 ($5,364) per tonne at the start of the first quarter and closed the quarter at ₤7,708 ($9,494) per tonne, according to Zurich-based Barry Callebaut. On average, cocoa bean prices increased by 72% when compared to the previous year’s first quarter. A “highly challenging and volatile” cocoa market affected short-term customer and consumer demand, according to Barry Callebaut.
The quarter included a Swiss bonds market launch of 300 million Swiss francs ($331 million).
“Over the past few months, we secured additional liquidity through the recent bond issuances,” said Peter Feld, chief executive officer, when first-quarter results were given Jan. 22. “As the market leader, we are pursuing strategic actions to adapt to the higher industry capital base and play a crucial role in sourcing sustainable beans for our customers.”

In Barry Callebaut’s Global Chocolate unit, volume decreased 3.4%. Barry Callebaut said its customers have been delaying orders because of rising cocoa bean prices. Within the unit, Gourmet volume decreased 1.5%. Sales volume in the Global Cocoa unit increased 0.3%. Demand for cocoa powder remained robust, but a supply-constrained environment affected cocoa liquor.