(Bloomberg) — The price of a box of Godiva chocolates will rise due to surging cocoa costs.

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Godiva’s parent, London-based Pladis Foods, is still finalizing pricing plans but expects percentage increases globally to average in the “high single digits,” said Chief Executive Officer Salman Amin in an interview Tuesday.

Amin expects some occasional customers will likely stop purchasing and units will decline. “We are planning for that,” he said.

An assorted box of 18 pieces of Godiva chocolates weighing 7.75 ounces currently retails for $36, according to the Godiva website. Ultimately pricing will be up to retailers, the company said.

Cocoa prices have more than doubled just this year, surpassing $10,000 a ton. The rally has been driven by a third year of shortages of cocoa beans from West Africa, the world’s top growing region, as climate change and crop disease ravage trees.

“We are in an era of volatility,” Amin said, listing wheat, palm oil, sugar and dairy — in addition to cocoa — as ingredients the company depends upon to make its products, all of which have seen instability in recent years.

The company’s portfolio includes candy brand Turtles, pretzel brand Flipz, cookie brand McVitie’s, and crackers brands Carr’s and Jacob’s, as well as premium chocolate brand Godiva.

Amin also pointed to ongoing “geopolitical disruptions” creating broader supply chain challenges and said the company is looking at ways to manage through them and hedge risks.

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While Pladis’ cocoa supply is “OK” this year, costs are “all over, at different price points,” because it was secured a year ago from different locations, Amin said.

“Even if you were to look at the median price we are buying at, it is significantly higher than what we would have been buying a year ago,” he added.

He does not expect prices to moderate much before the end of 2025, and could not predict further out than that. “It’s not a blip,” he said.

Pladis is looking to diversify its cocoa sourcing, but the nature of cocoa farming — small plots held by individual farmers — makes finding new sources of beans an ongoing challenge. Bringing in cocoa from new regions means different taste profiles, which can require new recipes for their products.

The approach is not limited to cocoa beans. The impact to the global wheat market from the Russian invasion of Ukraine has Pladis looking at alternative grains, as well. Amin listed lentils, rice and whole grains as areas of exploration.

“Broadly, I expect we’ll want to have more sources of supply than we have today,” he said.

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