• Chicago Tribune, Monday, April 6, 2009 11 AM

Chocolatiers and chocoholics contend chocolate is entering into the same realm as fine wines and cheeses -- indulgences connoisseurs treasure for their subtleties, Joshua Boak reports. The recent success of dark chocolate is a case on point. Sales jumped 35% to $829 million between February 2007 and February 2008, while all other chocolate sales inched up 1.5%, according to Nielsen Co. But that may change due to simple economics.

Dark chocolate contains a higher concentration of cocoa and the increased demand for it has sent cocoa bean prices surging by 46% percent since October to $2,787 a ton. "You have a combination of recession plus high prices," points out commodities analyst Judith Ganes-Chase. "I just don't see how consumption can't drop sharply."

Futhermore, the International Cocoa Organization estimates that the world cocoa harvest will be short of demand, meaning that chocolate could become more expensive despite the bad economy. And European chocolate is typically purchased in euros, which means differences in the exchange rate can bite into the margins of gourmet chocolate stores.

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