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Story summary
- Cocoa prices surged 30% in the year to October, triggering changes in the chocolate industry.
- Mondelez International adjusted its ingredient mixes in response to the price volatility.
- Some manufacturers are replacing cocoa with alternatives such as carob and pumpkin seeds to reduce costs.
- Experts attribute the trend to poor agricultural conditions in major cocoa-producing countries and rising demand for chocolate alternatives, particularly in China and India.
