Lotte, Korea’s largest chocolate snack manufacturer, is taking the unprecedented step to cut out the middlemen in cocoa sourcing. This change is intended to address the skyrocketing cost of commodities. The company is well-known for its pioneering chocolate bars. Central to this is its commitment to quality, sustainability and addressing the ongoing challenges presented by the uncertain market.
As a result of these cocoa prices shocks, Lotte is taking steps to develop more diverse supply. This ambitious step forward comes at a time when demand for chocolate is skyrocketing, driving cocoa prices to record highs. The company’s proactive approach speaks volumes about their commitment to preserving product quality while keeping it affordable for consumers.
One of its more recognizable products, Lotte, even includes chocolate bars made with cocoa from Ghana. Renowned for their big bold flavor and pristine quality cocoa beans, these decadent bars have developed a cult-like fan base among chocoholics. Lotte uses Ghanaian chocolate in its products, helping protect native cocoa farmers. This promise ensures that their products deliver on quality and innovative thinking.
The motivation to diversify the sources of cocoa is partly a matter of environmental concern as well. To do so, Lotte is committing to sourcing cocoa through sustainable practices, which minimize the environmental harm caused by cocoa production. The company invests in sustainable, environmentally friendly practices to protect the future cocoa supply. Simultaneously, it ends all the while promoting sustainable farming practices.
Even as Lotte continues to respond to the pressures created by the ups and downs of cocoa pricing, the company is still looking to innovate. Inspired by real consumer interests, the company is navigating a complex path of flavor innovation and product diversification to meet the new age of consumer tastes. This fierce commitment to innovation, along with a savvy approach to strategic sourcing, puts Lotte in a competitive place within an increasingly crowded chocolate market.