Crop failures in Africa caused cocoa futures prices to almost triple last year, to a record high of nearly $13,000 per ton. This year, the opposite has happened, with prices halving.
But products with cocoa or chocolate in them have not followed suit at all.
The industry states that producers are still using cocoa beans that were purchased when they were most expensive.
Prices are only expected to fall in the second half of next year.
"The prices the chocolate industry is currently working with are very high and painful. It will take us a while to work through that," Jonathan Parkman, head of agricultural sales at commodities brokerage Marex Group in London, told Bloomberg.
