Barry Callebaut has launched a strategic reset aimed at restoring volume growth after a sharp collapse in cocoa prices disrupted earnings and exposed operational constraints, the Swiss chocolate maker said alongside its FY2025-26 half-year results.
New CEO Hein Schumacher, appointed after leading Unilever, said his first 100 days revealed capacity bottlenecks, an incomplete digital transformation, and an overly complex operating model. In response, the company has introduced a 'Focus for Growth' programme and a 'growth accelerator coalition' to streamline execution and prioritise high-impact initiatives.
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“We need to restore fundamentals, step up service levels and empower our regional businesses,” Schumacher said, adding that the company is prioritising volume recovery as market conditions shift.
Cocoa price collapse reshapes strategy
A rapid rise in cocoa prices is forcing a recalibration across the chocolate industry. Cocoa bean prices fell as much as 53% in eight weeks to around $2,057 per tonne in February, according to company disclosures, reversing a historic rally in 2024.
The broader market has been volatile. As The Wall Street Journal reported, cocoa futures surged to record highs last year amid supply shortages before sharply retreating, prompting manufacturers to raise prices and consumers to cut back. The subsequent correction is now expected to support a recovery in demand.
Barry Callebaut – supplier to major food groups including Mondelez International, Nestlé, and products linked to Magnum – said it is shifting focus from margins to volumes to capture that recovery.