“And that means for the chocolate I make, the price has to go up because 70 per cent of my chocolate bar is cacao,” he said.

Philippe Smets runs a chocolate business in Sydney. Source: SBS / Spencer Austad

Cacao prices ‘remain very high’

Earlier last year, the cacao bean price was around $7,200 per tonne, according to industry data.  

Rabobank analyst Pia Piggott says the cacao bean price hikes follow three consecutive supply deficits Source: Supplied / Scott Stramyk/Rabobank

What’s been pushing up cacao prices — and how much more will chocolate cost?

“Others are adding ingredients into their chocolate, so making them more sugary or using other ingredients that cost less than cocoa,” she said.

Ethical sourcing amid modern slavery concerns

“Over several days I worked with them through the whole process of harvesting, fermenting and then drying the beans in the sun,” he said.

Philippe Smets on a recent visit to a cacao farm in Thailand. Source: Supplied / Philippe Smets

Discovering a love of chocolate after a shock diagnosis

“At the age of 39, I was starting a new project for a global company when I came down with a fever. At first, I thought it was the flu,” Smets said.

“So, a very serious course of chemotherapy was needed to get rid of it,” he said.

Owner of The Deli Erskineville, Nick Vanos (left), outside his store. Source: SBS / Spencer Austad

 While undergoing treatment, Smets made another discovery that would later change the course of his life.

“Going back to a crazy life working in corporate didn’t align with my values. That had become clear,” he said.

This story was produced in collaboration with SBS Dutch.