Barry Callebaut Q1 Sales Volume Falls Despite Revenue Growth, Reuters Reports
Zurich, January 21, 2026. Global chocolate manufacturer Barry Callebaut AG reported a decline in sales volumes in the first quarter of its 2025/26 financial year, even as revenues increased, according to a Reuters report published on Wednesday.
Reuters reported that Barry Callebaut’s group sales volume fell by 9.9 percent in the first quarter, while global chocolate sales volume declined by 6.8 percent. Total sales volume for the quarter amounted to 509,401 tonnes.
Despite the contraction in volumes, the company recorded an 8.9 percent increase in sales revenue, measured in constant currency, with revenue reaching CHF 3.7 billion, according to Reuters.
The divergence between falling volumes and rising revenue reflects the impact of higher pricing, inflation pass-through, and product mix adjustments. Cocoa prices have remained historically elevated, forcing chocolate manufacturers to raise prices and renegotiate contracts, a dynamic that continues to weigh on demand.
Industry analysts note that higher prices have led to demand elasticity, particularly among cost-sensitive consumers and industrial buyers, contributing to lower sales volumes even as nominal revenues increase.
According to Reuters, Barry Callebaut confirmed its full-year 2025/26 outlook, signalling confidence in its ability to navigate the current operating environment. The company said its priorities for the financial year include preparing for a return to growth and further deleveraging its balance sheet.
Management acknowledged that the near-term environment remains challenging, with persistent cocoa supply constraints, elevated raw material costs, and pressure on customer purchasing behaviour.
Source: Reuters
