High Chocolate Prices Shake Up Valentine’s Lineup at Japan’s Department Stores

The Yomiuri Shimbun

2:00 JST, February 8, 2026

Department stores are increasingly expanding their Valentine’s Day product lineup to include baked goods and alternative “chocolates” that contain no cacao.

As Feb. 14 approaches, stores are stepping up their sales campaigns while trying to avoid significant price hikes amid a sharp rise in the price of cocoa beans.

Sogo & Seibu Co. has doubled its non-chocolate offerings, which include cookies, gummies and castella cakes. Non-chocolate products account for about 20% of all its Valentine’s products. As some chocolate products have risen in price by about 30% from last year, the company aims to maintain consumer spending by providing more non-chocolate, low-cost items.

The company is also offering Mokables (¥2,090 for 12 pieces), a new chocolate substitute that swaps cocoa beans for ground coffee beans and vegetable fat to recreate the appearance and melt-in-your-mouth feel of chocolate.

“We want to create more joy out of choosing from a variety of products,” a company official explained.

Takashimaya Co. is offering truffle and ganache products from four popular brands, including Toshi Yoroizuka, that use alternative chocolate.

These sweets are made with Anoza M, a new milk chocolate-flavored ingredient developed by Fuji Oil Co., a major oils and fats manufacturer. Because Anoza M is created from peas and other ingredients, the products are reasonably priced, ranging from ¥1,188 to ¥2,800, and some products are about ¥600 cheaper than those made from cocoa beans.

Matsuya’s flagship store in Ginza is working to attract customers by showing how high-end chocolates are made, and from Sunday it will offer a course meal in which a pastry chef will prepare chocolate desserts and other dishes in front of customers. The meal, which includes an alcoholic beverage, will set you back ¥18,700, but an official at the store said, “We’re catering to people who want to treat themselves to a Valentine’s Day gift.”

In 2024, cocoa beans soared in price on the international market, due in part to poor harvests by major producers such as Ghana. The average price per kilogram on the New York cocoa futures market reached $10.70 (about ¥1,670) in January 2025, more than four times the price in January 2023, according to the International Cocoa Organization. In January 2026, the price was back down to $4.97 (about ¥775), still about twice the price before the surge.

Major department stores are selling Valentine’s chocolates for an average of ¥436 per piece, 4.3% higher than last year and topping ¥400 for the second consecutive year, according to a survey by Teikoku Databank Ltd.