Mondelez: A tale of two hemispheres

And a warning: could cocoa prices volatility trigger a price war?

The 2025 fiscal year for Mondelēz International served as a study of the limits of pricing power in the consumer packaged goods sector. As the company released its fourth-quarter and full-year results in early February 2026, the data showed a complex intersection of resilient revenue, driven by firm inflationary pricing, and a pressured bottom line constrained by volatility in cocoa markets. The performance functioned as a barometer for the industry, highlighting the widening gap between emerging market growth and consumer exhaustion in developed Western economies.