Secretive Chocolate Maker Battles a Bitter Market Squeeze

To chocolate lovers the world over, names like Hershey, Nestlé and Mars instantly signal a sweet indulgence. Yet behind the glossy wrappers, much of what’s inside branded candy traces back to a company many have never heard of.

From its discreet headquarters in Zurich, Barry Callebaut AG has grown into the world’s largest bulk chocolate maker, processing at least 20% of global cocoa. Multinationals and boutique dessert makers alike rely on its cocoa butter, powders and ganache. The Swiss company is the industry’s quiet power: one of Europe’s most dependable consumer suppliers and an indispensable middleman shaping what ends up ...