Barry Callebaut, the world's largest chocolate maker, cut its profit forecast sharply citing three pressures: cocoa prices down 42% this year, too much industry supply chasing shrinking demand, and supply disruption tied to the Strait of Hormuz closure caused by the US-Israel war with Iran. The stock dropped 17% intraday (closed down 15.8%) on the warning. Lower cocoa prices are normally good for chocolate makers' margins, but the speed and scale of the collapse—combined with competitors flooding the market—means the company can't pass savings to customers and is losing volume instead.