Rice-Fermented Win-Win Aims to Ease Chocolate Makers’ Exposure to Cocoa Volatility

For chocolate makers, swings in cocoa prices can disrupt planning even when prices are falling. UK-based Win-Win is pitching a rice-fermented alternative that can replace chocolate in some products, blend with it in others, and run through much of the same factory equipment. Its model reflects a broader pressure on manufacturers: finding ways to manage supply uncertainty while retaining the taste and performance consumers expect.

Cocoa prices reached a record high in December 2024 before retreating, according to Reuters. Mark Golder, who leads Win-Win, says the price swings themselves create a planning problem. Customers are affected when prices rise and when they fall, because either direction can unsettle purchasing and product decisions.

The supply pressures behind cocoa’s volatility are varied. Weather in West Africa, pests and disease, aging trees, land degradation and illegal mining all feature among the challenges discussed in relation to cocoa production. Speculation by investors can also affect prices. The production system faces environmental and social concerns, including deforestation, a high water footprint and child labor.

A substitute designed for different uses

Win-Win’s commercial product is made by fermenting rice. The company says its aim is to produce something that behaves and tastes much like chocolate, while costing less and reducing environmental impacts. Because product naming rules in many markets specify minimum amounts of cocoa-derived ingredients, Win-Win cannot be called chocolate on its own.

The product is designed to work as a direct replacement, Golder says, but customers can also blend it with conventional chocolate or incorporate it into a product recipe. A hybrid formulation may retain some cocoa-based chocolate, which can affect whether the finished product can use “chocolate” in its name under applicable standards. That flexibility gives manufacturers options for adjusting recipes rather than making a single all-or-nothing switch.

Golder frames the alternative as complementary to the cocoa trade. He says he supports cocoa farmers receiving a fair price, while arguing that falling yields and climate-related pressures mean cacao may need to command a higher price. His expectation is that conventional cacao-based chocolate will become more premium, while alternatives such as Win-Win serve other product categories.

The company reports that Win-Win has 80% lower carbon emissions and 80% lower water emissions than regular chocolate. Those figures are company claims; the interview does not provide the assessment method or comparison boundaries. Win-Win also says its fermentation process could eventually use different plant-based ingredients in different regions, choosing inputs that are abundant locally and have a low carbon impact. That could allow production to adapt to local ingredient supplies while using fermentation to create a consistent finished product.

Using existing chocolate factories

Win-Win relies on contract manufacturing, which Golder describes as a network of close supply partners. The company’s process changes the first stage of conventional chocolate production: cacao is replaced with another ingredient that is fermented. From that point onward, Golder says, most production steps are the same. The company can therefore use existing chocolate-making facilities, potentially speeding the development of production capacity in different markets.

That compatibility matters to manufacturers because changing ingredients can otherwise require new equipment, altered workflows or extra product development. Win-Win says customers have found that its product performs much like chocolate during melting, stirring, enrobing and baking. It can be used as a bake-stable chip in cookies or brioche, and the company says it does not generally require changes to factory processes.

On taste, Golder says consumer testing has found that people enjoy the product much as they enjoy conventional chocolate. He also says it is difficult for most people to tell the difference. The interview does not give testing sample sizes or results, so the claims indicate the company’s reported experience rather than a detailed independent comparison.

Price is another part of the offer, but scale remains a factor. Win-Win says it is competitive and expects its product to cost less than chocolate, while acknowledging that it has not reached the scale of major chocolate producers. Golder says the company is working through commercial arrangements with prospective customers to account for that gap. For manufacturers weighing alternatives, the practical assessment will include supply reliability and price alongside taste, melting behavior, texture and performance on existing lines.

Commercial sales and a partnership-led route

Win-Win says it is fully commercialized and selling through distributors in the UK and Europe. Its focus is business-to-business: the company intends to supply an ingredient rather than build its own consumer brand. Golder argues that consumer products require distinct experience and resources, and says Win-Win is better positioned to work with companies that already have those capabilities.

The company’s route to wider use also depends on collaboration across the chocolate supply chain. Golder says partnerships with businesses of different sizes will help Win-Win and other companies in the alternative chocolate sector respond to a global food system. That approach places the company in the supply chain as a product and technology provider, with manufacturers and brand owners deciding where the ingredient fits.

Win-Win says it has attracted people interested in supporting the business with strategic help as well as money, particularly to support scale-up. Its next test is whether it can expand production and maintain consistent supply while meeting manufacturers’ requirements across different products and markets. Cocoa price volatility has drawn attention to alternatives, but adoption will depend on whether they deliver dependable performance and cost for the specific uses manufacturers choose.