For centuries, chocolate confectionery has held the palates of people around the world, with its irresistible taste and enduring attraction.
According to the insights shared by health experts, moderately consume chocolate helps in reducing the release of the stress hormone called cortisol and increasing serotonin which may help to calm the brain1.
Hence, observed that the sales of chocolate rose significantly in grocery channel (+10.5%) and +76.5% for online channel in year 2020, and this could be related to the impact of the COVID-19 pandemic2.
“Individuals opted to consume chocolate to alleviate stress and elevate their mood during the pandemic”.
The global retail sales of chocolate confectionery are estimated to be worth over USD 128 billion by the end of 2023 and the CAGR is expected to be 1.9% from 2023 to 2025. The growth for Asia pacific and Australasia market is predicted to be at 2.0% and 2.2% CAGR which would be over 1 million tonnes in 20233.
Unwrapping Market Insights for Chocology
When purchasing and indulging in chocolate, the most crucial element is undoubtedly its flavour. Despite taste preferences are highly subjective, they remain the foremost driver of consumer choices in the chocolate market. Based on a research study, chocolate buyers are primarily driven by a desire for personal happiness (55%), indulgence (40%), self-treats or rewards (36%), and the wish to relax and unwind (33%)4.
Apart from that, the Asia-Pacific chocolate market is influenced by the expanding urban population and the continuous growth of a youthful demographic with increasing disposable income, which serve as one of the key drivers6.
In the past year, more than half of global F&B consumers have increasingly prioritized cost and value for their money. The elevated expenses associated with the raw materials utilized in chocolate production result in an increased final product cost.
Henceforth, looking ahead to 2023, the most prominent trend in the food and beverage industry is the “Redefining Value” trend. Consumers are responding to the global cost-of living challenges by re-evaluating the significance of their food and beverage selections in multiple ways.
Recently, it’s evident that the plant-based market is experiencing significant growth. Confectionery products made from plant-based ingredients have experienced a significant increase in popularity, and it is anticipated that the market will grow at a compound annual growth rate (CAGR) of 11.8% from 2022 to 20305.
Nevertheless, according to a survey conducted by Innova Market Insights, US consumers would like to see more improvements of below aspects in plant-based products4:
A Roadblock and Breakthroughs in the Path of Chocolate Manufacturers
The biggest challenge to produce high-quality chocolate is to achieve the desired texture, particularly when utilizing an enrobing process.
Enrobing the premium confectionery products typically necessitates a coating with low viscosity and a moderate yield value.
Viscosity is determined by a combination of factors including fat content, emulsifier content, tempering profile, particle size distribution, and temperature7.
In addition to addressing viscosity and texture, the high cost of the raw materials in the chocolate production process primarily contributes to the increased pricing of the final product.
This factor negatively affects the growth potential of the chocolate market.
Below is a summary of the typical challenges encountered by chocolate manufacturers along with recommended optimal solutions to address these issues.
Rising to the Challenges via Functional Ingredients
| Challenges | Solutions |
|
Increase in viscosity
Sandy Sensation
Increase in raw material cost
|
Add PGPR (Polyglycerol Polyricinoleate)
|
|
Palsgaard® PGPR 4190
|
|
Fine Organics – Finamul 2402
|
Emphasizing the Perks for Customers
Incorporating the benefits of PGPR into the enrobing process resulted in the creation of an elegant and indulgent chocolate enrobed hazelnut bar.
The product’s excellence was heightened when it was enveloped in a creative and modern aesthetic, complemented by a poignant backstory.
Marketing Concept: Storytelling
Packaging Concept: Chocolate Enrobed Hazelnut Bar
Poster Concept: Chocolate Enrobed Hazelnut Bar
At DPO International, a full-suite market enabler, we work in tandem with the world’s premier specialized food ingredient producers such as Palsgaard and Fine Organics. As a result, we are equipped to assist you in translating this trend into innovative concepts for your brand, from ideation to manufacturing stage, we are here to provide you with all kinds of solutions and support you through every phase.
References:
- Grand View Research (2022). Chocolate Market Size, Share & Trends Analysis Report by Product (Traditional, Artificial), By Distribution Channel (Supermarket & Hypermarket, Convenience Store, Online), By Region, And Segment Forecasts, 2022 – 2030.
- Sweet Insights: 2021 State of Treating. (2021). National Confectioners Association.
- Top Chocolate Trends 2023 – Asia Pacific. (2023). Barry Callebaut.
- Innova Market Insights (2023). Chocolate Trends: Global Market Overview.
- Grand View Research. (2022). Vegan Confectionery Market Size, Share & Trends Analysis Report by Product (Chocolate, Sugar, Flour), By Distribution Channel (Online, Offline), By Region, And Segment Forecasts, 2022 – 2030.
- Skyquest (2022). Asia Pacific Cocoa and Chocolate Market Size, Share, Growth Analysis, by Ingredients (Dark Chocolate, Milk Chocolate), by Application (Food, Beverage) – Industry Forecast 2023 – 2030.
- Sundara, R., Máñez, A. & Vieira, J. (2014). Enrobing in the Confectionery Industry. Nestlé Product Technology.
