Chocolate and confectionery: Global market trends

THE GLOBAL chocolate ingredient market is forecast to grow from USD16.8 billion in 2024 to USD23.69 billion by 2034, as demand for chocolate and healthier ingredients rises, according to Fact.MR. The firm said North America occupies a significant market share, while East Asia is now growing at a faster rate.

The chocolate confectionery market meanwhile was valued at USD148.54 billion in 2023, and is expected to reach USD213.22 billion by 2029, says Research and Markets. Developed markets are benefiting from premiumization and market depth, while 'newer' chocolate markets provide significant opportunity for expansion.

As the industry records steady growth, keep in mind the key takeaways from Barry Callebaut’s article, "5 Game-changing Innovations for Your Chocolate Brand", on the factors shaping today’s production, from the importance of introducing new tastes to further reducing time from conceptualization to launch.

(Photo: Dreamstime.com)

While consumers have their favorite brands and flavors, the introduction of new products stimulates interest in chocolates. According to Barry Callebaut, techniques such as fermentation, flavor mapping, and fat technologies can deliver taste profiles that will continue to pique interest in chocolates.

The company’s research found that 70% of consumers now expect functionality in their chocolate. This is apparently the time to formulate better-for-you chocolate. To serve this market, manufacturers must consider strategies such as sugar reduction, protein boost, preserving cocoa flavonols, and consider dairy-free and plant-based formats, suggested Barry Callebaut.

The incorporation of assorted fillings, the introduction of novel flavors, and adherence to sustainable and ethical sourcing principles have rekindled consumer interest, fortifying the prominence of milk chocolate, according to a report from Research and Markets. It also said: “Dark chocolate is the fastest growing segment of global chocolate confectionery market thanks to awareness of the health benefits of dark chocolate, the popularity of plant-based and vegan diets, rise in premiumization and the availability of artisanal dark chocolate, growing demand for sugar-free and low-sugar alternatives, rising demand for premium chocolate in the gifting market, expanding consumer awareness of cocoa content, and rising purchasing power in emerging markets.”

Meanwhile, cocoa is becoming a scarce ingredient as global sources are hit by environmental and ethical concerns, as well as supply chain disruptions. While this is a given, manufacturers can turn the situation around and “explore next-generation coatings and fillings with plant-based cocoa alternatives, investing in lab-grown cocoa technologies for long-term security, and employing advanced fermentation to unlock new flavor dimensions. These efforts create future-proofed chocolate portfolios and enhanced brand equity,” Barry Callebaut said.

In terms of packaging, no doubt, every chocolate product comes in a beautiful wrapper, box or tin. Consumers are said to view packaging not only as a protective layer, but a point of reference for quality, sustainability and brand trust. Using recyclable packaging sends a positive message across.

Barry Callebaut also reminds manufacturers about the importance of agility to stay competitive as well as responsive to consumer demand. By collaborating with start-ups and other chocolate makers, as well as by utilizing artificial intelligence for recipe development, manufacturers can speed up their product development.

References

5 game-changing innovations for you chocolate brand. https://www.barry-callebaut.com/en/about-us/media/news-stories/5-game-changing-innovations-your-chocolate-brand

Global Chocolate Confectionery Market: Analysis By Category, By Product Type, By Price Point, By Age Group, By Distribution Channel, By Region Size and Trends and Forecast up to 2029"