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KPMG: It’s smaller, sweeter and healthier for future chocolate bars
July 7, 2012
By Rob Starr, Content Manager, Big4.com
In a new report entitled, “The Chocolate of Tomorrow,” KPMG warns the chocolate industry faces a rising proliferation of consumer tastes, coupled with volatility in the cocoa markets. However, despite economic headwinds battering consumer confidence, the global chocolate market remains robustly defiant and is predicted to grow by an average of 2 per cent a year for the next five years.
“Fast developing countries are rapidly growing a sweet tooth for chocolate, and many producers are battling to stay on top as tastes diverge and empowered consumers demand more from their products,” says John Morris, head of consumer markets at KPMG. “The marketplace for chocolate is shifting rapidly, and spotting and targeting the countries and regions that are likely to grow quickly will make the difference between the winners and losers in a highly competitive environment.”
Morris believes that demand for increased personalisation of products could be the next consumer-driven revolution in the industry. Increasing regulation and health conscious consumers will demand a healthier product. Additive free chocolate will become the norm in developed economies.
In China confectionery is booming as a gift item, with over half of all chocolate bought as a gift. Festivals such as the Chinese Luna New Year present the opportunity to run seasonal launches of chocolate products to meet the demand from the Chinese consumer. In the West, Easter is far from saturated and represents a rare area of growth in a traditional market place.