Beer and yogurt-flavoured chocolate have propelled the US confectionery market to growth of nearly a quarter between 2009 and 2014, research from Mintel has claimed.
The market research provider’s report on the state of the chocolate market in the US found that the sector was now worth $21bn, with an increase of nearly a fifth in new product launches in 2014 when compared to 2013. As well as the unusual innovations noted by Mintel, the industry had explored greater flavour and texture options outside of the sweet tradition, with both white and dark chocolate gaining ground in terms of popularity.
The company found the market in generally good health: 85% of US consumers claim to buy chocolate, with more than half eating the confectionery product on a weekly basis. Internationally, a number of Asian markets were dominating headlines with some of the fastest rates of growth in the global confectionery sector.
Many of the strongest-performing markets were in Asia, Mintel found.
Mintel Food and Drink director of insight Marcia Mogelonsky said: “The challenges facing the global market in 2014 have been related in part to supply, as the price of cocoa increased 9% in the first ten months of the year, driven up by a number of factors including increased demand, climate change, and crop disease. Looking toward 2015 and beyond, Asia will lead the way in market growth, while established markets such as North America and Europe will grow at lower rates. Consumers in these markets tend to prefer ‘favourite’ products and are not willing to experiment with innovative or novel – and typically more expensive – products.
“The global chocolate market has seen considerable innovation in flavour and texture, including flavours such as beer and yogurt capturing consumer attention. In addition to enhancing the flavour of chocolate confectionery with added ingredients, there has also been newfound focus on chocolate itself, with both white and dark chocolate gaining in popularity. New product development continues to be imaginative, with more exploration of flavours and textures outside the sweet flavour tradition. However, efforts to innovate will continue to run up against a consumer base that tends to be more conservative in product choice.”
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