Like me, billions of people around the world seem to possess a sweet tooth and crave their daily dose of chocolate. From that bitter-sweet dark chocolate to the creamy taste of milk and mint, and syrupy orange and white chocolate and coconut, chocolate has cast an allure over mankind in a way that no other food has. It is the only food in the world that satisfies a certain hunger, reaches across the generations, and is also considered an excellent choice of gift.
The cacao tree from which the cocoa bean is derived was named by Swedish naturalist, Linnaeus. The Greek term for the same, ‘theobroma’, means ‘the food of the gods,’ and so it proves to be with the rich, velvety, smooth taste of finished chocolate that boosts the senses and alleviates one’s spirits.
Chocolate is a food that has always had a ready market, whether it be as a special treat or as a gift on a special occasion. But how relevant will the chocolate market be in the future? Research shows that it will be extra tasty, with an estimated Compound Annual Growth Rate of 3.3% from this year to 2032.
Those mouth-watering reasons
According to a report by Global Market Insights, the onset of the COVID-19 pandemic drove chocolate consumption globally as people stayed home and munched on their favourite bar of chocolate. However, as lockdowns began and supply chain disruptions became imminent, sales declined for the niche chocolatiers, although the larger chocolate manufacturers still managed some decent sales.
Now, the market continues to be impacted by the oscillating price of cocoa beans due to various reasons such as weather and geopolitical events in the areas in which the beans are primarily grown, such as the areas of Latin America, Indonesia, and Africa.
However, Barry Callebaut, the chocolate manufacturer finds that despite the various forces that bring about changes in the chocolate market, 71% of customers say that when it is time to celebrate a special occasion, chocolate is the indulgence they turn to.
The sweet present
Today’s customers are more health-conscious, and so seek dark chocolate options that contain less sugar, while various customer segments in emerging economies also pursue unique, artisanal chocolates that can serve as discerning gifts to special people.
Furthermore, customers in developed markets like Germany, the US, and Belgium are after speciality chocolates as a luxury product for gift-giving and pampering.
Health-wise, dark chocolate is shown to help prevent heart disorders, in addition to producing serotonin, a neurotransmitter that acts as an antidepressant when consumed within limits. Chocolate is also popularly known to be a mood enhancer as it also acts as an antioxidant in the body.
In addition to this, customers today seek new trends in chocolates such as those that are plant-based, vegan, and vegetarian. Alternatives to dairy ingredients are combined with chocolate or cocoa so that there is a better taste and consistency.
As with every industry out there, customers are also now looking for more sustainable and environmentally-conscious brands in chocolate in the bean-to-bar process. Therefore, industry experts say that they expect certain changes to be incorporated into the processes involved, such as fair trade with cocoa farmers and environment-friendly packaging.
Going digital for sweet rewards
Instagram is the recommended platform for marketing chocolate as it is the primary visual medium that social media users go to, and customers first connect visually with chocolate before they actually taste it.
Creative visualisation of chocolate and catering to the senses through that visualisation is key to marketing chocolate successfully. While visual mediums cannot offer the gustatory and olfactory sensory elements (and these are so important in purchasing chocolate), the creative content can still satisfy the need to experience these elements, if done well enough.
Conventionally, the marketing of such confectionery has also been associated with popular figures and celebrities. One cannot forget the sultry Marilyn Monroe endorsing After Eight dinner mints in an advertisement with a few other celebrities gathered around a piano.
But one doesn’t have to spend big bucks to gain celebrity support in marketing chocolate; the trend to take social media by storm these days—influencers—can also do the job. The success of a well-executed video of a sumptuous bite, the luxurious savouring of the mouth-watering taste, and the hearty endorsement channelled through carefully chosen words, cannot be underestimated.
And of course, Christmas is around the corner, and Valentine’s after that, so customised gift packaging, unique flavours, and bundle offers should create a substantial dent in the market truly worth celebrating. Industry players also use these seasonal celebrations to put up kiosks in malls and market directly to the consumer who can select and customise their boxes according to their preferred tastes.
The consensus is that chocolate is an industry that will continue to thrive. As long as the market keeps innovating and producing quality tastes that satisfy customer cravings, whether it be a late-night snack, an after-dinner dessert, or a way to tell someone you are thinking of them, chocolate is sure to surpass sweet expectations.
(Anouk De Silva)