THE market for chocolate in the growing health and wellness confectionery market is expected to generate up to $2.5 billion in sales by 2020, presenting huge business opportunities for producers.
“Over the past decade or so, chocolate has had plenty of positive coverage from a health and wellness angle. While it is still primarily seen as an indulgence product, the words ‘chocolate’ and ‘healthy’ no longer form an incompatible contradiction in consumers’ minds,” the Euromonitor Digest, a publication of the Department of Trade and Industry-Export Marketing Bureau said.
While chocolate for a healthy and happy brain fortified/functional (FF) is carving out a niche for itself, organic is a well-established category for now.
Organic accounted for 40 percent of sales positioned as a health and wellness product in 2015.
“For the third year in a row, it delivered solid 7-percent growth, proving its worth as a credible offering, where organic and health and wellness values are not perceived as being in conflict by consumers,” according to the Euromonitor Digest.
It identified the top five leading growth markets for the product in 2015 as Israel, Norway, Australia, South Africa and the United States.
In the heartlands of organic, manufacturers are becoming ever more innovative, capitalizing on the fact that the organic market is hungry for more sophisticated offerings and ingredients,” the publication noted.
While Asia Pacific only accounted for 7 percent of global health and wellness sales in 2015, it led in the FF segment by claiming a third of global value sales, with Japan the largest market in the region.
“Asia Pacific may be dominating FF right now, but in the medium- to long-term, attitudes are likely to shift more in favor of FF chocolate confectionary offerings in thus far rather conservative corners of the globe, a trend that will be driven by population ageing,” the publication noted.