Chocolate confectionery is expected to register moderate retail volume growth in 2021 at only a slightly lower growth rate than that recorded for the previous year. The category benefited from the perception of products in this category as comfort food in 2020 and this is expected to continue in 2021, as the financial upheaval and lifestyle changes associated with the COVID-19 crisis continue to shape consumption habits in Australia.
In 2021, product launches look set to continue, offering consumers the chance to experiment with new flavours and product formats despite the continued presence of COVID-19 in Australia. These new product launches will help to generate continued consumer interest in chocolate confectionery in 2021, supporting continued volume growth.
At the end of the review period, the Swiss-based Barry Callebaut group acquired the Australian company GKC Foods, which is a producer of chocolate, coatings and fillings. GKC Foods serves a number of consumer chocolate brands in both Australia and New Zealand, but the acquisition is expected to offer greater support for the company’s expansion and manufacturing capacity in the region.
Further growth is expected in chocolate confectionery over the forecast period, with retail volume sales on a par with the CAGR of the review period, whilst current value sales should see higher growth. Foodservice sales will bounce back in 2021 to record consistent growth throughout the forecast period.
Over the forecast period, Australian chocolate confectionery can expect to see substantial opportunities for product and brand development in rising sustainability trends. A number of manufacturers in this category are expected to look to sustainability to differentiate their products within a relatively crowded competitive landscape as consumers and companies alike become more aware of the impact of consumption and packaging on the environment.
Over the forecast period, following the experience of the COVID-19 pandemic, consumers are expected to be more interested in supporting local businesses and shopping locally. As such, chocolate confectionery can expect to see a much greater use of local ingredients and production, which will be used as a key selling point for companies hoping to win over consumer spending.
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Understand the latest market trends and future growth opportunities for the Chocolate Confectionery industry in Australia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Chocolate Confectionery
This report originates from Passport, our Chocolate Confectionery research and analysis database.
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