Chocolate confectionery in 2021 is unlikely to fully recover to where it was before the pandemic. A second wave of COVID-19 hit China at the end of 2020 and had a negative impact on the sales of chocolate in the first quarter of 2021 when traditional Chinese New Year and Valentine’s Day usually account for a significant part of chocolate sales.
While other leading players such as Ferrero lost share in 2020, Mars managed to consolidate its top position and gained share. Ferrero suffered from the reduced gifting and wedding occasions for its classic brand Ferrero Rocher.
Imported brands, especially with affordable prices, are going to remain popular in China as they offer either exotic taste experience or good value for money or both. One typical example is the popularity of Russian chocolate KPOKAHT in China.
Product segmentation has been constantly adopted by manufacturers as a measure to boost sales. One direction of segmentation is emotional attachment, which could be extended to feelings of nostalgia or mood enhancement.
Pride in all things Chinese has become trendy and many manufacturers therefore are launching products with traditional Chinese elements to build emotional rapport with consumers. To combine chocolate which has foreign origins with traditional Chinese food has the potential to succeed, as the product will automatically be associated with the widely accepted function of those Chinese foods.
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This report originates from Passport, our Chocolate Confectionery research and analysis database.
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