As in 2020, in 2021 chocolate confectionery is expected to continue to see solid growth in both retail volume and current value terms, partly due to continued growth in the population. In addition, due to continued outbreaks of COVID-19 in various regions of the country, restrictions to contain the spread of the virus have continued into the first half of the year.
Growth in 2021 is also expected to continue to be hampered by the restrictions on movement in the country, and the voluntary confinement encouraged by the government to contain the pandemic. This has limited on-the-go consumption and is reducing the usually high number of impulse purchases, hampering growth through independent small grocers and convenience stores.
In 2021 Mars Wrigley Confectionery and Nestlé Mexico are set to remain the leaders in chocolate confectionery. Both players have well-developed distribution networks and several leading brands, such as Carlos V and Larin (Nestlé), and Snickers, M&Ms and Milky Way (Mars).
Chocolate confectionery is expected to return to slightly higher rates of retail volume and current value growth from 2022, as the impact of the COVID-19 pandemic lessens. As vaccination is rolled out and restrictions ease, consumers are likely to be more confident leaving their homes and will make more on-the-go impulse purchases once again.
One way of attracting consumers in the forecast period is likely to be through new product development. The addition of functional ingredients is likely to drive innovation, whilst consumers will also be looking for indulgent but healthier products in light of the pandemic.
However, companies are having to deal with a new labelling regulation that came into force in Mexico in October 2020, which could hamper growth in chocolate confectionery. Products containing high levels of various nutrients have to carry a hexagonal warning on the front of the packaging, which is intended to discourage their consumption.
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Understand the latest market trends and future growth opportunities for the Chocolate Confectionery industry in Mexico with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Chocolate Confectionery research and analysis database.
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