Strong value sales growth in 2023 has been driven partially by volume growth due to latent demand from people working from home more frequently, but largely from rapid growth in unit prices due to inflationary pressures. Rising interest rates and a looming recession are expected to help control inflation, with price growth expected to stabilise from 2024 onwards.
Within the chocolate market, levels of new product development (NPD) have been increasing over the review period, with a 'rotational product portfolio' strategy seeing new products launched as limited-edition offerings to stimulate consumer demand and drive sales growth. Of the two major chocolate players, Whittaker's has been more active in the NPD space, with its status as a locally-owned company enabling it to be more agile and respond to market and consumer changes more rapidly.
Countlines emerged as the strongest performing category within the chocolate market in 2023, rebounding from a COVID-19 induced lull in sales growth. However, increasing cost-of-living pressures are expected to place downward pressure on demand growth for more discretionary categories like chocolate over the forecast period.
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This is the aggregation of tablets, countlines, chocolate pouches and bags, boxed assortments, seasonal chocolate, chocolate with toys, and other chocolate confectionery. Nuts and fruits covered in chocolate are included in this category. Note that chocolate overtly positioned for baking/cooking purposes is excluded from Euromonitor International's confectionery coverage.See All of Our Definitions
This report originates from Passport, our Chocolate Confectionery research and analysis database.
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