2018 saw further sales growth in chocolate confectionery and this was triggered by several factors such as indulgence, value and premiumisation. The undeniable association between chocolate confectionery and indulgence remains strong, although value is an increasingly important factor and consumers become keener to strike a balance between indulgence and value.
Premiumisation continued to develop in chocolate confectionery during 2018. Indeed, premiumisation and health and wellness appear to be developing hand-in-hand as higher levels of cocoa are now being seen in various categories of chocolate confectionery, the response of manufacturers to the widening consumer knowledge of cocoa’s antioxidant properties.
2017 and 2018 saw sustained growth in the consumption of chocolate confectionery in Portugal. Nevertheless, value and volume growth rates remained below what was seen in other European countries and Portugal is considered to have one of the lowest rates of per capita chocolate confectionery consumption in Europe.
Ferrero Ibérica remains the leading player in chocolate confectionery and the key to the company’s success has been consistent investment in marketing. Strong advertising campaigns encompassing TV, radio and social media have enabled the company to position its brands such as Ferrero Rocher as the perfect choice for seasonal purchases.
Chocolate confectionery is an extremely segmented and competitive category dominated by multinational companies with highly developed marketing departments. Nevertheless, there are still Portuguese companies capable of holding their own, and reinventing themselves has been one successful strategy for them in recent years.
Although underlying demand trends such as premiumisation and innovation became increasingly important in chocolate confectionery towards the end of the review period, private label continued to perform well in the category in 2018. This is mainly because private label products are invariably cheaper than branded equivalents and are able to attract consumers for whom value for money is the main purchase factor.
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This industry report originates from Passport, our Packaged Food market research database.