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13 June 2012 | Kamalpreet Badasha
Volatile cocoa prices will result in chocolate manufacturers using less cocoa content in confectionary in 2030.
The Chocolate of Tomorrow report from KPMG predicted by 2030, chocolate bars will be both sweeter and smaller. Demand for cocoa will outstrip supply, resulting in the increased use of artificial cocoa. Over the next five years the global chocolate market is predicted to grow by 2 per cent a year.
Increased demand will come from the growing consumer markets in latin America, Eastern Europe and Asia Pacific. Differing consumer preferences for chocolate in different regions will challenge manufacturers, who will be unable to scale operations globally.
“The report recommends that manufacturers adapt their product lines to suit the marketplace they are targeting,” said John Morris, head of consumer markets at KPMG. It revealed that in Mexico, 52 per cent of the population is under 20 years old, with approximately 80-90 per cent of confectionary products being targeted at children. Premium products are in demand in Russia and China. Chinese festivals such as the lunar new year represent a new growth opportunity as chocolate is becoming a popular gift item.
“The personalised market could be the next frontier for chocolate, but only if manufacturers can balance costs and opportunities,” he added. The report details how manufacturers are beginning to offer consumers options such as choosing selection box contents and personalised packaging.
Additive-free chocolate is predicted to become the norm in developed economies as a result of increased regulation and health-conscious consumers.