LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global seasonal chocolates market provides an analysis on the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Manjunath Reddy, a lead food research analyst from Technavio, specializing in research on sector, says, “The market's growth rate can be attributed to the increase in individual consumption of chocolates, coupled with the growing global population. Overall, the rising demand for chocolate is expected to remain strong with steady improvement in the global economy and popularity of chocolates in new, developing markets.”
As chocolate is a universally popular product, the global chocolate market has a wide scope of applications. Manufacturers of industrial chocolates, therefore, are increasingly offering chocolate products and formulations that come in a variety of functionalities, flavors, and even price points. The popularity of chocolates with customized texture, structure, and sensory attributes is also increasing across the globe.
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The top three emerging trends driving the seasonal chocolates market according to Technavio research analysts are:
Players introducing more limited edition seasonal chocolates
Players are bringing out limited edition seasonal chocolates to keep the customers interested and to draw in more customers to their brand. Limited edition seasonal chocolates are helping them to promote new offerings or give their previous products a boost. Limited edition seasonal chocolates are specially bought by consumers for gifting purpose owing to their different flavor, which separate them from other seasonal chocolates.
“Players like Lindt & Sprüngli are already popular for their limited edition seasonal chocolate like Limited Edition Lindt & Sprüngli Holiday Dark Peppermint Truffles Bag, Lindt & Sprüngli Lindor Limited Edition Seasonal Milk and White Milk Chocolate, and others,” according to Manjunath.
Burgeoning marketing initiatives
Seasonal chocolate players like Lindt & Sprüngli and Ferrero are following integrated marketing communication, using newspapers, magazines, and social media such as YouTube and Facebook to increase the popularity of their seasonal chocolate offerings. These communication channels are playing a key role in generating product awareness of seasonal chocolates globally. Players are even involved in promoting their seasonal chocolate ranges through airport promotions.
For instance, in 2014, the company launched its Christmas promotional season with the launch of its limited edition Lindor tubes, supported by marketing initiatives at airports across the globe. In 2015, Ferrero Travel Retail and Chocolate Sales & Supplies (CSS) teamed up to launch a special Christmas promotion at Kuala Lumpur International airport.
Personalized seasonal chocolates
Festivals (like Easter, Valentine's Day, and Diwali) and special days (like Mother's Day, Father's Day, and Thanksgiving) are occasions when people want to make their loved ones feel special. As the trend for personalization is popular, consumers often opt for personalized gifts on such occasions. Personalized seasonal chocolates are becoming common among consumers.
The key vendors are as follows:
- Lindt & Sprüngli
- Ferrero
- Mars
- Mondelēz International
- GODIVA
- Hershey's
Browse Related Reports:
- Global Gifts Novelty and Souvenirs Market 2016-2020
- Global Industrial Chocolate Market 2017-2021
- Global Chocolate Market 2016-2020
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