Luxury Chocolates in Developed Markets
February 8, 2013
Considering the chocolate-lovers phenomenon, it's no wonder why chocolate gift boxes make the perfect present for almost anybody. Experts have expressed that chocolate makers have to invest in luxury and premium chocolates in order to help sales boom in well-developed markets.
The global chocolate market is estimated to be around US$107 billion for 2012 according to Euromonitor data.
A senior foods analyst from Euromonitor International, Francisco Redruello, has stated that manufacturers in the developed markets have to focus on quality while increasing investment and innovation. The only possible exception to the quality focus would be in the U.S. and Germany where there's much greater price consciousness.
In the less developed chocolate markets such as Asia and Latin America, the popularity is in the mid-priced brands. Whereas chocolate used to be purchased for special occasions, it's now shifting into more of a snack category. The challenge in these markets is distribution.
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Luxury chocolate to grow developed markets, says analyst