Unusual flavours are a popular draw today. Hames has seen success with its Hot Chocolate range, for example.
Tony’s Chocolonely and its mission allies always pay a substantially higher price for cocoa – the living income reference price (LIRP).
substantially higher price for cocoa – the living income reference price (LIRP). We are calling on the industry to do the same because what is currently happening on the cocoa market is not reflected cocoa farmer’s reality!”
New flavours and more variety In 2023, the treating and snacking market in the UK was worth £13.3bn, with confectionery holding a 40% share of this category (worth £5.5bn), according to figures supplied by Neilsen. Even with increased chocolate prices, this presents confectioners with a significant sales opportunity in 2024.
New flavours and variety play an important
role in maintaining consumer interest in chocolate. “Before the current cocoa crisis, the real growth area had been in blonde chocolate – white chocolate with a caramel colour and underlying caramelised tasting notes,” continues Carol. “Caramel really has been driving blonde chocolate’s growth. According to a report from Innova, caramel is the taste that one-in-three consumers choose when they seek comfort. We expect this growth trend to decline until the market stabilises but expect that caramel will continue to be a popular choice with consumers.” Similarly, while it is unclear how much chocolate price rises will affect purchases,
chocolate lovers are expected to continue purchasing white chocolate as a treat, with the addition of delicate flavours, such as lemon, enabling confectioners to offer a wider choice. The cost-of-living crisis has driven many consumers to switch to own label and private products, to save money, and with the difficult times predicted to continue, this is a trend that is expected to persist through 2024. “We have seen growing numbers of shoppers turning to private/own label brands, because they offer not only good value, but quality, innovation, and choice. Confidence in the balance of price and quality that private/ own label chocolate provides is at an all-time
The high prices on the cocoa trading market don’t necessarily mean that higher prices are being paid to cocoa farmers”
KennedysConfection.com Kennedy’s Confection April 2024 33
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