Word of Chocolate

How sweet it is: the wonderful world of chocolate innovation - PART 1

How sweet it is:

the wonderful world of chocolate innovation - PART 1

In this two-part series, we go inside the global chocolate industry to find out what’s trending,

who’s innovating and where the growth opportunities lie. Part 1 has an Australian flavour while

Part 2 will take us abroad with insights from Japanese and European manufacturers.

Rocky market conditions have caused some ups and downs

for the global chocolate industry in recent years, however the

outlook is now sweeter than it’s been in a long time. Buoyed

by growth in emerging markets and recovery in the US,

innovative offerings from manufacturers are strong, meeting

consumer desire for sensory and indulgent experiences that

won’t break the bank, and small comforts that can be enjoyed

at home.

A 2014 Datamonitor reporti says consumers are relying on

“low ticket” items like chocolate to savour moments of escape

from the everyday. Chocolate fits the profile of “affordable

indulgence” perfectly, and most would agree that it continues

to be the ultimate comfort food, often reached for during

times of hardship or uncertainty. With around one billion

people eating chocolate on an average day,iii it’s clear that our

love affair with chocolate remains strong, however it is taking

some interesting twists and turns, with a plethora of broadranging trends emerging.

Manufacturers are responding with products that draw on

inspiration from other food and drink categories, resulting in

chocolate that combines with everything from beer and bacon

to spices and tea. A shift towards savoury flavour combinations

is noticeable right now, and there is an emerging trend of

pairing chocolate with wine.

With so many diverse and at times conflicting dynamics at

play, the future belongs to those manufacturers who can react

and innovate fast and furiously.

Global chocolate trends

Global spending on chocolate totalled $90.7...