London — Interest in chocolates making organic, vegan and sugarfree claims as well as premium products are anticipated to propel sector sales worldwide, according to Technavio, which projects global chocolate sales to grow near 5 percent, compounded annually, by 2023.
Consumer demand is also strong for low-sugar and fortified chocolates, according to the market research company.
Premium chocolates are expected to continue to be a major factor in sector growth, particularly in emerging economies such as China, India and Brazil. With premium chocolates carrying higher profit margins, manufacturers are already working to meet market demand from consumers who are influenced by price, packaging, ingredients, exclusivity and provenance, according to Technavio
While milk chocolate continued to be the most popular variety during 2018, with a 45 percent market share, the research company notes that during the forecast period white chocolate will have the highest incremental growth, followed by dark chocolate.