Abstract
Indicative of the demand for chocolate, on March 20, 2007, cocoa futures rose to a four-year high. At the heart of the category’s success in the U.S. is consumers’ delight in chocolate indulgences, and, women are not the only “premium chocoholics,” as demonstrated by Mintel’s consumer research. Category growth has also been sparked by research demonstrating health benefits of chocolate, movement into more retail channels, and manufacturers’ willingness to offer innovative-even exotic-flavor combinations. In Mintel’s consumer survey, a third of respondents who have bought premium chocolate for themselves in the past three months (32%) say they have had gourmet chocolates with unusual flavors (teas, exotic honey, citrus, spices, tropical fruits, etc.), and would have them again. An additional 36% say they have not had these types of chocolates but are interested in trying them.
To perpetuate the astounding growth witnessed in the past five years, premium chocolate players will need to think creatively about ways they can offer new and powerful premium chocolate experiences. This report gauges consumer interest in some possible brand extensions and chocolate activities, such as gourmet drinking chocolate and tasting classes. However, innovation is not the only way a category player can build a leadership position in the market. There is a great need for industry standards in the premium chocolate arena, and the company that spearheads their establishment can have bragging rights.
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