“The growing trend towards premiumisation has driven demand for specialty chocolate stores over the past five years, as consumers indulge in an affordable luxury or purchase premium chocolate as a gift for special occasions, such as Easter,” IBISWorld Senior Industry Analyst, LaurenMagner said.
IBISWorld anticipates the specialty chocolate stores and chocolate and confectionery manufacturing industries will grow by 4.6 per cent and 2.7 per cent annualised, respectively, in the five years through 2015-2016.
Analysts from the research firm projected that the specialty chocolate stores will see $307.5 million in revenues and $6.2 billion from chocolate and confectionery manufacturing in the current fiscal year.
Commenting on the trends in chocolate manufacturing and retailing, Magner, said: “Over the past five years, chocolate and confectionery manufacturers have developed more ethical and sustainable production methods in response to shifting consumer demands, and niche products created by smaller firms have grown in popularity.”
Greater demand for industry products from supermarkets and grocery stores along with rising household disposable incomes have underpinned industry growth over the period, according to IBISWorld.
“The chocolate and confectionery manufacturing industry has remained resilient over the past five years despite challenging operating conditions,” the recent IBISWorld report said. “Increasing health consciousness has required manufacturers to be innovative with their product lines and adapt to shifting consumer demands.”