Although the plant-based chocolate sector is expanding, it faces several barriers and challenges that threaten growth.
These include supply issues, competition, cost, labeling restrictions (a growing dispute), and the big hitter – taste. Fortunately, with the right strategy, you can work to overcome many of the industry’s biggest challenges.
In its latest New Food Hub article, Proveg International uncovers the plant-based chocolate industry’s most important obstacles as well as recommendations on how to overcome them.
Confectionery competition is increasing
A key point highlighted in the article is how competition from other confectionery products affects chocolate sales.
In fact, overall chocolate consumption has declined in some developed markets such as Europe and North America, while growth in emerging markets has also begun to slow. This slowdown comes alongside a rapid increase in the consumption of other confectionery products such as candy and chewing gum.
The trend has been particularly prominent in the plant-based space, where we are seeing new and innovative plant-based confectionery brands gain market share. This puts pressure on chocolate makers to differentiate their products and appeal to new customers
Plant-based brands will likely not experience this challenge as much as conventional chocolate brands, since plant-based chocolate products inherently offer novel, unique taste experiences to many consumers.
However, plant-based brands should still focus on developing an array of new products with innovative tastes and flavors to attract consumers looking for unique confectionery products in innovative new formats.
Plant-Based Chocolate Industry Whitespace
Tap these whitespaces to offer something unique:
- Non-dairy ‘milk’ chocolates that taste just like dairy milk varieties
- easter egg
- Selection Box/Filled Chocolates
- Unusual taste and filling combination
- CBD chocolate with health benefits
- White chocolate.
Learn more about the challenges facing the plant-based chocolate sector by reading the full article here, and be sure to catch Part I and II of the New Food Hub series for more information.
For in-depth help with your plant-based product strategy, contact Proveg’s experts here [email protected].