Although the plant-based chocolate sector is expanding, it faces several barriers and challenges that threaten growth.
These include supply issues, competition, cost, labelling restrictions (a growing contention), and the big hitter – taste. Fortunately, with the right strategy, you can work to overcome many of the industry’s greatest challenges.
In its recent New Food Hub article, ProVeg International uncovers the most significant barriers to the plant-based chocolate industry as well as recommendations on how to overcome them.
Increasing confectionary competition
One key point highlighted in the article is how increasing competition from other confectionery products affects chocolate sales.
Indeed, overall chocolate consumption has decelerated in some developed markets, like Europe and North America, while growth in emerging markets has also begun to slow. This deceleration sits alongside the rapid increase in consumption of other confectionery products like sweets and chewing gum.
The trend has been especially prominent in the plant-based space, where we are seeing a great emergence of new and innovative plant-based confectionery brands gaining market share. This places pressure on chocolate manufacturers to differentiate their products and appeal to new consumers.
Plant-based brands likely won’t experience this challenge as heavily as conventional chocolate brands, since plant-based chocolate products are inherently novel to many consumers, offering unique taste experiences.
However, plant-based brands should still focus on creating an array of new products with innovative tastes and flavours in exciting new formats to attract consumers looking for unique confectionery products.
Plant-based chocolate industry whitespaces
Tap into these whitespaces to offer something unique:
- Non-dairy ‘milk’ chocolate that tastes as good as dairy milk varieties
- Easter eggs
- Selection boxes/filled chocolates
- Unusual flavours and filling combinations
- 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 make sure to catch parts I and II of the New Food Hub series for more info.
For in-depth support on your plant-based product strategy, get in touch with ProVeg’s experts at [email protected].