Market Trends of south america chocolate Industry
Impulse buying behavior supported with the differentiation of products in terms of ingredients and packaging plays a vital role in the market's growth
- In South America, chocolate consumption is prominent across Brazil compared to other countries in the region. Chocolates remain the most consumed confectionery in the country. In 2022, 75% of the Brazilian population consumed chocolate, and 35% of Brazilian people consumed chocolate regularly over any other food or drink.
- Packaging and ingredients influence the impulse buying of chocolates in the region. Sustainability is an increasingly important factor for consumers when it comes to chocolate packaging and ingredients. As of 2023, 40% of Brazilian consumers prefer snacks, including chocolates, in sustainable packaging.
- Consumers in South America are becoming more interested in premium chocolate products. In Brazil, as of 2023, 76% of consumers are willing to pay more for high-quality/premium snacks, including organic chocolates and vegan chocolates.
- The rising consumer inclination toward low-sugar or low-calorie snack food is estimated to create lucrative opportunities for healthy variants of chocolates during the forecast period. In 2021, ‘Zero sugar’ (46%) and ‘light’ (55%) were the most common sugar claims in sugar-free and reduced-sugar food products, respectively, in Brazil.
OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Major manufacturers are avoiding the use of artificial flavors, preservatives, or sweeteners to cater to a larger market
