Question

Using forecasting techniques like Delphi method or survey of intentions, as well as information available in the IBIS World Industry Report, identify and describe existing and emerging market needs for chocolate industry

Answer 1

As per IBIS world industry report

• Global chocolate market will grow to $98.3 billion in 2016 from the 85 billion it was at in 2013.This growth is largely by the increased global demand for premium chocolate
• The global chocolate market is highly consumer driven and comapnies need to focus on their development and market strategies towards capturing a larger consumer base and acquiring new markets.The major strategies used for consolidation of processes and enhancement of brand image through corporate social responsibilty.
• Continous rise in per capita income changing consumer preferences and growing gifting tradition are boosting chocolate. Moreover targeted promotional campaign by chocolate companies over the last decade have encouraged the consumers to gift chocolates on festiv occasions
• The western region is where the biggest market share is going to be next is the north of india followed by southern india.Western india accounts for 40% of chocolate consumption in the country followed by 23% in north india and 22% in southern india
• However the price of chocolate increased demand also increased because the preference for chocolate over trational sweets in the countries is increasing at a rapid pace due to changing tastes because of increasing health consciousness
• Promotional schemes by chocolate companies over the last decade have encouraged the consumers to purchase chocolates.
• Personalizing chocolate and the 3D printing revolution are the technological changes in chocolate industry. 3D printing can be used to develop chocolate industry's seasonal markets, such as Easter, Halloween,Christmas, Valentine's dayand even occassions like Mid-Autumn festivals and Diwali. Therefore it is favourable for chocolate industry
• Consumer awareness of the many health benefits of chocolate will be a key driver of industry growth. Vitamin and calcium rich sugar free chocolates, dark chocolates, organic and natural products are some products expected to escalate the chocolate industry towards high growth rates in future.