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CHOCOLATE CONFECTIONERY

IN COLOMBIA
Euromonitor International
July 2016
CHOCOLATE CONFECTIONERY IN COLOMBIA Passport I

LIST OF CONTENTS AND TABLES


Headlines ..................................................................................................................................... 1
Trends .......................................................................................................................................... 1
Competitive Landscape ................................................................................................................ 2
Prospects ..................................................................................................................................... 3
Category Data .............................................................................................................................. 4
Table 1 Sales of Chocolate Confectionery by Category: Volume 2011-2016 ............ 4
Table 2 Sales of Chocolate Confectionery by Category: Value 2011-2016 ............... 4
Table 3 Sales of Chocolate Confectionery by Category: % Volume Growth
2011-2016 .................................................................................................... 5
Table 4 Sales of Chocolate Confectionery by Category: % Value Growth
2011-2016 .................................................................................................... 5
Table 5 Sales of Chocolate Tablets by Type: % Value 2011-2016 ........................... 5
Table 6 NBO Company Shares of Chocolate Confectionery: % Value 2012-
2016 ............................................................................................................. 5
Table 7 LBN Brand Shares of Chocolate Confectionery: % Value 2013-2016 .......... 6
Table 8 Distribution of Chocolate Confectionery by Format: % Value 2011-
2016 ............................................................................................................. 7
Table 9 Forecast Sales of Chocolate Confectionery by Category: Volume
2016-2021 .................................................................................................... 8
Table 10 Forecast Sales of Chocolate Confectionery by Category: Value 2016-
2021 ............................................................................................................. 8
Table 11 Forecast Sales of Chocolate Confectionery by Category: % Volume
Growth 2016-2021 ....................................................................................... 8
Table 12 Forecast Sales of Chocolate Confectionery by Category: % Value
Growth 2016-2021 ....................................................................................... 9

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CHOCOLATE CONFECTIONERY IN COLOMBIA Passport 1

CHOCOLATE CONFECTIONERY IN
COLOMBIA
HEADLINES
In 2016, chocolate confectionery records 4% value growth in current terms to reach COP538
billion and sells 13,000 tonnes to see 1% volume decline
Chocolate confectionery is experiencing segmentation based on size and added value
Reduced sugar chocolate confectionery most dynamic with 9% current value growth in 2016
In 2016, average unit price sees 5% growth in current terms
Ca Nacional de Chocolates continues to lead sales in 2016, recording a value share of 58%
Chocolate confectionery is expected to see a 3% value CAGR at constant 2016 prices to
reach COP633 billion in 2021

TRENDS
The current offer of chocolate confectionery (mostly countlines and tablets) is being
segmented based on size and added value. Standard chocolate countlines and tablets are
becoming smaller (mostly under 40g) as manufacturers, especially multinationals with
presence in several markets, are opting to reduce their size to contribute to the fight against
overweight. Larger sizes (over 55g) are declining except for premium countlines with added
value that are suitable for gifts and sporadic indulgent consumption due to their higher unit
prices. That chocolate confectionery category offers some added value to consumers (cacao
from special origins or added fruits or nuts) such as the Santander brand from Ca Nacional
de Chocolates. The other alternative used by manufacturers to keep sales on a positive path
is to offer products with reduced sugar in brands such as Chocolyne.
Chocolate confectionery saw a slower growth in 2016 in terms of value compared to the
review period. A 3% growth in 2016 actually was a 1% decline in constant terms, which
represents a deceleration considering the 2% CAGR (also in constant terms) seen over the
review period. The category is experiencing a slowdown, as the most popular brands such as
Jet (in tablets) are seeing slower, even negative, value growth. Consumers are preferring
smaller products and more sophisticated chocolate confectionery with added nuts or fruits.
The unit price of smaller chocolates is lower and the repurchase rate (including premium
chocolate confectionery) is also lower. In addition consumers are looking for healthier
alternatives with less added sugar.
Reduced sugar chocolate confectionery was the fastest-growing category in 2016 with 9%
current value growth. Despite its still lower base, higher growth in this category is
demonstrating consumers are looking for healthier chocolate confectionery.
Colombia is also seeing higher unit prices of cacao, the main ingredient of chocolate
confectionery. Scarcer stocks and increasing global demand are pressing up prices. The local
cacao production is mainly focused to supplying local manufacturers and the excess is
exported. Nonetheless, the major manufacturer Ca Nacional de Chocolates for example has
not transferred higher supply costs to consumers and it is continually working to reduce costs
in the supply chain, integrating and providing technical assistance to cacao growers.
Considering that, higher prices of cacao have not shown a strong impact on local demand and
on the contrary, consumers are demanding premium chocolate with a higher percentage of
cacao from diverse origins as is already happening with coffee.

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The standard segment dominates chocolate confectionery, although the premium segment is
expanding as consumers are more exposed to imported premium chocolates and local
manufacturers of brands such as Santander and Dolcevita are focusing on premium
chocolate launches. Premium launches are based on the use of exotic cacaos or fruits such
as uchuva in brands such as Santander and Dolcevita.
Plain milk continued leading chocolate tablets by type measure in 2016. Nonetheless, it has
seen a slight decline in percentage compared to plain dark tablets, which was seeing positive
share growth over the review period. Colombians are becoming more familiar with dark and
bitter varieties of chocolate confectionery; however, the market still prefers plain milk or
sweeter varieties in overall terms.
Local consumers still prefer traditional flavours and the addition of nuts or fruits (eg orange,
blackberry) and chocolate-based snacks due to the very popular coated grapes or peanuts
from Italo.
Mothers Day, Fathers Day and Love and Friendship Day (which takes place in September)
are the most important seasonal periods for chocolate confectionery sales in Colombia as well
as Christmas. St Valentines Day has not been traditionally celebrated in Colombia but it has
been gaining more importance in recent years.
In snacking, chocolate confectionery is receiving strong competition from biscuits and snack
bars. Chocolate confectionery remains as an indulgent category but despite the growth of
reduced sugar chocolate confectionery, it is seeing strong competition of categories perceived
as healthier such as cereal bars. Consumers are clearly differentiating consumption moments
for chocolate confectionery and other snacking varieties, but chocolate is considered as a
competing ingredient as it is also present in some snack bars and ice cream. To increase
consumption moments, companies such as Comestibles Italo and Ca Nacional de
Chocolates are offering smaller and fruity chocolate confectionery presentations.
Independent small grocers is the leading distribution channel for chocolate confectionery.
Most of the sales in this channel are single-unit transactions, demonstrating the channel is
key for this sort of impulse sales due to its proximity to consumers.

COMPETITIVE LANDSCAPE
Ca Nacional de Chocolates SA continued having an undisputed leadership in 2015 with a
retail value share of 58%. The companys leading position is due largely to its very traditional
brands such as Jet and Jumbo and its successful entrance to the health and wellness area
with Chocolyne. Although Jet has been showing a decline due to consumers shifting to more
sophisticated products, the company was not seeing a strong overall decline in shares in
2015 as it captivated consumers with other brands and products. The company continued to
innovate through brand extensions of Jet and Jumbo, including Jet and Jumbo miniatures,
which are more affordable for consumers and are in line with the need to have indulgence but
with smaller products, something that is shaping the market with the health and wellness
trend.
Colombina SA saw the biggest increase in shares in 2016 and it was ranked second in the
category with an 11% share of retail value sales. The company registered the strongest
current retail value growth due to new product development, including some brand extensions
of its leading brand, Choco Break. The company is also leveraging the strong positioning of
brands such as Oreo to offer chocolate confectionery with pieces of that leading biscuit. The
so-called Cookies and Cream white chocolate varieties are a type of product that is seeing
strong growth and posts good potential over the forecast period.

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Ca Nacional de Chocolates is successfully positioning Santander as a premium brand with a


social responsibility background. The company clearly states that better cacao is obtained
through the integration with producers who are provided with technical assistance and
favourable prices to sell crops. The company is also working to promote Santander within the
institutional market as an ingredient for consumer foodservice companies.
Chocolate confectionery is dominated by local players due to the importance of Ca Nacional
de Chocolates SA and Colombina SA. The most important international player in 2015 was
Ferrero Rocher del Ecuador SA with a 7% share of retail value sales. Nevertheless,
international brands gained importance via private label or products imported directly by major
retail chains (such as Almacenes xito or Tiendas Jumbo), which are taking advantage of free
trade agreements and demand for more sophisticated products and importing premium
brands sold at relatively affordable prices. An important player operating this way is Pricemart,
which offers international premium brands that are accessible to a large base of high- and
middle- to high-income consumers.
Chocolyne tablets have been greatly responsible for the significant growth of health and
wellness chocolate confectionery. With only 3g of added sugar, the product is marketed as a
healthier alternative to having a chocolate snack. This product is perfectly in line with the
rising tendency towards sugar consumption reduction in Colombia.
Despite not using mass advertising, Santander, the premium brand of Nutresa, is positioning
itself amongst chocolate lovers through an active presence on the internet. Santander is
positioned not only as confectionery but as a culinary ingredient for bakery, pastry and even
salty preparations.
There were no important packaging innovations detected in 2016.
Premium brands are seeing a more dynamic growth compared to standard and economy
brands. Private label products are negligible in Colombia as the market is dominated by major
companies and consumers are very attached to the traditional brands of Ca Nacional de
Chocolates, Colombiana, Nestl, Ferrero Rocher and Effem Colombia.

PROSPECTS
The trend of smaller sizes in chocolate confectionery will continue to develop over the
forecast period and consumers will continue shifting from plain chocolate to products with
added fruit or nuts. Larger sizes will continue to be used mostly by premium brands.
The expected value CAGR of 3% for the forecast period at constant 2016 prices is slightly
higher than that registered over the review period (2%) in constant terms. Higher overall value
growth is expected to be driven by higher growth of premium chocolate.
After reduced sugar confectionery, seasonal chocolate is expected to see the best
performance over the forecast period. Sophistication of chocolate confectionery is responding
to the development of more demanding consumers. Seasonal chocolate is in line with this
trend and consumers are exposed to more premium imported and locally manufactured
products useful as gifts in certain seasons. With kits, large tablets and a growing artisanal
chocolate confectionery offer, chocolate confectionery is expected to regain traction as a gift
option over the forecast period.
Chocolate confectionery unit prices are expected to show stable and very small growth over
the forecast period with a 1% CAGR at constant prices. Although premium chocolate is rising,
the category will continue to be dominated by standard chocolate, which is driving stable price
increases thanks to discounting. Unit price increases are expected to be moderate despite the
inflation outbreaks experienced in 2015-2016.

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Competition from other snacks considered healthier will negatively affect the performance of
chocolate confectionery over the forecast period. With a very strong growth, cereal bars will
be the category captivating the attention of consumers, keeping sales of other snacks at more
moderate levels.
Major manufacturers are expected to increase their new product development activity in
premium chocolates and chocolate confectionery with added nuts and fruits, as they are what
consumers are demanding.
With new brand extensions of major brands such as Jet, Ca Nacional de Chocolates is
expected to continue launching chocolate pouches and bags to offer smaller indulgent sizes
and alternatives to consumers of traditional brands. Traditional or plain milk chocolate
manufacturers are expected to rely on this strategy to keep volume sales growth over the
forecast period amidst consumers shifting to premium brands or chocolate confectionery with
added ingredients (eg fruits and nuts). Despite this trend, the traditional brand Jumbo for
example is expected to perform well even in its larger sizes as it offers an indulgent snack
with added nuts. Consumers usually do not consume larger tablets on just one occasion and
companies will continue shrinking tablets and countlines presentations to leverage this trend.

CATEGORY DATA
Table 1 Sales of Chocolate Confectionery by Category: Volume 2011-2016

tonnes
2011 2012 2013 2014 2015 2016

Chocolate Pouches and 1,368.7 1,427.5 1,509.3 1,626.3 1,599.1 1,540.4


Bags
Boxed Assortments 302.9 324.6 348.7 352.3 563.9 569.0
Chocolate with Toys 111.6 117.6 124.1 125.8 124.2 122.9
Countlines 2,388.8 2,500.4 2,648.0 2,932.7 2,994.7 2,990.9
Seasonal Chocolate 223.2 236.5 253.4 273.3 281.9 287.1
Tablets 6,523.0 6,836.4 7,194.3 7,310.7 7,096.4 6,986.4
Other Chocolate - - - - - -
Confectionery
Chocolate Confectionery 10,918.2 11,443.1 12,077.8 12,621.1 12,660.2 12,496.7
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 2 Sales of Chocolate Confectionery by Category: Value 2011-2016

COP billion
2011 2012 2013 2014 2015 2016

Chocolate Pouches and 50.1 53.3 57.4 61.0 63.9 65.0


Bags
Boxed Assortments 20.6 22.6 25.0 26.2 37.5 39.8
Chocolate with Toys 12.5 13.6 14.7 15.6 16.5 17.3
Countlines 105.6 113.5 122.6 134.3 143.7 150.7
Seasonal Chocolate 12.7 13.8 15.0 16.6 18.0 19.2
Tablets 204.2 218.4 233.6 238.6 239.7 245.5
Other Chocolate - - - - - -
Confectionery
Chocolate Confectionery 405.7 435.3 468.2 492.4 519.4 537.6

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Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 3 Sales of Chocolate Confectionery by Category: % Volume Growth 2011-2016

% volume growth
2015/16 2011-16 CAGR 2011/16 Total

Chocolate Pouches and Bags -3.7 2.4 12.5


Boxed Assortments 0.9 13.4 87.8
Chocolate with Toys -1.0 2.0 10.2
Countlines -0.1 4.6 25.2
Seasonal Chocolate 1.8 5.2 28.6
Tablets -1.6 1.4 7.1
Other Chocolate Confectionery - - -
Chocolate Confectionery -1.3 2.7 14.5
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 4 Sales of Chocolate Confectionery by Category: % Value Growth 2011-2016

% current value growth


2015/16 2011-16 CAGR 2011/16 Total

Chocolate Pouches and Bags 1.7 5.3 29.8


Boxed Assortments 6.1 14.1 93.3
Chocolate with Toys 4.9 6.7 38.2
Countlines 4.9 7.4 42.7
Seasonal Chocolate 7.0 8.6 51.4
Tablets 2.4 3.8 20.2
Other Chocolate Confectionery - - -
Chocolate Confectionery 3.5 5.8 32.5
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 5 Sales of Chocolate Tablets by Type: % Value 2011-2016

% retail value rsp


2011 2012 2013 2014 2015 2016

Plain Dark 14.5 14.5 14.5 14.5 14.6 14.6


Plain Milk 67.5 67.2 67.2 67.2 67.2 67.2
Plain White 8.0 8.0 8.0 8.0 8.0 8.1
Filled 10.0 10.3 10.3 10.3 10.2 10.1
Total 100.0 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 6 NBO Company Shares of Chocolate Confectionery: % Value 2012-2016

% retail value rsp


Company 2012 2013 2014 2015 2016

Ca Nacional de 61.3 61.3 59.5 58.2 57.8

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Chocolates SA
Colombina SA 8.2 8.2 9.5 10.3 10.7
Ferrero Rocher del 6.8 6.9 7.1 7.2 7.3
Ecuador SA
Effem Colombia Ltda 4.0 4.0 4.3 4.5 4.7
Industria Dos en Uno de 1.7 1.7 1.7 1.6 1.6
Colombia Ltda
Nestl de Colombia SA 1.3 1.3 1.3 1.3 1.4
Comestibles Italo SA 1.4 1.4 1.4 1.3 1.3
Chocolates Triunfo SA 1.0 0.9 0.9 0.8 0.8
Altipal SA - - 0.5 0.5 0.5
Mondelez International - 0.3 0.3 0.3 0.2
Colombia SA
Cadbury Adams Colombia SA 0.1 0.1 0.1 0.0 0.0
Aminona SA 0.6 0.6 - - -
Kraft Foods Colombia SA 0.4 - - - -
Others 13.3 13.4 13.5 13.8 13.7
Total 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 7 LBN Brand Shares of Chocolate Confectionery: % Value 2013-2016

% retail value rsp


Brand (GBO) Company (NBO) 2013 2014 2015 2016

Jet (Grupo Nutresa Ca Nacional de 51.0 49.4 46.6 46.2


SA) Chocolates SA
Mont Blanc (Grupo Ca Nacional de 6.2 5.9 5.5 5.3
Nutresa SA) Chocolates SA
Ferrero Rocher Ferrero Rocher del 3.5 3.6 3.6 3.7
(Ferrero Group) Ecuador SA
Choco Break Colombina SA 1.6 2.5 3.3 3.5
Kinder Sorpresa Ferrero Rocher del 2.9 3.0 3.0 3.0
(Ferrero Group) Ecuador SA
Kick Colombina SA 2.5 2.7 2.8 3.0
Gol (Grupo Nutresa Ca Nacional de 2.7 2.8 2.9 2.9
SA) Chocolates SA
Muuu Colombina SA 2.5 2.6 2.5 2.4
Mini Jet (Grupo Ca Nacional de - - 1.9 2.1
Nutresa SA) Chocolates SA
Snickers (Mars Inc) Effem Colombia Ltda 1.5 1.6 1.7 1.8
Milky Way (Mars Inc) Effem Colombia Ltda 1.4 1.5 1.6 1.6
Italo Comestibles Italo SA 1.4 1.4 1.3 1.3
Goleador Colombina SA 1.0 1.2 1.2 1.2
Golpe (Arcor SAIC) Industria Dos en Uno de 1.0 1.0 0.9 0.9
Colombia Ltda
Roletto (Grupo Ca Nacional de 1.0 1.0 0.9 0.9
Nutresa SA) Chocolates SA
Triunfo Chocolates Triunfo SA 0.9 0.9 0.8 0.8
Nestl (Nestl SA) Nestl de Colombia SA 0.7 0.7 0.7 0.7
Nikolo (Arcor SAIC) Industria Dos en Uno de 0.7 0.7 0.7 0.7
Colombia Ltda
Twix (Mars Inc) Effem Colombia Ltda 0.6 0.6 0.6 0.6
Crunch (Nestl SA) Nestl de Colombia SA 0.6 0.6 0.6 0.6
Kinder Chocolate Ferrero Rocher del 0.6 0.6 0.6 0.6
(Ferrero Group) Ecuador SA
Lindt Altipal SA - 0.5 0.5 0.5
(Chocoladefabriken

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Lindt & Sprngli AG)


Quimbaya Colombina SA 0.4 0.4 0.4 0.4
Choco Lyne (Grupo Ca Nacional de 0.4 0.4 0.4 0.4
Nutresa SA) Chocolates SA
3 Musketeers (Mars Effem Colombia Ltda 0.3 0.3 0.3 0.3
Inc)
M&M's (Mars Inc) Effem Colombia Ltda 0.2 0.3 0.3 0.3
Toblerone (Mondelez Mondelez International 0.3 0.3 0.3 0.2
International Inc) Colombia SA
Cadbury Milk Tray Cadbury Adams Colombia SA 0.1 0.1 0.0 0.0
(Mondelez
International Inc)
Lindt Aminona SA 0.6 - - -
(Chocoladefabriken
Lindt & Sprngli AG)
Cadbury Milk Tray Cadbury Adams Colombia SA - - - -
(Kraft Foods Inc)
Others Others 13.5 13.6 13.9 13.8
Total Total 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 8 Distribution of Chocolate Confectionery by Format: % Value 2011-2016

% retail value rsp


2011 2012 2013 2014 2015 2016

Store-Based Retailing 100.0 100.0 100.0 100.0 100.0 100.0


- Grocery Retailers 96.7 97.1 97.8 97.9 97.9 97.9
-- Modern Grocery 38.3 37.8 37.7 37.5 37.2 36.7
Retailers
--- Convenience Stores 0.3 0.3 0.3 0.4 0.5 0.5
--- Discounters 0.3 0.7 1.0 1.7 2.0 2.3
--- Forecourt Retailers 0.0 0.0 0.0 0.0 0.0 0.0
--- Hypermarkets 20.2 20.0 20.1 19.9 19.9 19.5
--- Supermarkets 17.5 16.8 16.3 15.5 14.8 14.5
-- Traditional Grocery 58.4 59.3 60.1 60.4 60.7 61.2
Retailers
--- Food/drink/tobacco 12.3 12.7 13.0 13.2 13.4 13.5
specialists
--- Independent Small 42.3 43.0 43.6 43.7 44.0 44.5
Grocers
--- Other Grocery 3.8 3.7 3.5 3.4 3.3 3.2
Retailers
- Non-Grocery Specialists - - - - - -
-- Health and Beauty - - - - - -
Specialist Retailers
-- Other Foods Non- - - - - - -
Grocery Specialists
- Mixed Retailers 3.3 2.9 2.2 2.1 2.1 2.1
Non-Store Retailing - - - - - -
- Vending - - - - - -
- Homeshopping - - - - - -
- Internet Retailing - - - - - -
- Direct Selling - - - - - -
Total 100.0 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

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Table 9 Forecast Sales of Chocolate Confectionery by Category: Volume 2016-2021

tonnes
2016 2017 2018 2019 2020 2021

Chocolate Pouches and 1,540.4 1,589.4 1,636.2 1,680.5 1,722.1 1,760.7


Bags
Boxed Assortments 569.0 592.8 615.7 637.4 657.6 677.0
Chocolate with Toys 122.9 125.6 128.0 130.2 132.1 133.7
Countlines 2,990.9 3,116.3 3,277.4 3,429.1 3,572.9 3,710.7
Seasonal Chocolate 287.1 302.1 316.5 331.1 345.4 359.4
Tablets 6,986.4 7,138.0 7,276.0 7,399.6 7,507.9 7,600.2
Other Chocolate - - - - - -
Confectionery
Chocolate Confectionery 12,496.7 12,864.2 13,249.8 13,607.9 13,938.0 14,241.7
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 10 Forecast Sales of Chocolate Confectionery by Category: Value 2016-2021

COP billion
2016 2017 2018 2019 2020 2021

Chocolate Pouches and 65.0 67.7 70.3 72.6 74.7 76.6


Bags
Boxed Assortments 39.8 41.9 43.8 45.6 47.3 48.8
Chocolate with Toys 17.3 18.0 18.6 19.1 19.6 20.0
Countlines 150.7 158.2 167.3 176.0 184.1 191.7
Seasonal Chocolate 19.2 20.4 21.5 22.6 23.7 24.7
Tablets 245.5 252.0 257.9 263.1 267.5 271.1
Other Chocolate - - - - - -
Confectionery
Chocolate Confectionery 537.6 558.2 579.5 599.1 616.8 632.8
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 11 Forecast Sales of Chocolate Confectionery by Category: % Volume Growth


2016-2021

% volume growth
2016/17 2016-21 CAGR 2016/21 Total

Chocolate Pouches and Bags 3.2 2.7 14.3


Boxed Assortments 4.2 3.5 19.0
Chocolate with Toys 2.2 1.7 8.8
Countlines 4.2 4.4 24.1
Seasonal Chocolate 5.2 4.6 25.2
Tablets 2.2 1.7 8.8
Other Chocolate Confectionery - - -
Chocolate Confectionery 2.9 2.6 14.0
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

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Table 12 Forecast Sales of Chocolate Confectionery by Category: % Value Growth


2016-2021

% constant value growth


2016/2017 2016-21 CAGR 2016/21 TOTAL

Chocolate Pouches and Bags 4.2 3.3 17.8


Boxed Assortments 5.2 4.2 22.6
Chocolate with Toys 3.8 2.9 15.5
Countlines 4.9 4.9 27.2
Seasonal Chocolate 5.9 5.1 28.3
Tablets 2.7 2.0 10.4
Other Chocolate Confectionery - - -
Chocolate Confectionery 3.8 3.3 17.7
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

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