Market Intelligence Engagement Helped a Chocolate Confectionery Manufacturer to Increase Profits by 23%
Chocolate Confectionery Market Overview The rapid premiumization in chocolate confectionery and the rising demand for gluten-free chocolates are expected to foster the growth of the chocolate confectionery market in the coming years. However, customers’ increasing focus on health and a slowdown in sales in promising markets could impact the further growth of the global chocolate [...]
Chocolate Confectionery Market Overview
The rapid premiumization in chocolate confectionery and the rising demand for gluten-free chocolates are expected to foster the growth of the chocolate confectionery market in the coming years. However, customers’ increasing focus on health and a slowdown in sales in promising markets could impact the further growth of the global chocolate confectionery market. As such, leading players in the chocolate confectionery market are identifying new growth opportunities and focusing on innovating their product offerings. However, to rapidly adapt to the market changes, it requires companies in the chocolate confectionery market to track key industry trends, opportunities, and threats.
The client is a chocolate confectionery manufacturer based out of Belgium.
Business Challenges Included:
The rising competition from new players who provided a wealth of snacks such as energy bars and nuts increased competition for the client as customers were highly health-conscious. Also, rapid fluctuations in the prices of raw materials hampered the company’s production volume and adversely affected the profit margins. The company also imported raw materials from other countries. However, the client noted that prices for imported raw materials such as cocoa butter, sugar, almonds, and vanilla climbed to record levels due to unfavorable weather conditions in producer countries. To address these rising challenges, the chocolate confectionery manufacturer realized the need to gather comprehensive insights into the market demands and industry developments. As such, they approached the experts at Infiniti Research to leverage their expertise in offering market intelligence solution.
The experts at Infiniti Research followed a four-phased approach.
A market opportunity assessment to analyze the chocolate confectionery market changes and industry developments. This also involved a thorough analysis of the price changes in the market.
A competitive intelligence study to gather comprehensive insights into the top companies in the chocolate confectionery market. This phase of the engagement also involved analyzing the sales rate of the major competitors for the past five years and identifying the best-selling products.
A market trend analysis study to identify trends gaining popularity in the chocolate confectionery market. This also involved analyzing factors impacting the product demand and constraints hindering the business operations of the client.
A demand management study to understand demand patterns in the chocolate confectionery market.
By leveraging Infiniti’s market intelligence solution, the chocolate confectionery manufacturer was able to identify the best-selling products in the market, analyze trends gaining popularity, and monitor price fluctuations in the market. The client was also able to focus more on developing energy bars for attracting health-conscious consumers. Also, a thorough analysis of the demand patterns in the market helped the client to efficiently manage the production volume and make informed business decisions to meet the market demand, all within a short period of eight months. Furthermore, by investing more into new packaging innovations, they were able to acquire new customers and enhance sales. The company was also able to enhance profits by 23%.