New research from Mintel reveals that the number of global Easter egg new product launches has risen 45% over the past year.
The report finds around a quarter (25%) of all global chocolate launches in 2011 were for chocolate products with a “seasonal” positioning such as Christmas, Easter or Halloween.While global new product chocolate launches declined by 7% between 2010 and 2011, products with seasonal claims increased by 6% in the same period. And it seems that this year has seen a real hive of activity around Easter chocolate NPD as research shows that there has been a spectacular 45% rise in the number of Easter products launched globally during 2012 compared to Easter 2011.
In terms of value, last year the seasonal chocolate market represented a $4.9 billion market in the US, up 6.4% on 2010; in the UK, the market is equally robust with 2010 sales at more than £500 million.
While seasonal chocolate has been the star performer of the industry, the research shows it has been less than positive for posh chocs as premium activity slowed in 2011.
Between 2010 and 2011 launches of premium chocolate products declined 10%. In the US, the biggest market for new premium launches, new introductions declined by 28%. Innovation in the UK (-31%) and Australia (-24%) also slowed.
It just shows that innovation is the key to success. Whilst many consumers may be cutting back on discretionary spending, they can be encouraged to spend a little more during periods of celebration. The challenge for confectionery brands is how can they maintain this momentum and continue to engage consumer interest.