Sweet Cravings... Chocolate Soars Amid COVID-19

Light Meals with Milk and Yogurt
Home-Made Kits Also Popular

[Asia Economy Reporter Lim Hye-seon] As the COVID-19 pandemic prolonged, the chocolate market, which had been on a declining trend, has turned to a growth phase again. The market has also become more premiumized, with a significant increase in imports of premium chocolates.

According to the Korea Agro-Fisheries & Food Trade Corporation (aT) and Euromonitor on the 23rd, the domestic chocolate market size, which had been decreasing since 2017, is expected to increase by 0.7% from the previous year to 639.5 billion KRW this year. aT forecasts an average annual growth rate of 2.0%, with the market size reaching 704.6 billion KRW by 2026.

In terms of market share by company, Lotte Confectionery, leading with brands such as Ghana, Crunch, and ABC, maintains the top position with 26.0%. Ferrero, known for Ferrero Rocher, holds 20.5%, Korea Mars with Snickers and Twix has 16.8%, and Haitai Confectionery, with Jayeojigan (Free Time), follows with 10.1%.

Notably, the growth of imported products stood out. By product sales volume, Ferrero Rocher ranked first with 10.8%. The market share of chocolate ball-type products such as Maltesers (5.2%) also increased. According to the Korea Customs Service, last year’s chocolate import value reached 221.67 million USD (approximately 260.4 billion KRW), the highest in five years. Up to June this year, imports amounted to 107.3 million USD (about 126 billion KRW), slightly increasing from the previous year’s 100.87 million USD (approximately 118.5 billion KRW). A food industry official explained, "Sales of chocolate ball products, led by Maltesers, which became a hot topic on social media (SNS) in 2019, are increasing," adding, "Their popularity is due to being able to be eaten as a meal substitute when paired with milk or yogurt."

According to Naver Datalab Shopping Insight, among those under their 20s, ‘chocolate kits’ that allow making chocolate at home, alcohol-infused chocolates, and gold bar chocolates are popular. People in their 20s and 30s showed high interest in almond chocolate balls and toy chocolates to enjoy with children staying at home due to COVID-19. Those aged 50 and above mainly purchased traditional popular brands such as ABC and m&m, as well as chocolate bar-type products like Jayeojigan (Free Time).

This content was produced with the assistance of AI translation services.