QUICK BITES
BY DARRE N CLIMANS
Plant-based confection
Consumers have a taste for guilt-free treats and manufacturers like those odds, responding with an array of new products
People love sweets. You might even say that we’re addicted to sweet treats. We also, undeniably, love to gamble. Conservative estimates taken from licensed sportsbooks in the U.S. suggest that north of $100 billion was wagered legally during the 2021 NFL season. Bets on Super Bowl LVI alone, from tens of millions of people, represented close to $10B. One of the most popular bets is the coin toss. Bets are placed on which team will win, heads or tails, and whether the team that wins the coin toss will then go on to become Super Bowl champs. The phrase, “It’s a coin toss,” implies that two outcomes have an equal probability of happening. We know that, mathematically, chance then decides if one thing or the opposite will occur. In business, few have an appetite for being at the mercy of such odds. Before investing, we rather seek assurances that a result is both likely and sustainable. Those
8
May | June 2022
|
are key elements in the evolution of markets. Sustainability as a goal, has itself become a market driver. For more than a century, the surety of success in confections has been a predictable reliance on impulse purchases by consumers. On my first trip to London in the 1980s, I took note of the many wall-mounted vending machines on subterranean Tube platforms, selling a limited selection of chocolate bars. My last trip in 2020 before COVID was to Santiago, Chile. The modern and highly efficient subway system in Santiago is littered with vending machines selling a wide variety of candies, snacks and chocolate confections. At first glance, the model doesn’t appear to have changed much in my lifetime. But there are indications that consumers are looking for more. In 2013, Lindt introduced a line of premium, indulgent products under the banner Hello. Thomas Linemayr, then-CEO and president, Lindt USA,
Convenience Store News Canada
Trickle or flood According to global insights and research provider Euromonitor, confectionery SKUs that call-out vegan represented less than 2% of the category SKU count in 2020. Fair Trade SKUs, globally, were approximately 1% of the total SKU count. However, Euromonitor further reported that Canada significantly over-indexed in both of these segments. The Ipsos FIVE Consumption Tracking Study monitors labels of importance, reflecting defined Canadian consumer needs. While vegan confectionery is still small, strong development among younger consumer cohorts denotes that future growth is likely, particularly as the focus on plant-based continues to rise in importance. Digging deeper into the motivations underpinning these purchases, Ipsos research points to the prioritization of ethics, health, all-natural and nurturing. Consumer demands Ontario-based manufacturer, Waterbridge Confectionery often
SHUTTERSTOCK.COM
explained, “We are excited about… the opportunity to engage millennials, a virtually untapped group in the premium chocolate space.” In 2021, Lindt expanded the Hello line to include vegan offerings and recently launched in Canada and the U.K. three new vegan bars made with oat milk.
CCentral.ca
