Chocolate has been one of the most stable market segments within the global food and confectionary industry.
According to industry research firm Market Reports World, the global chocolate market is valued at approximately $47.3 billion and is expected to hit $62 billion within the next decade. More than 60% of global chocolate consumption happens through packaged retail channels and more than 70% of consumers purchase chocolate at least once per month.
On Guam, that statistic is most apparent in the tourism industry. In big box grocery stores like Pay-Less and convenience marts like ABC Store, Guam-branded chocolate is always available for tourists to take home.
Furthermore, chocolate is trending on social media, particularly Dubai chocolate: a chocolate bar featuring a pistachio, tahini, and toasted kadayif filling.
Yunny Yang is a distributor of Dubai chocolate under Eden Global who told the Journal that the chocolate popularity among young consumers is strong in Korea, while Guam got on the Dubai chocolate train a little bit later.
“[It’s] a stable market right now,” she said. Yang’s company sells a variety of Dubai chocolates, but she said the traditional pistachio flavor is selling well among locals and visitors. The distributor’s chocolate can be found in Mobil and 76/Circle K gas stations, Kmart, and the Village of Donki, among other retailers.
The Dubai chocolate Yang distributes is made and manufactured in Korea while its ingredients are imported into the country.
RiceMagician Hank Rice said he was born loving chocolate. He told the Journal chocolate was fairly available growing up namely, chocolate ice cream. Rice loves all forms of chocolate from bars to cookies but enjoys especially foreign chocolate bars and candy.
“I love chocolate very much, it’s always been [there] for me,” he said.
On average, Rice estimated that he consumes at least one chocolate related item per week, though if he had it his way, it would be every night if he had the opportunity. He told the Journal in a March 27 interview that a box of truffles he received several nights before was now more than half gone at his household.
Reese’s peanut butter chocolate is Rice’s go-to, though dark chocolate is also a preferred flavor describing it as “not a powerful sweet,” which he believes makes it more appealing to adults who tend to prefer less sugary snacks compared to when they were younger. Additionally, sweets are a go-to stress reliever and many gravitate towards chocolate, he said.
For the future of the confection, Rice said the innovation of new flavors are tied to those in the kitchen. “As long as there are pastry chefs there will be new creations,” Rice said. ”A day without chocolate is like a sky without sunshine.” mbj
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