the market outlook for russian premium chocolate is an exciting one, with plenty of growth opportunities in the next decade. the russian confectionery market is expected to grow at a cagr of 7.6% from 2018 to 2032, driven by an increase in disposable incomes, the rising popularity of premium chocolate varieties, and a growing demand from gifting and special occasions. russia’s premium chocolate market is underpinned by a range of factors, including an expanding middle class, increasing consumer awareness of premium quality confectionery products, and the growing popularity of gifting and special occasions. special occasions such as new year and easter are important events in russia’s cultural calendar which account for a significant portion of demand for premium chocolate. with gifting of chocolate being a popular russian tradition, 2020 witnessed a strong demand for premium chocolate during easter festivities. russian consumers’ willingness to pay more for quality and innovation also presents an opportunity for premium chocolate manufacturers. as an example, leading confectionery manufacturers in russia are introducing premium and innovative chocolate products such as bonbonnières, dark chocolate varieties, and even premium african cocoa-based products. the growth of online retailing is another factor underpinning the expansion of russia’s premium chocolate market. online retailers can target consumers in more remote locations, and the widespread availability of premium chocolate products across popular e-commerce sites has enabled a larger consumer base to access premium chocolates. in addition, convenience stores are also playing a growing role in retailing premium chocolate products in russia. although macroeconomic conditions will remain a challenge for the russia premium chocolate market, the strength of the current trends point towards a positive outlook over the next decade. with consumers increasingly looking for premium and innovative chocolate confectionery products, manufacturers and retailers will continue to capitalize on this trend in order to capitalize on the growing market.
