The Singapore-based chocolate brand is known for its high-protein chocolates enriched with fermented soy.
It recently expanded into Australia and New Zealand with two new flavours: Matcha White Chocolate Clusters and Dark Chocolate & Coconut Clusters.
In Australia, where COA launched in May, the brand had reached 97 to 98 stores at the time of the interview and was expanding across Sydney, Melbourne and Queensland. Its products had also landed in New Zealand.
COA Founder and CEO Eduardo Burg selected these flavours based on a combination of consumer testing and market trends.
“I just launched in Australia, and I tested different flavour combinations and coconut cream came out as the top flavour choice,” he said.
“Matcha was a bit of a joker card that I played because of the matcha trend. I thought, I’ve never tested it. I have a recipe available that I can use, so I’ll just go for it.”
Burg said COA will partner with a Singapore hotel, which he declined to name until it begins selling COA products in October.
The hotel chose matcha and coconut because they are popular in Southeast Asia.
Beyond following trends, Burg said new product development is guided by COA’s better-for-you positioning.
Chocolates with a better-for-you angle
COA prioritises flavours and ingredients, such as fruits and matcha, that align with its better-for-you positioning.
“The first thing that’s important to me is that, as a better-for-you brand, I want to use ingredients that are already associated with better-for-you positioning, but it has to be the right combination,” Burg said.
“I’ve also tested dark chocolate and red berries with Australian consumers. We already have the prototype done and tested, and they taste really good. That will be the next one that I’m going to launch.”
He said the brand is less likely to pursue mainstream flavours such as milk chocolate. While it accounts for a large share of the chocolate market, Burg does not currently see it as fitting COA’s positioning.
“You also should not expect caramel or fudge flavours from us. I personally don’t believe in those flavours for the brand because I always want my flavours to carry a health component,” said Burg.
“This is also why I still have a big question mark around milk chocolate. Milk chocolate is obviously the biggest chocolate market, but at the same time, it’s associated with being less healthy. It’s an ongoing debate for me: should I or shouldn’t I go there? For now, I’m choosing not to. I don’t think it’s the right way for the brand.”
He also discussed COA’s use of fermented soybeans to boost protein content and add crunch.
Dual fermentation for added benefits
Chocolate is made from fermented cocoa beans, with fermentation primarily used to develop flavour. COA takes the concept a step further by fortifying its chocolates with fermented soybeans to boost protein content and add crunch. Burg calls this process ‘dual fermentation’.
“We’re the world’s first chocolate that uses not only fermented cocoa for flavour depth but also fermented soy for texture and nutrient-density – high protein quantity and quality, with high fibre content,” said Burg.
“What we’re doing is doubling down on fermentation, but with a bit of a twist, because our crunchy ingredient is fermented soybean. There’s a lot of benefits that you can get from that ingredient itself. It has 50% protein and 20% fibre, so it’s already a really good ingredient by itself. And with fermentation, you increase the bioavailability of the protein. It also has a complete amino acid profile, so it’s not only about the quantity of protein; it’s about the quality of that protein as well.”
He said the soybean fermentation process is proprietary and said the company is working with Singapore’s Republic Polytechnic to unlock more of the potential benefits of fermented soybeans, which yield better quality proteins than non-fermented ones.
The six- to nine-month collaboration is approaching its final stages, with additional testing expected over the following three to four months.
The work is also focused on finalising the product’s texture and sensory characteristics and understanding which bioactive compounds remain after processing.
Burg noted that fermentation involves high-temperature processing, which can alter bioactive content, but said existing literature indicates that postbiotics can remain even after the microorganisms are no longer alive, potentially offering benefits for gut health, immunity and brain health.
These developments are significant as consumers become more knowledgeable about protein. Simply positioning a product as “high protein” may no longer be sufficient, and this is reason enough to communicate the quality of the protein and the additional benefits it may offer.
Targeting the health-focused consumer in the snack market
Burg said he assessed potential markets using two main variables: per-capita consumption of sports protein and nutrition products, and chocolate’s share of the overall snacking category.
“I had four markets that came out on top. Singapore was one of them, and the rest were Australia, the US, and the UK,” he said.
He chose Australia as the first market to expand into.
“I hope to use Australia as a springboard to learn and be able to launch one day in the US,” Burg said.
“Singapore is a very unique market in terms of consumer behaviour, but the health-conscious behaviour in the Australian market has a lot of similarities to that in the US.
Although Burg considers his “end game” to be in the US because it is the biggest consumer market, he recognises that the current situation is not feasible for COA to enter the US market.
“From a supply chain perspective, it’s not sustainable to have a brand source in Asia to sell in the US, especially with the tariffs right now. I’d have to readjust the supply chain. It also requires a significant amount of capital investment to launch in such an expensive market like in the US. But for now, the success that we’re having in Singapore and the good feedback that we’re getting from Australia gives me the confidence that we’re on the right track.”
