Press release
Chocolate Spread Market Size to Grow at a CAGR of 2.3% in the Forecast Period of 2022-2027
Chocolate Spread Market
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
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Chocolate Spread Market Price, Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2017-2027)
• Forecast CAGR (2022-2027): 2.3%
The changing food preferences of consumers, rising disposable income, and growing popularity of convenient foods, are some of the driving factors of the market for chocolate spread.
The rising popularity of clean-labelled chocolate spreads with added nutritional benefits is further fuelling the market numbers. Chocolate spreads are convenient and can be applied to various food items such as pancakes, cookies, wheat breads, and ice-creams, among others, which is a chocolate spread market propelling factor.
The increasing incorporation of chocolate spread in various dishes in restaurants and hotels is another major driving factor of the market. Chocolate spread can enhance the flavour of desserts and pies, which are extremely popular among the young population.
Moreover, chocolate spreads can offer numerous health benefits including improvement of nerve health, increased production of red blood cells, and improved bone density.
Over the forecast period, the anticipated increase in demand for chocolate spread among the working population as an energy booster is expected to fuel the chocolate spread market growth.
Chocolate Spread Industry Definition and Major Segments
Chocolate spread is a paste made up of chocolate which is usually placed on bread, tortilla, and various bakery products. It is easy to spread and has a sweet and delicious flavour which makes the food more tasty for consumption. It is widely used in the food and beverage industry leading to a steady growth of the market for chocolate spreads.
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Based on source, the market can be segmented into:
• Organic
• Conventional
By type, the market has been divided into:
• Dark Chocolate
• Milk Chocolate
• White Chocolate
• Others
On the basis of packaging type, the market has been classified into:
• Bottles
• Pouches
• Cups
• Others
The market can be categorised based on distribution channel into:
• Supermarkets and Hypermarkets
• Convenience Stores
• Specialist Stores
• Online
• Others
On the basis of region, the market can be categorised into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Chocolate Spread Market Trends
The key trends in the global chocolate spread market include the increasing sale of premium packaged chocolate spreads, owing to their increasing availability across supermarkets and convenience stores.
The availability of chocolate spread in various packaging such as pouches and cups are another key trend in the market, enabling consumption on-the-go for busy consumers. Meanwhile, the burgeoning e-commerce industry is further improving the market dynamics by expanding their product portfolio.
Chocolate spreads are widely liked by children due to the flavour, and with improvements in nutritional value, chocolate spreads are being supported by parents as well. The growing research and development activities by the nutraceutical and food manufacturing companies are expected to increase the innovations leading to the development of better chocolate
spread products.
In regional terms, Asia Pacific holds a decent share in the chocolate spread market, which is being driven by the growing population across the emerging economies such as India and China. Increasing availability of specialised and flavoured chocolate spreads in countries of the Asia Pacific is further supporting the regional market growth.
Key Market Players
The major players in the chocolate spread market report are:
Ferrero International S.A.
The Hershey Company
Nestlé SA
Mondelez International, Inc.
NUTKAO S.r.l.
Dr. Oetker India Pvt. Ltd.
Nutiva Inc.
Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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