Chocolate Spreads Market By Packaging Type (Bottles, Pouches, Cups, Others) By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Online Stores, Specialist Stores, Others) - Growth, Future Prospects and Competitive Analysis, 2016 – 2028

How does quick snacking affect chocolate spread demand?

Chocolate is one of the popular and highly consumed food products on the planet. The chocolate spread is a sweet chocolate-flavoured paste that is typically spread on bread, doughnuts, toast, pancakes, and other grain goods. The spread is typically made with cocoa and palm or vegetable oil, although it may also include butter, milk, sugar, and other ingredients. Chocolate spreads have seen tremendous rise in sales in recent years, becoming the second most popular choice for spreads. Without the chocolate spread, no breakfast is complete. People's growing health concern has resulted in a considerable demand for low-calorie spreads. Since of its excellent nutritional value and low fat, chocolate spreads and peanut butter are gradually displacing jam and marmalade as the most popular breakfast spreads. Spreads are a significant element of traditional breakfast in the Western world, and the spread market is expected to increase in other regions as well. Individuals are becoming increasingly busy these days as a result of changing lifestyles, with several jobs and various shifts, and many cannot spare the time to prepare their meals.

In February 2022, the employment-population ratio for men, or the fraction of men who are now employed, was 65.7 %. In February 2022, the ratio for women was 54.4 %. As a result, many consumers prefer healthy snacks that can provide a good diet while also being nutritious for health. For instance, many consumers use chocolate spreads on slices of bread as breakfast to save time, while others carry it with them and consume it as an evening snack. People who consume nutritious snacks can reduce their appetite while also preventing them from overeating at mealtime. As a result, consumers must choose dietary products such as chocolate-based spreads for added nutrients and energy. The global chocolate confectionery market is expected to expand by another 15 billion US dollars between 2020 and 2025, after increasing by roughly 30 billion US dollars between 2019 and 2020.

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What is the Market Size of Chocolate Spreads in terms of value?

The global Chocolate Spreads Market is projected to increase at a significant CAGR of 2.50% in the coming years. In 2021, the global Chocolate Spreads market was valued at USD XX billion and is projected to reach at the value of USD XX billion by 2028. The demand for Chocolate Spreads is projected to increase substantially in the coming years and is presumed to generate revenue opportunities for the key industry players worth USD XX billion during the forecast period of 2022 and 2028.

What is the impact of COVID-19 on the chocolate spread market?

The COVID-19 pandemic has had a severe impact on the market for chocolate-based spreads. Because of the closures of several quick-service restaurants, fast-food shops, bakeries, and other businesses, consumers were actively engaged in trying out new food edibles such as cakes, pastries, and chocolate-based desserts. The primary motivation for consumers to do so was boredom and the inaccessibility of desserts outside. Furthermore, many customers used the chocolate spreads in their breakfast because they were convenient to utilise. Because of the closures of retail establishments and other businesses due to government restrictions and regulations, the preference for e-commerce websites was significant throughout the pandemic time.

Interesting Facts about Chocolate Spreads Industry

  • The current increase in consumer preference for healthful convenience foods has boosted demand for chocolate spreads. Consumer preferences are shifting toward portable, convenient, and imaginative ways to eat more fruit, typically paired with expensive, indulgent, and exotic foods, which is driving the expansion of the chocolate spread market.
  • Asia Pacific region had a major share in terms of volume as well as value in the global Chocolate Spreads market in 2021 and is projected to continue its dominance over the forecast period.
  • Rising innovation in chocolate spreads, such as new tastes and the addition of other ingredients, is also drawing consumers' attention to the items.
  • Key players are concentrating their efforts on product development and product innovation in order to suit the expectations of consumers by providing variation in flavour and product quality in order to sustain premiumization. Some of the large players' primary strategy is mergers and acquisitions.

Who are the Top 10 players/companies in the Chocolate Spreads market in term of value?

The key players in the global Chocolate Spreads market in terms of value include THE HERSHEY COMPANY, PURATOS, ADM, PT Davomas Abadi Tbk, Godiva, Barry Callebaut, Mars, Incorporated, Cargill, Incorporated, pladis global, The Kraft Heinz Company, FrieslandCampina, Britannia Industries, Schreiber Foods Inc., Toms International, JBCOCOA Sdn. Bhd., Nestle, Lake Champlain Chocolates, Petra Foods Limited and Palsgaard among others. These key players are concentrating on new product developments as well as technological innovation to enhance their production in Chocolate Spreads to gain competitive market share at a global level. For instance, in 2020, The Hershey Company launched a new flavour of chocolate spread called "Crunchy Cookie." According to the company, the main strategy behind the launch of its new product is to expand the company's product portfolio and offer consumers new products. This strategy will also allow the company to meet the changing preferences of consumers. On the other hand, in 2020, Dr. Oetker purchased Kuppies, a startup based in Noida. According to the corporation, the main reason for acquiring the startup was to employ Kuppies' production unit to develop new items in the food-spread area. Furthermore, by targeting larger consumers through product innovation, the company will be able to grow in terms of revenue.

Who are the Top 10 Countries in the Chocolate Spreads Market?

In the global Chocolate Spreads market, the major countries are US, Canada, Mexico, China, Japan, India, Australia, Germany, France, and Italy. Australia is a prominent consumer region due to rising consumer demand for bakery products, waffles, pancakes, and bread, among other things. Other important reasons leading to the growth of the Australia chocolate spread market include increased health consciousness among the people, increasing sustainable cocoa procurement, and so on. Because the millennial and generation Z populations make for almost 40% of the total population in Australia, the majority of people are health-conscious and watch what they eat. Consumer preferences are shifting toward portable, convenient, and imaginative ways to eat more fruit, typically paired with premium, indulgent, and exotic things, which contributes significantly to the growth of the chocolate spread market. The consumption of chocolate in Australia has grown over the years, hence it drives the growth of chocolate spread market over the forecast period. For instance, According to a 2019 survey, 4.22 million Australians consumed a combination of chocolate bars and blocks over a four-week period. In addition, 0.55 million people stated they ate a combination of chocolate blocks and boxed chocolates.

Which is the Key distribution channel segment in the Chocolate Spreads Market?

The supermarket and hypermarket segment held the most proportion of the chocolate spread market. This is due to the fact that supermarkets and hypermarkets give consumers with a high visibility and appealing choice of spread products. This allows children to find new varieties, interpret labels, and differentiate between products more effectively. Furthermore, supermarket chains are among the most frequently frequented establishments for grocery purchases. As a result, this element is predicted to improve market sales of chocolate spread. However, the online category is expected to grow at a quicker rate during the projection period, owing to increased customer convenience and increased consumer reach due to brand websites.

What are the Major Driving Factors for Chocolate Spreads Market?

The recent rise in consumer appeal of healthy convenience food options has fueled demand for chocolate spreads. Consumers' preferences are evolving toward portable, handy, and innovative methods to eat more fruit, often with premium, decadent, and exotic items, which contributes significantly to the growth of the chocolate spread market. Furthermore, today's consumers expect increased flavor experiences with high-quality, sustainable diets that provide perceived health benefits. As a result, there has been a considerable movement from unhealthy to healthy food products. As a result, the demand for chocolate spreads, particularly those based on nuts and seeds, has increased.

What are the Major Restraints for Chocolate Spreads Market?

The volatility of raw material costs and the unpredictability of the supply chain are expected to impede the growth of the worldwide chocolate-based spreads market. Additionally, dropping sales of baked goods such as bread, toast, and so on, as well as the growing popularity of cereals, will be significant constraints to the worldwide Chocolate Spreads market's growth. One of the major challenges for Chocolate Spreads is the increased volatility of raw material costs such as cocoa and sugar. The use of preservatives and artificial sweeteners in chocolate spreads has the potential to stifle the expansion of the chocolate spread business. This is because people are becoming more health concerned and knowledgeable about the components in their food products.

Which Region Dominated the World Chocolate Spreads Market?

In 2021, The Asia Pacific region is driving the global chocolate spread industry, owing to increased product consumption. Australia is a prominent consumer region within the region due to rising consumer consumption of bakery products, waffles, pancakes, and bread, among others. The greater acceptance of western eating culture in Asian countries such as India and China, among others, is also contributing to the rise in chocolate spread consumption. Increased urbanisation, changing lifestyles, and rising disposable incomes of customers in the region are driving demand for the product. The market is expanding rapidly as rivalry among key companies heats up with the release of a slew of new goods. The market is expanding due to an increase in the consumption of Chocolate-Based Spreads. Consumers are becoming more aware of the health benefits of dark chocolate, which is contributing to the expansion of the global chocolate spreads market in this area. consumers' disposable income and purchasing power improve, resulting in the purchase of these things for themselves as well as the consumption of new products. For instance, in 2020, Hershey India Private Ltd, the Indian affiliate of the American confectionery company well known for its syrups and spreads, has announced the debut of chocolate bars under the Hershey's name. Hershey's Bars are now offered in three flavours: Classic Creamy Milk, Whole Almonds Variant, and Cookies 'n' Crème. The 40 g pack costs INR 55 and INR 60, while the 100 g pack costs INR 130 and INR 140. With this, the firm also nationalised Hershey's Kisses.

North America is expected to have the highest growth rate over the forecast period due to its changing lifestyles of customers, which is leading to changes in eating habits such as a preference for ready-to-go convenient food products, it is gaining traction. Chocolate spread can be used over a variety of foods, including bread, toast, waffles, pancakes, and cookies. Consumption of the product has increased as a result of expanding urbanisation and the adoption of western culture. Chocolate spread is becoming more popular as food products get more innovative. For instance, Ferrero announced a financial transaction for USD 2.8 billion to acquire Nestlé American brands like as Butterfinger and Baby Ruth. After Mars and Hershey, the deal will make the private family firm the world's third-largest confectionery vendor.

Segmentation of Global Chocolate Spreads Market-

Global Chocolate Spreads Market – By Packaging Type

  • Bottles
  • Pouches
  • Cups
  • Others

Global Chocolate Spreads Market – Distribution Channel

  • Supermarkets/Hypermarkets
  • Convenience Stores
  • Online Stores
  • Specialist Stores
  • Others

 Frequently asked questions about the global Chocolate Spreads industry

The global Chocolate Spreads market is expected to be impacted significantly by COVID-19.

Asia Pacific accounted for the highest share in the global Chocolate Spreads market in terms of value.

Demand for chocolate spreads has been spurred by the recent growth in customer appetite for healthy convenience food options. Consumer preferences are shifting toward more portable, convenient, and imaginative ways to consume more fruit, typically paired with premium, luxurious, and exotic foods, fuelling the rise of the chocolate spread business.

Bottles segment had a major share in 2021 with more than 40% of the market revenue share.

Supermarkets/hypermarkets segment had a major share in 2021 with more than 30% of the market revenue share.

Chocolate Spreads Market Scope

Report Attribute Details
Market Value in 2021 XX MN
Market Value in 2028 XX MN
CAGR 2.50%
Benchmarking Year 2021
Past data 2016 – 2021
Forecast period 2022 – 2028
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Published Date:  Jul 2022
Category:  Food & Beverage
Report ID:   58963
Report Format:   PDF
Pages:   180
Rating:    4.8 (47)
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