According to a new market report published by Credence Research “Global Chocolate Spreads Market Growth, Future Prospects and Competitive Analysis, 2018 – 2026,” the chocolate spreads market is expected to expand closely with a CAGR of 3.7% from 2018 to 2026. Increasing consumption of chocolate spreads as a part of breakfast meal is poised to drive the market growth.
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Chocolate spreads are sweet chocolate flavored pastes majorly spread on breads, toasts, pancakes and other grain products. These spreads have become an integral part of breakfast and evening suppers. Resurging interest in home cooking and baking have increased the frequent consumption of sweet spreads across the globe. Also, industry players are offering consumers innovative and interesting methods of using sweet spreads in baking as well as non-breakfast eating occasions, especially evening snacks.
The market is witnessing significant growth owing to rising demand for chocolate spreads among consumers irrespective of their age. Moreover, rising awareness among consumers about the favorable health effects associated with the consumption of dark chocolates is a significant factor supplementing the market growth. The presence of a compound namely, pentameric procynadin in dark chocolate disrupts the formation of cancer cells, which has also increased its attractiveness over the years. Chocolate spreads also helps in maintaining the cholesterol levels and type-2 diabetes due to the presence of dietary fibers and unsaturated fats in it.
The market is highly competitive and fragmented owing to presence of large number of multinational and local players. The market is witnessing numerous expansions and mergers. Recently, Hindustan Unilever Limited decide to separate its spread business and acquired Kissan from the United Breweries Group so as to boost the sale of spread brands such as Flora. Also, rising distribution network of foreign brands such as Nutella of Ferrero Rocher in developing countries such as China and India, due to their strong position in market is also generating demand for foreign products among consumers.
Major Key players present in the market include J.M. Smucker, Kraft Foods, Unilever Group, ConAgra Foods Inc., B & G Foods Inc., Ferrero Group, Hershey Co., Nestle, Wellness Foods, Premier Foods and Naturefood Chocolatier.
- Increasing demand for organic chocolate spreads.
- Rising demand for dark chocolate based spreads owing to its health benefits.
- Asia Pacific offers major market growth potential.
- Others (Cans, Jars etc.)
By Distribution Channel
- Online Retail
- Convenience Stores
- Departmental Stores
- Others (General Retailers, Food and Drinks Specialists, etc.)
- North America (The United States & Canada)
- Europe ( Germany, France, Spain and Rest of European countries)
- Asia Pacific (India, China, Japan and rest of Asia Pacific countries)
- Latin America (Mexico, Brazil, and Rest of LATAM countries)
- Middle East and Africa (GCC and Rest of MEA countries)