One of the most popular and highly consumed food product across the globe is chocolate. The chocolate spread is a sweet chocolate flavored paste which is mostly spread on bread, doughnuts, toasts, pancakes and other similar grain products.
The spread usually contains cocoa and palm or vegetable oil and sometimes also contain butter, milk, sugar and additional flavors. There is significant growth in the sales of chocolate spreads in the past few years and become the second most popular choice for spreads.
The chocolate spread is an integral part of every breakfast. The rising health consciousness among people led to high demand for low-calorie spreads.
The chocolate spreads and peanut butter are slowly replacing the jam and marmalade as the most popular breakfast spreads due to its high nutritional content and low fat. The new brands are providing stiff competition to already established brands by applying key driving factors such as continuous product innovation.
In the western world, spreads are the important part of traditional breakfast and are expecting high growth in other regions also, which will boost the spread market.
Chocolate Spread Market: Dynamics
Earlier only children and young people are the key consumers of chocolate spread, but now old age groups are also enjoying the spread which will boost the growth of chocolate spread market. Another factor towards the growth of chocolate spread market is the increase in disposable income and expenditure power among the consumers which results in purchasing these products for themselves and indulging in new products.
Moreover, the rising awareness among the consumers about the health benefits associated with the consumption of cocoa-rich dark chocolates, thereby contributing towards the growth of chocolate spread market.
The dark chocolates help in preventing cardiac diseases and have many other benefits which help in increasing its popularity over the forthcoming years. However, the fluctuating prices of raw materials such as cocoa and sugar and the instability of its supply will hamper the chocolate spread market growth.
In addition, the decline in the sales of bakery products like bread, toast., and growing popularity of cereals will be a key restraining factor for the growth of the global chocolate spread market.
Chocolate Spread Market: Segmentation
The chocolate spread market can be segmented on the basis of packaging type, distribution channel, and region. On the basis of packaging type, the chocolate spread market can be segmented into bottles, pouches, cups, and others.
On the basis of a distribution channel, the chocolate spread market can be segmented into direct sales and indirect sales. The indirect sales market can be further sub-segmented into the specialty stores, wholesalers, hypermarket, supermarket, convenience stores, online retailers and others.
On the basis of region, the chocolate spread market can be segmented into North America, Europe, Asia Pacific, and rest of the world.
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Chocolate Spread Market: Regional Outlook
On the basis of the regional outlook, chocolate spread market is segmented into five different regions: North America, Latin America, Europe, Middle East and Africa and Asia Pacific. The major factor driving the chocolate spread market in Asia Pacific region is the large population base and innovation in terms of taste.
North America and Europe dominate the chocolate spread market by factors such as growing consumer preference for chocolate spreads and increased disposable income of the consumers in the region. In Russia, busy schedule, changing lifestyle and shortage of time for making home-made preserves promotes the usage of readymade spreads.
Latin America and the Middle East and Africa are expected to have the considerable growth in the near future.
Chocolate Spread Market: Key Player:
Some of the major players operating in chocolate spread market include Ferrero Rocher, The Hershey Company, Hormel Foods Corporation, The J.M. Smucker Company, PASCHA Chocolate, Dr. Oetker India Pvt. Ltd., Young's (Private) Limited., Andros SAS, Date Lady, Flourish.
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