Global Chocolate Based Spreads Market is forecasted to grow at a CAGR of 1.81% during the forecast period (2019 - 2024).
- Increased consumption of chocolate-based spreads as a part of the breakfast meal is fuelling market growth. Consumers are gaining awareness about the favorable health effects associated with the consumption of dark chocolates, thereby becoming another factor supplementing the market growth.
- Also, rising demand for ready to eat products owing to hectic and changing lifestyles have promoted the adoption of readymade chocolate spreads.
Scope of the Report
Global Chocolate-based Spreads Market is segmented by distribution channel as Supermarkets/Hypermarkets, Convenience Stores, Online Stores, Specialist Stores, Others; Geography
Key Market Trends
Increasing Demand for Snacks including Packaged Foods
Snacking has become a major trend across regions as it not only provides energy for activities throughout the day but also provides valuable nutrients, such as proteins, minerals, vitamins, and fiber. People consuming healthy snacks can also decrease their hunger while keeping them from overeating at meal time. Snackification has become a new trend among consumers who prefer ’on-the-go’ foods due to a hectic lifestyle. Hence, it becomes necessary for individuals to opt for food products such as chocolate-based spreads for extra nutrients and energy. Such factors, in turn, are leading to the increased popularity of chocolate-based spreads through the evolving retail landscape, coupled with the developing food service sector.
Asia-Pacific Held Largest Market Revenue
The Asia-Pacific held the largest share of the global industry revenues in 2018. Australia holds the largest share in the chocolate spread market as the chocolate spread is largely consumed among other food spreads in the country. Changing lifestyles and breakfast patterns have significantly impacted the chocolate spread sales in the region. Market players are finding key opportunities to introduce chocolate spreads into China’s larger markets by targeting imported food stores. Also, the adoption of Western culture and foods have replaced traditional foods with bread and toasts, thus, increasing the demand for spreads.
Ferrero, The Hershey Company, Nestl?, and Dr. Oetker are some of the companies leading the chocolate-based spreads market. New product launches, market expansions, and acquisitions are the preferred strategic approaches adopted by most companies involved in the chocolate spread business. The players are also innovating new products in terms of flavors. For example, Hershey’s Spreads come in three flavors, namely, chocolate, chocolate with almond, and chocolate with hazelnut, which were launched in 2013. Therefore, new product launches are inferred to be the most preferred activities by market leaders.
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