The chocolate-based spreads market is anticipated to register CAGR of 1.88%, during the forecast period (2018-2023). The chocolate based spreads market is highly competitive with private label products competing with global prominent brands, in terms of pricing and product innovation.
Snacking has been a major trend across regions as snack provides energy for activities throughout the day and provides valuable nutrients, such as protein, minerals, vitamins, and fiber. The increasing trend for snackification is fueling the growth of chocolate based spreads market during the forecast period. The availability of regional products at a convenient price is creating competition in the market. Rise in consumer preferences for artisan bakery products has been a driving factor for chocolate based spread market. Chocolate based spreads are facing weakening demand due to growing health consciousness among consumers. As a result, Cocoa prices have hit a four-year low in 2017 due to an abundant supply and low demand.
The chocolates based spread market in the European region is dominated by increased consumption of chocolate spreads in most Western European countries, particularly Germany, France, Italy, and the United Kingdom (U.K.). However, chocolate spreads are not as popular in the Scandinavian countries, Portugal and Ireland. The North American market for chocolate spreads is well established, and because of regions’ self-sufficient production capabilities. Asia-Pacific region is anticipated to exhibit highest growth rate of 4.62% during the forecast period, owing to increasing preference of chocolate based spread and its delectable taste.
Major Players - J.M. Smucker Company, Nature Food Company (Nutri Light), The Hain Celestial Group, Nutkao S.R.L, Barefoot & Chocolate, DR Oteker, Hormel, Nestle, Hershey Co, and Ferrero Group, among others.
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