Chocolate based spread is the second most popular choice for spreads with its sales rising by 27% in the last four years. The global chocolate based spread market was valued USD 4037.01 million in 2017, and is expected to reach USD 4494.51 million by 2023, at an estimated CAGR of 1.81% during the forecast period (2018-2023). With increasing economic pressure, people are looking to cook at home and spreads are an extremely viable option. Peanut butter and chocolate spreads are displacing jam and marmalade as the most popular breakfast spreads. Product innovation is the key driving factor for new brands that are providing a stiff competition to the already established ones in the spreads market.
Nutella remains the most favourite chocolate spread with Hershey’s coming in second. Jif Hazelnut also was a popular choice among consumers. The retail volume sales of chocolate spreads increased by 2% in the US and 1.5 % in the UK. Nutella, which started out as a somewhat niche spread, has grown into a very substantial part of the category. Its growth has also come about without causing significant damage to other spread varieties, as it is typically used on very separate occasions to honey, and can sometimes even be paired with nut and seed-based spreads like peanut butter.
In Western Europe, the chocolate spreads market witnessed a growth rate of 7.9% with the U.K., Italy, Germany and France being the major growth regions. The major market players in this industry are Nutella by the Ferrero Group, Hershey’s, Unilever and Premier foods.
Reasons to Purchase this Report
Customization of the Report
This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs.
Looking to Customize Report?