|Study Period:||2016 -2027|
|Fastest Growing Market:||Asia Pacific|
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The chocolate-based spreads market is projected to record a CAGR of 3.6% during the forecast period (2022-2027).
The COVID19 crisis has significantly affected the chocolate-based spreads market. There was a change in consumers' buying behavior because of the closures of several quick-service restaurants, fast-food shops, bakeries, etc.. The consumers were actively engaged with trying out several new food edibles such as cakes, pastries, and chocolate-based desserts. The main reason for consumers to do so was boredom and inaccessibility of consumption the desserts outside. Moreover, many consumers were also using the chocolate spreads in their breakfast as it was convenient to use. The preference for e-commerce websites was high during the pandemic because of the closures of retail stores and other shops due to government rules and regulations.
Increased consumption of chocolate-based spreads as a part of the breakfast meal is fuelling the market's 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.
Moreover, rising innovation of chocolate spreads, such as new flavors and the addition of several different ingredients, is also dragging the consumers' focus toward the products.
Scope of the Report
Chocolate spread is a sweet chocolate-flavored paste that is eaten mostly spread on slices of bread and toasts or similar grain items such as waffles, pancakes, muffins, and pitas. Although it tastes, smells, and looks like chocolate, it does not solidify, even at room temperature. The chocolate-based spreads market is segmented by distribution channels such as supermarkets/hypermarkets, convenience stores, online stores, specialist stores, and others. The market is also segmented by geography into North America, Europe, Asia-Pacific, South America, and the Middle-East and Africa. For each segment, the market sizing and forecasts have been done on the basis of the value (in USD million).
|By Distribution Channel|
|Online Retail Stores|
Key Market Trends
Rising Demand for Quick Snacks
Due to the changing lifestyle, individuals are getting busy these days with several jobs and varying shifts. Thus, they can't afford the time for the preparation of their meals. Thereby, many consumers prefer healthy snacks which can provide a good diet and be nutritious for health as well. For example, many consumers use chocolate spreads on the slices of bread and use them as breakfast to save time, whereas many carry it with them and consume it as an evening snack. Snacking has become a major trend across regions as it provides energy for activities throughout the day and valuable nutrients, such as proteins, minerals, vitamins, and fiber. People consuming healthy snacks can also decrease their hunger while keeping them from overeating at mealtime. 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 foodservice sector.
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Asia-Pacific is the Fastest-growing Market
Asia-Pacific is the fastest-growing market. This is because of the population growth in this specific region. Moreover, the country Australia holds the largest share in the chocolate spread market as the chocolate spread is largely consumed among other food spreads in the country. The changing lifestyles and breakfast patterns have significantly impacted the chocolate spread sales in the region. Due to the increasing demand for chocolate-based spreads in this region, many innovations are taking place, such as many companies introducing new flavors of chocolate spreads that the consumers can prefer.
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The market studied is highly competitive in nature. This is due to the presence of domestic and international players in this sector. The industry's major players are The J.M. Smucker Company, Ferrero, The Hershey Company, Nestlé, and Dr. Oetker. Key players are focusing on product development and product innovation to meet the consumer's needs by offering a variety in taste and product quality to maintain premiumization. Some of the major players use mergers and acquisitions as their key strategy. The strategy to follow mergers and acquisitions by these top players is to sustain and secure a leading position in the industry. This will enable the companies to maintain dominance over other players, and the companies can remain a strong competition for other players in the market.
In 2022, The Hershey Company launched a new flavor of chocolate spread which is " Crunchy Cookie". According to the company, the major strategy behind launching its new product is expanding its product portfolio and offering consumers new products. This strategy will also enable the company to meet the consumer's changing preferences.
In 2021, Dr. Oetker acquired Kuppies, a Noida-based startup. According to the company, the major strategy for acquiring the startup was to use the manufacturing unit of Kuppies for innovating new products in the food-spread segment. Moreover, this strategy will enable the company to grow by revenue as it can target larger consumers through product innovation.
In 2020, Ferrero SpA Company's brand Nutella launched its new flavor chocolate spread, "Double Cocoa", according to the company, the product has dark color compared to the previous version.
Table of Contents
1.1 Study Assumptions & Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Distribution Channel
5.1.2 Convenience Stores
5.1.3 Online Retail Stores
5.1.4 Specialist Stores
5.2.1 North America
126.96.36.199 United States
188.8.131.52 Rest of North America
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
18.104.22.168 Rest of Asia-Pacific
5.2.4 South America
22.214.171.124 Rest of South America
5.2.5 Middle-East and Africa
126.96.36.199 South Africa
188.8.131.52 United Arab Emirates
184.108.40.206 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 Ferrero SpA Company
6.4.2 The Hershey Company
6.4.3 Nestle Food Company
6.4.4 Dr. Oetker
6.4.5 The J.M. Smucker Company
6.4.6 Gruppo Nutkao
6.4.7 Barefoot & Chocolate
6.4.8 Mondelz International
6.4.9 Nutiva Inc.
6.4.10 Mars Incorporated
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID19 ON THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Chocolate Based Spreads Market market is studied from 2016 - 2027.
What is the growth rate of Chocolate Based Spreads Market?
The Chocolate Based Spreads Market is growing at a CAGR of 3.6% over the next 5 years.
Which region has highest growth rate in Chocolate Based Spreads Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Chocolate Based Spreads Market?
Europe holds highest share in 2021.
Who are the key players in Chocolate Based Spreads Market?
The Hershey Company, Dr. Oetker, The J.M. Smucker Company, Nestlé Food company, Ferrero SpA Company are the major companies operating in Chocolate Based Spreads Market.