According to a new market report published by Credence Research “Global Chocolate Spreads Market by Source (Organic and Conventional), by Packaging Type (Bottles, Pouches, Cups and others), and by Distribution Channel (Online Retail, Hypermarkets/Supermarkets, Convenience Stores, Departmental Stores and Others) – Growth, Future Prospects and Competitive Analysis, 2018 – 2026,” the market for chocolate spreads is anticipated to grow tightly from 2018 to 2026 with a CAGR of 3.7%. As part of the breakfast meal, increased consumption of chocolate spreads is ready to drive market growth.
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Chocolate spreads are pastes flavored with sweet chocolate that spread mostly on breads, toasts, pancakes and other grain products. These spreads have become an essential component of suppers for breakfast and evening. Resurgent interest in home cooking and baking has boosted frequent sweet spread consumption around the globe. Industry players also offer consumers creative and exciting ways to use sweet spreads in baking as well as occasions for non-breakfast eating, particularly evening snacks.
The market is experiencing important development due to increasing demand for spreads of chocolate among customers regardless of age. In addition, increasing consumer awareness of the beneficial health impacts associated with dark chocolate consumption is an important complement to market development. The existence of a compound, namely pentameric procynadine in dark chocolate, disrupts cancer cell formation, which has also enhanced its appeal over the years. Due to the existence of nutritional fibers and unsaturated fats in it, chocolate spreads also help to maintain cholesterol concentrations and type 2 diabetes.
The market is highly competitive and fragmented owing to presence of large number of multinational and local players. The market is witnessing numerous expansions and mergers. Recently, Hindustan Unilever Limited decide to separate its spread business and acquired Kissan from the United Breweries Group so as to boost the sale of spread brands such as Flora. Also, rising distribution network of foreign brands such as Nutella of Ferrero Rocher in developing countries such as China and India, due to their strong position in market is also generating demand for foreign products among consumers.
Major Key players present in the market include J.M. Smucker, Kraft Foods, Unilever Group, ConAgra Foods Inc., B & G Foods Inc., Ferrero Group, Hershey Co., Nestle, Wellness Foods, Premier Foods and Naturefood Chocolatier.
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- Increasing demand for organic chocolate spreads.
- Rising demand for dark chocolate based spreads owing to its health benefits.
- Asia Pacific offers major market growth potential.
By Source Type
By Packing Type
- Others (Cans, Jars etc.)
By Distribution Channel
- Online Retail
- Convenience Stores
- Departmental Stores
- Others (General Retailers, Food and Drinks Specialists, etc.)
By Geography Segment
- North America
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Latin America
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