Chocolate spreads are sweetened chocolate flavored pastes mainly smeared on pancakes, toasts, breads, and other products. They have turned into an essential component of evening suppers and breakfast. Resurging interest in baking and cooking have escalated the intake of sweet spreads around the world.
The global chocolate spread market is projected to display considerable growth during the forecast period due to the growing requirement for chocolate spreads among customers regardless of their age. Further, the market players are providing customers interesting and innovative ways of utilizing chocolate spreads in baking and non-breakfast eating times, particularly evening snacks. In addition, growing cognizance among customers regarding the favorable health benefits related to the intake of dark chocolates will also drive market growth. Introduction of ready-to-eat products due to altering and hectic lifestyle are few major trends expected to boost the global chocolate spread market growth during the years to come.
The global chocolate spreads market can be diversified based on distribution channel, packaging type, and region. The market, based on packaging type, is divided into cups, pouches, bottles, and others. The market, based on distribution channel, is categorized into indirect sales and direct sales. Further, the indirect sales market is sub-divided into the wholesalers, specialty stores, supermarket, hypermarket, online retailers, convenience stores, and others.
Regionally, North America, followed by Europe, governs the global chocolate spread market. This regional dominance can credited to the rising customer inclination for chocolate spreads along with elevating disposable income. Likewise, Asia Pacific is also expected to witness considerable expansion during the forecast period due to the growing product consumption. Within the region, the primary consumer is Australia owing to the increasing consumption of waffles, bakery products, bread, pancakes, and other products, among the customers. Furthermore, the elevated implementation of western food culture within Asian nations such as China and India is also expected to drive the product demand in this region. Also, the growing urbanization, growing disposable incomes and altering lifestyles of the customers in the region will further spur the regional market expansion.
Few of the prominent players within the global chocolate spread market consist of The Hershey Company, Ferrero Rocher, The J.M. Smucker Company, Hormel Foods Corporation, Dr. Oetker India Pvt. Ltd., PASCHA Chocolate, Andros SAS, Date Lady, Young’s (Private) Limited, and Flourish, among others. to cite, The Hershey Company, the well-known US-located chocolate and cocoa products firm, introduced three new product categories with a goal of extending its roots within the Asia Pacific region.