Global Chocolate-Based Spreads Market

Description

Chocolate has always been the crown jewel of the confectioneries industry and finds a wide range of applications in the convenience food industry. Peanut butter and chocolate spreads are displacing jam and marmalade as the most popular breakfast spreads. The Global Chocolate-based spreads market is currently accounted for US$XX Billion and is expected to grow to US$XX Billion by 2022, at a CAGR of XX% during the forecast period. Rapid urbanization, changing lifestyle and increasing influence of western culture have helped the spreads market to expand and chocolate-based spreads are no exception to it. Growing demand for instant and convenience food is also one of the main reasons for the increase in popularity of chocolate spreads. It is one of the most popular and most consumed products of the food industry.

Market Dynamics:

Product innovation has been a key driving factor in the spreads market. Increase in the number of working women, the ease of handling spreads and a wide variety of foodstuff that can be consumed along with chocolate spreads has also contributed to the popularity of the products. The increased culture of snacks and street food has led to the invention of a plethora of foodstuff, tremendously increasing the sales of ingredients, such as chocolate spreads. Innovations in the dessert industry as also helped the chocolate spread business to expand, to some extent. In fact, readymade chocolate-based spreads have effectively replaced milk-chocolates or chocolate syrups in traditional French and Italian desserts. Growing health awareness has restrained the market growth. However, coming of products, with low fat and low sugar contents are has helped the industry to thrive.

Market Segmentation:

On the basis of types, the market can be split into dark chocolate-based spreads, white chocolate-based spreads and milk chocolate-based spreads. The milk chocolate-based spreads are the most popular. On the basis of application, the market can be split into supermarkets, convenience stores, online stores, etc. Supermarkets have the largest market share, in terms of sales.

Geographical Analysis:

North America is the leading consumer of chocolate-based spreads, followed by Europe and Asia- Pacific regions. Emerging Asian economies, with a rapid increase in disposable income and increased urbanization and westernisation, have shown a rapid growth of the chocolate industry, especially in recent decades.

Key Players

Some of the key players in the industry include Dabur India Limited (India), Unilever (India), Good food group (India), Nestle SA (Switzerland), Hershey’s (American), Lotte Confectionery Co. Ltd. (Korean), Ferrero Group (Italian) and Mondelez International (Cadbury) (U.S.).