Chocolate Based Spreads Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The global chocolate based spreads market is projected to grow at a CAGR of 1.81% during the forecast period.
Snacking has become a major trend across regions as it not only provides energy for activities throughout the day but also provides valuable nutrients, such as proteins, minerals, vitamins, and fiber. People consuming healthy snacks can also decrease their hunger while keeping them from overeating at meal time. Snackification has become a new trend among consumers who prefer 'on-the-go' foods due to a hectic lifestyle. 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 food service sector.
The Asia-Pacific held the largest share of the global industry revenues in 2018. Australia holds the largest share in the chocolate spread market as the chocolate spread is largely consumed among other food spreads in the country. Changing lifestyles and breakfast patterns have significantly impacted the chocolate spread sales in the region. Market players are finding key opportunities to introduce chocolate spreads into China's larger markets by targeting imported food stores. Also, the adoption of Western culture and foods have replaced traditional foods with bread and toasts, thus, increasing the demand for spreads.
Ferrero, The Hershey Company, Nestle, and Dr. Oetker are some of the companies leading the chocolate-based spreads market. New product launches, market expansions, and acquisitions are the preferred strategic approaches adopted by most companies involved in the chocolate spread business. The players are also innovating new products in terms of flavors. For example, Hershey's Spreads come in three flavors, namely, chocolate, chocolate with almond, and chocolate with hazelnut, which were launched in 2013. Therefore, new product launches are inferred to be the most preferred activities by market leaders.