Global Chocolate Spread Market: Overview
Chocolate is one of the most popular and widely consumed food products on the planet. The chocolate spread is a sweet chocolate-flavored paste that is commonly used to spread on bread, doughnuts, toasts, pancakes, and other grain products. The spread is typically made with cocoa and palm or vegetable oil, but it may also include butter, milk, sugar, and other flavours.
Chocolate spreads have seen significant growth in sales in recent years, becoming the second most popular choice for spreads. Every breakfast is incomplete without the chocolate spread. People’s growing health consciousness has resulted in a high demand for low-calorie spreads. Because of their high nutritional content and low fat, chocolate spreads and peanut butter are gradually replacing jam and marmalade as the most popular breakfast spreads. By utilising key driving factors such as continuous product innovation, new brands are providing stiff competition to already established brands. Spreads are an important part of traditional breakfast in the Western world, and the spread market is expected to grow in other regions as well.
Previously, children and young people were the primary consumers of chocolate spread; however, older age groups are now enjoying the spread, which will help the chocolate spread market grow. Another factor driving the growth of the chocolate spread market is an increase in disposable income and spending power among consumers, which leads to them purchasing these products and indulging in new products. Furthermore, rising consumer awareness of the health benefits associated with the consumption of cocoa-rich dark chocolates is contributing to the growth of the chocolate spread market. Dark chocolates help to prevent cardiac diseases and have many other benefits that will help it gain popularity in the coming years. However, the fluctuating prices of raw materials such as cocoa and sugar, as well as the insecurity of supply, will impede the growth of the chocolate spread market. Furthermore, the decline in sales of bakery products such as bread, toast, and so on, as well as the growing popularity of cereals, will be a major impediment to the growth of the global chocolate spread market.
Global Chocolate Spread Market: Major Players
Young’s (Private) Limited.
Hormel Foods Corporation
The Hershey Company
Dr. Oetker India Pvt. Ltd.
B & G Foods Inc
ConAgra Foods Inc
Global Chocolate Spread Market: Types
Global Chocolate Spread Market: Applications
Online Retail Stores
Impact of COVID:
The COVID pandemic has had a significant impact on the market in terms of sales, as more than 44% of unit sales have been hampered due to disruptions in manufacturers’ transport capabilities as a result of stringent lockdown norms and rising safety concerns. Furthermore, the closure of specialty stores and hypermarkets, supply chain disruptions, demand destruction, and changes in customer behaviour as a result of global lockdown conditions have all had an impact on the chocolate spread market.
Despite the effects of Covid-19, processed dairy products can reach foodservice restaurants because most chains collaborate closely with food supply companies to ensure flawless deliveries and operations. This has kept the market for processed chocolate spreads stable. The rapid growth of foodservice companies has had a significant impact on chocolate spread demand. As a result, customers have begun to change their purchasing habits, preferring to shop online because it allows them to avoid direct interaction with others. Key industry players are creating e-commerce websites in desirable locations. The epidemic has triggered a digital revolution in a wide range of industries, including the food industry. However, the market is expected to regain its importance soon due to the reopening of offline distribution channels, particularly in Asian and North American countries.