Global Chocolate Spread Market to Grow at a CAGR of 2.3% During 2024-2032, Aided by the Rising Demand for Bakery Products

The global chocolate spread industry is being supported by the rising demand for bakery products, waffles, pancakes, and doughnuts, among other products, throughout the globe. The demand for chocolate spread is widely gaining traction among the consumers as it is convenient and tasty. The product is also gradually replacing products like jam or marmalade as one of the popular breakfasts. Chocolate spread is a popular choice among consumers, especially children.

Another factor boosting the demand for the product is the rising demand for snacks among the consumers. Snacking has become an important part of the lifestyles, be it at the workplace or home. Snacking is quite helpful in reducing hunger without overeating. Chocolate spread is considered to be a healthy snack as chocolate is a nutrient-rich food product and is also a rich source of antioxidant. The rising demand for tasty and healthy snacks has propelled the growth of chocolate spread industry.

The rising competition among the key players is also providing an impetus to the market growth. Hershey Co (NYSE: HSY) is one of the leading key players in the market, which is known for producing a wide range of chocolate products ranging from chocolate syrups to chocolate spreads. In February 2020, the company announced that it would expand its reach in the emerging markets like India by expanding its product portfolio like Hershey Kisses and spreads. This is likely to boost the market growth in the region as well as positively impact the overall market.

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Market Analysis by Source, Type, Packaging Type, Distribution Channel, and Region:

• The sources of the product can be divided into organic and conventional.
• The types of chocolate spread include dark chocolate, milk chocolate, and white chocolate, among others.
• The packaging type for the product can be categorised into bottles, pouches, and cups, among others.
• The distribution channels of chocolate spread include supermarkets and hypermarkets, convenience stores, specialist stores, and online, among others.
• The regional markets for chocolate spread include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The market growth is being driven by the rising urbanisation, changing lifestyles, and the rising disposable incomes of the consumers. 
• The chocolate spread industry is being driven by the changing food habits of the consumers influenced by the western culture.
• The hectic lifestyle of the consumers has led to an increased demand for convenient and on-the-go food, boosting the demand for chocolate spread.
• The rising creativity with food and bakery products is also propelling the market growth.

Key Offerings of the report:

• The EMR report gives an overview of the global market for chocolate spread for the periods (2018-2023) and (2024-2032).
• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the sources, types, packaging types, distribution channels, and major regions of chocolate spread.
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global chocolate spread market are Ferrero International S.A., The Hershey Company, Nestlé SA, Mondelez International, Inc., NUTKAO S.r.l., Dr. Oetker India Pvt. Ltd., and Nutiva Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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