Chocolate Spreads Market Is Growing With 2.50% CAGR: Statistics Report by Credence Research

These key players are concentrating on new product developments as well as technological innovation to enhance their production in Chocolate Spreads to gain competitive market share at a global level.

The latest market report published by Credence Research, Inc.Global Chocolate Spreads Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028”. The Global Chocolate Spreads Market is anticipated to grow a CAGR of over 2.50% during the forecast period from 2022 to 2028.

The current increase in consumer preference for healthful convenience foods has boosted demand for chocolate spreads. Consumer preferences are shifting toward portable, convenient, and imaginative ways to eat more fruit, typically paired with expensive, indulgent, and exotic foods, which is driving the expansion of the chocolate spread market. Furthermore, today’s consumers anticipate richer flavor experiences in conjunction with high-quality, sustainable diets that deliver perceived health benefits. As a result, there has been a significant shift away from unhealthy to healthy food products. As a result, demand for chocolate spreads has soared, particularly those based on nuts and seeds. However, the use of preservatives and artificial sweeteners in chocolate spreads may impede the expansion of the chocolate spread business. This is because people are becoming more health concerned and knowledgeable about the components in their food products.

The market is witnessing significant growth owing to widespread acceptance of bread in daily diets majorly among urban population, where requirement of a suitable spread as a complement becomes a necessity. Increasing use of chocolate spreads as a substitute to butter owing to its low fat content, high nutritive value and easy spreadibility at refrigeration temperatures over food products such as ice cream toppings, croissants, instant hot chocolate are some of the key factors bolstering the market growth. Chocolate spread is perceived to be healthier and competes strongly against spreads made of butter as they constitute high amount of fats whereas the former (chocolate spreads) are made of actual seeds. Rising demand for ready to eat products owing to hectic and changing lifestyles has promoted the usage of readymade chocolate spreads. Increasing health benefits associated with chocolate spreads is also expected to drive the market over the forecast years. For example, Nutella, a hazelnut chocolate spread contains saturated fats and sweet, but also contain vitamins and minerals needed to boost heart health making it fairly nutritious food to be incorporated in everyday meals. However, growing consumer attention over other counterparts such as oats, cereals as breakfast meals along with fluctuating price of cocoa and sugar is expected to hinder the market growth.

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Geographically, North America is projected to dominate the market in the coming years followed by Europe. The growth in North America is attributed to the rising preference for chocolate spreads not only in young ones but also among old age groups. Also, increased disposable income and higher expenditure power results in increased purchasing of chocolate spreads. Chocolate spreads market in Europe is expected to be driven by the rapid changing lifestyles which has led to shortage of times for making homemade recipes, leading to the use of readymade products. Asia Pacific chocolate spreads market is anticipated to grow at a rapid pace over the forecast period owing to large population base as well as prevailing trend of taste innovation among local manufacturers. Furthermore, rising demand for chocolate hazelnut spread owing to its appetizing taste as well as surging per capita expenditure on ready to eat premium products is another factor driving the market.

The global Chocolate Spreads market is segmented into packaging type, distribution channel, and Geography. Based on packaging type the market is categorized into Bottles, Pouches, Cups and Others. On the basis of distribution channel, the market is segmented into Supermarkets/Hypermarkets, Convenience Stores, Online Stores and Specialist Stores. Based on geography, the market is segmented as North America, Europe, Asia Pacific, Latin America and the Middle East, and Africa.

Why to Buy This Report-

The report provides a qualitative as well as quantitative analysis of the global Chocolate Spreads market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-to 2020, base year- 2021, and forecast period 2022-2028.
The report contains information related to the competitive landscape like how the key players in the market are operating at a global, regional, and country-level
In-depth analysis of the global market segmentation on the basis of packaging type and distribution channel.
Research and development investments by government as well as major players.
The global Chocolate Spreads market report also includes the analysis of the market at a global, regional, and country-level along with key market trends, major players analysis, market growth strategies, and key application areas.

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