Market Size of Chocolate Based Spreads Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.60 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Chocolate-based Spreads Market Analysis
The chocolate-based spreads market is projected to record a CAGR of 3.6% during the forecast period (2022-2027).
The COVID19 crisis has significantly affected the chocolate-based spreads market. There was a change in consumers' buying behavior because of the closures of several quick-service restaurants, fast-food shops, bakeries, etc.. The consumers were actively engaged with trying out several new food edibles such as cakes, pastries, and chocolate-based desserts. The main reason for consumers to do so was boredom and inaccessibility of consumption the desserts outside. Moreover, many consumers were also using the chocolate spreads in their breakfast as it was convenient to use. The preference for e-commerce websites was high during the pandemic because of the closures of retail stores and other shops due to government rules and regulations.
Increased consumption of chocolate-based spreads as a part of the breakfast meal is fuelling the market's growth. Consumers are gaining awareness about the favorable health effects associated with the consumption of dark chocolates, thereby becoming another factor supplementing the market growth.
Moreover, rising innovation of chocolate spreads, such as new flavors and the addition of several different ingredients, is also dragging the consumers' focus toward the products.
Chocolate-based Spreads Industry Segmentation
Chocolate spread is a sweet chocolate-flavored paste that is eaten mostly spread on slices of bread and toasts or similar grain items such as waffles, pancakes, muffins, and pitas. Although it tastes, smells, and looks like chocolate, it does not solidify, even at room temperature. The chocolate-based spreads market is segmented by distribution channels such as supermarkets/hypermarkets, convenience stores, online stores, specialist stores, and others. The market is also segmented by geography into North America, Europe, Asia-Pacific, South America, and the Middle-East and Africa. For each segment, the market sizing and forecasts have been done on the basis of the value (in USD million).
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Chocolate Based Spreads Market Size Summary
The chocolate-based spreads market is experiencing a steady growth trajectory, driven by evolving consumer preferences and lifestyle changes. The COVID-19 pandemic significantly influenced consumer behavior, with increased experimentation with new food items and a shift towards e-commerce due to the closure of physical retail outlets. The convenience of chocolate spreads as a breakfast option and their perceived health benefits, particularly dark chocolate, have further fueled market expansion. As consumers lead busier lives, the demand for quick, nutritious snacks has risen, with chocolate spreads becoming a popular choice for both breakfast and snacking. This trend is supported by innovations in flavors and ingredients, attracting more consumers to the market.
The Asia-Pacific region is emerging as the fastest-growing market, with Australia leading in consumption. The region's growth is attributed to population increases and changing breakfast habits. The competitive landscape is marked by the presence of both domestic and international players, with major companies like The J.M. Smucker Company, Ferrero, The Hershey Company, Nestlé, and Dr. Oetker focusing on product development and innovation to cater to consumer demands. Strategies such as mergers and acquisitions are prevalent, enabling companies to maintain a competitive edge and expand their product offerings. Recent product launches and acquisitions, such as The Hershey Company's "Crunchy Cookie" spread and Dr. Oetker's acquisition of Kuppies, highlight the industry's dynamic nature and commitment to meeting evolving consumer preferences.
Chocolate Based Spreads Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Distribution Channel
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2.1.1 Supermarkets/Hypermarkets
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2.1.2 Convenience Stores
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2.1.3 Online Retail Stores
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2.1.4 Specialist Stores
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2.1.5 Others
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2.2 Geography
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2.2.1 North America
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2.2.1.1 United States
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2.2.1.2 Canada
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2.2.1.3 Mexico
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2.2.1.4 Rest of North America
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2.2.2 Europe
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2.2.2.1 Spain
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2.2.2.2 United Kingdom
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2.2.2.3 Germany
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2.2.2.4 France
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2.2.2.5 Italy
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2.2.2.6 Russia
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2.2.2.7 Rest of Europe
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2.2.3 Asia-Pacific
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2.2.3.1 China
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2.2.3.2 Japan
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2.2.3.3 India
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2.2.3.4 Australia
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2.2.3.5 Rest of Asia-Pacific
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2.2.4 South America
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2.2.4.1 Brazil
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2.2.4.2 Argentina
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2.2.4.3 Rest of South America
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2.2.5 Middle-East and Africa
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2.2.5.1 South Africa
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2.2.5.2 United Arab Emirates
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2.2.5.3 Rest of Middle-East and Africa
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Chocolate Based Spreads Market Size FAQs
What is the current Chocolate Based Spreads Market size?
The Chocolate Based Spreads Market is projected to register a CAGR of 3.60% during the forecast period (2024-2029)
Who are the key players in Chocolate Based Spreads Market?
The Hershey Company, Dr. Oetker, The J.M. Smucker Company, Nestlé Food company and Ferrero SpA Company are the major companies operating in the Chocolate Based Spreads Market.
