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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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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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