Chocolate Hazelnut Spread Market: Dynamics
Owing to rapid urbanization globally, lifestyle of people is becoming increasingly hectic which have resulted in shortage of time for cooking thus people are preferring ready-to-eat and ready-to-cook food products which promotes the usage of readymade spreads hence driving the growth of hazelnut spread over the forecast period. Another factor towards the growth of chocolate hazelnut spread market is the availability of organic, low fat, low sugar and gluten free hazelnut spread products in the market to cater the demand for health conscious consumer.
Moreover, owing to the availability of healthier variants of hazelnut spreads, old age groups are also preferring the chocolate hazelnut spread while earlier only children and young people were the key consumers segment of chocolate hazelnut spread. However, the fluctuating prices of raw materials such as cocoa and sugar and the instability of its supply is expected to hamper the chocolate hazelnut spread market growth in the near future. In addition, the decline in the sales of bakery products like bread, toast etc., and growing popularity of cereals is anticipated to be a key restraining factor for the growth of the global chocolate hazelnut spread market.
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Chocolate Hazelnut Spread Market: Introduction
The chocolate hazelnut spread is a sweet chocolate flavored paste which is mostly spread on toasts, bread, doughnuts, pancakes and other similar grain products. The spread usually contains cocoa, hazelnut, sugar and palm or vegetable oil and sometimes also contain butter, milk, and additional flavors. The chocolate hazelnut spreads and peanut butter are slowly replacing the jam and marmalade as the most popular breakfast spreads due to its higher palatability. Hence, there is significant growth in the sales of chocolate hazelnut spreads in the past few years. The chocolate hazelnut spread is becoming an integral part of every breakfast. Manufacturers are also offering low calorie, gluten free and reduced fat chocolate hazelnut spread to cater increasing demand from health consciousness people especially in the developed markets. Moreover, new brands are providing stiff competition to already established brands by applying key driving factors such as continuous product innovation. Apart from using it as spreads, chocolate hazelnut spread can also be used as ice cream topping, to spread over croissants, to make instant hot chocolate, added to any dessert for a gourmet touch and much more.
Chocolate Hazelnut Spread Market: Regional Outlook
On the basis of the regional outlook, chocolate hazelnut spread market is segmented into five different regions: North America, Latin America, Europe, Middle East and Africa and Asia Pacific. North America and Europe is expected to dominate the chocolate hazelnut spread market over the forecast period owing high consumer awareness, high shelf visibility of the product in the retail chains and growing consumer preference for chocolate hazelnut spreads over other alternatives. APAC region is anticipated to exhibit significant growth rate over the forecast period owing to increasing preference of chocolate hazelnut spread due to its delectable taste and increasing urban population coupled with increasing per capita expenditure on ready to eat food products.
Chocolate Hazelnut Spread Market: Segmentation
The chocolate hazelnut spread market can be segmented by source, packaging type, distribution channel, and region. On the basis of source, the chocolate hazelnut spread market can be segmented into organic and conventional. On the basis of packaging type, the chocolate hazelnut spread market can be segmented into bottles, pouches, cups, and others. On the basis of a distribution channel, the chocolate hazelnut spread market can be segmented into direct sales and indirect sales. The indirect sales market can be further sub-segmented into the specialty stores, hypermarket/supermarket, convenience stores, online retailers and others.
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Chocolate Hazelnut Spread Market: Key Player:
Some of the major players operating in chocolate hazelnut spread market include Barefoot & Chocolate, Rigoni di Asiago, Dr. Oetker India Pvt. Ltd., Young’s (Private) Limited., Andros SAS, Date Lady, Flourish, Ferrero SpA, The Hershey Company, Hormel Foods Corporation, The J.M. Smucker Company and other regional players.