The Global Organic Chocolate Spreads market is expected to grow, thanks partly to the increasing influence of Western culture.
Specifically, it’s expected to reach $826 million by 2027, rising at a compound annual growth rate of 5.4 percent during the forecast period.
That’s according to a new report from ResearchAndMarkets.com, “Global Organic Chocolate Spreads Market By Product (Hazelnut, Duo, Milk, Dark and Others), By Distribution Channel (Hypermarket & Supermarket, Online and Others), By Regional Outlook, COVID-19 Impact Analysis Report and Forecast, 2021 - 2027."
Chocolate spread refers to a soft and smooth chocolate-flavored paste. It is used as a spread on waffles, pancakes, muffins, cookies and more. The tastes, smells, and looks of chocolate spread are the same as chocolate, but it does not solidify, even at room temperature.
Increased urbanization and the global adoption of Western culture have both led to increased consumption of organic chocolate spreads. As people’s lives become more hectic, they are looking for ready-to-eat products, like spreads.
An increasing consumer inclination for organic and natural food products will help drive demand specifically for organic chocolate spreads.
Continued product innovation in the sector also is boosting demand. And cafe and restaurant chefs also are turning to them as part of their effort to create novel dishes.
While chocolate spreads are often loved by children, who typically use them on sandwiches, adults also seek it out as a comfort food. A growing consumption of chocolate-based spreads added on the bread and toast as a part of the breakfast meal is a key factor boosting the organic chocolate spread market over the forecast period.
The sudden outbreak of the COVID-19 pandemic has a negative impact on the market in terms of sales, according to the report.
It has hampered the food industry market overall as it created logistical and supply chain disruptions. Temporary shutdowns of specialty stores & hypermarkets, demand destruction, and supply chain interruptions have also had a negative impact on the growth of the organic chocolate spread market. Stringent lockdown conditions also changed consumer behavior across the globe, which impeded the chocolate spread market.
However, despite the effects of Covid-19, the supply of the processed dairy products can reach foodservice restaurants as most of these chains work closely with food supply companies. That has helped keep the supply of organic chocolate spread market stable.
The major industry players are focused on developing e-commerce websites in some targeted areas where the demand for these products is high. The pandemic has ignited a digital revolution in various industries, including the food market.
Dark chocolate continues popularity
The organic chocolate spreads market is segmented into hazelnut, duo, milk, dark and others.
Dark chocolate is especially popular among those consumers who seek a robust flavor.
Since dark chocolate has a higher percentage of cocoa, it gives a bitter and less sweet taste as compared to other forms of chocolate spread. Dark chocolate spreads are offered by brands like Biona and Askinosie Chocolate and can be eaten by consumers in everyday diets.
Distribution channel outlook
The market is segmented into hypermarket & supermarket, online and others.
The online distribution channel sector is expected to exhibit the fastest growth rate. In recent years, E-commerce has gained popularity due to its ease of use for consumers. People all across the globe are increasingly dependent on internet shopping for buying their everyday necessities including food, personal care goods, groceries, and organic products.
The market for organic chocolate spreads is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.
Europe appeared as the leading region in the global organic chocolate spreads market in 2020, with the largest revenue share.
Across the globe, Europe possessed the largest portion of the market for certified organic cocoa, partly due to the large number of organic foods imported in this region. Europe also is the world’s largest chocolate producer.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include: Nutiva, Inc., Rigoni di Asiago, Phalada Pure & Sure (Phalada Agro Research Foundations Pvt. Ltd.), Askinosie Chocolate, LLC, The Organic Family Ltd. (Mr. Organic), Cocofina Limited, Mason & Co., BIONA Organic, Artisana Organics (Premier Organics Inc.), and Pana Organic.