SAN FRANCISCO, July 7, 2021 /PRNewswire/ -- The global organic chocolate spreads market size is expected to reach USD 834.0 million by 2028, registering a CAGR of 4.8% over the forecast period, according to a new report by Grand View Research, Inc. Increasing consumption of chocolate-based spreads as a part of the breakfast meal coupled with consumer inclination towards organic and natural food products is expected to be a key factor driving the market over the forecast period.
Key Insights & Findings:
The dark chocolate segment is expected to register the fastest growth rate of 5.8% during forecast years owing to the increasing awareness about the health benefits of the product
The online distribution channel is expected to register the fastest growth during forecast years
Europe held the largest revenue share of the market in 2020 due to the high demand for organic food in the region
The hazelnut segment held the largest revenue share in 2020 due to the wide popularity of hazelnut-based products among consumers
The hazelnut segment accounted for the largest share of the market in 2020 and will expand further at a steady CAGR from 2021 to 2028 due to rising product innovation in this segment. For instance, in October 2019, Rigoni di Asiago launched the Nocciolata Bianca Hazelnut Spread, which is gluten-free and is high in protein. Companies all over the globe, especially start-ups, have been focusing on making products available to consumers through online distribution channels. Moreover, the increasing influence of western food habits in the Asia Pacific region has significantly increased the salability of the product in the market.
Supermarkets & hypermarkets emerged as the largest distribution channel segment in 2020 accounting for a revenue share of over 50%. These stores focus on customer satisfaction and specific food categories pertaining to organic products. Also, the availability of complete household items of all brands in one place drives the segment growth.
Europe emerged as the largest regional market in 2020 with a revenue share of more than 40%. Europe is also a key market for certified organic cocoa in the world. Furthermore, European brands benefit from a large consumer base across countries, such as Germany, the U.K., and Switzerland. The increasing trend of snacking among younger European consumers further fuels the market growth.
Grand View Research has segmented the global organic chocolate spreads market on the basis of product, distribution channel, and region:
Organic Chocolate Confectionery Market–The global organic chocolate confectionery market size was valued at USD 824.1 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 6.8% from 2021 to 2028.
Spreads Market–The global spreads market size was valued at USD 27.5 billion in 2018 and is expected to expand at a CAGR of 3.1% from 2019 to 2025. The spreads form an essential breakfast ingredient in the western countries, which has been driving the market.
Vegan Sauces Market–The global vegan sauces, dressings and spreads market size was valued at USD 194.6 million in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 8.2% from 2020 to 2027.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.