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.
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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.
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.
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.
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