Chocolate HazelnutSpread Market: Introduction
The chocolate hazelnut spread is asweet chocolate flavored paste which is mostly spread on toasts, bread,doughnuts, pancakes and other similar grain products. The spread usuallycontains cocoa, hazelnut, sugar and palm or vegetable oil and sometimes alsocontain butter, milk, and additional flavors. The chocolate hazelnut spreadsand peanut butter are slowly replacing the jam and marmalade as the mostpopular breakfast spreads due to its higher palatability. Hence, there issignificant growth in the sales of chocolate hazelnut spreads in the past fewyears. The chocolate hazelnut spread is becoming an integral part of everybreakfast. Manufacturers are also offering low calorie, gluten free and reducedfat chocolate hazelnut spread to cater increasing demand from healthconsciousness people especially in the developed markets. Moreover, new brandsare providing stiff competition to already established brands by applying keydriving factors such as continuous product innovation. Apart from using it asspreads, chocolate hazelnut spread can also be used as ice cream topping, tospread over croissants, to make instant hot chocolate, added to any dessert fora gourmet touch and much more.
Chocolate HazelnutSpread Market: Segmentation
The chocolatehazelnut spread market can be segmented by source, packaging type,distribution channel, and region. On the basis of source, the chocolatehazelnut spread market can be segmented into organic and conventional. On thebasis of packaging type, the chocolate hazelnut spread market can be segmentedinto bottles, pouches, cups, and others. On the basis of a distributionchannel, the chocolate hazelnut spread market can be segmented into directsales and indirect sales. The indirect sales market can be further sub-segmentedinto the specialty stores, hypermarket/supermarket, convenience stores, onlineretailers and others.
Chocolate HazelnutSpread Market: Dynamics
Owing to rapid urbanization globally,lifestyle of people is becoming increasingly hectic which have resulted inshortage of time for cooking thus people are preferring ready-to-eat andready-to-cook food products which promotes the usage of readymade spreads hencedriving the growth of hazelnut spread over the forecast period. Another factortowards the growth of chocolate hazelnut spread market is the availability oforganic, low fat, low sugar and gluten free hazelnut spread products in themarket to cater the demand for health conscious consumer. Moreover, owing tothe availability of healthier variants of hazelnut spreads, old age groups arealso preferring the chocolate hazelnut spread while earlier only children andyoung people were the key consumers segment of chocolate hazelnut spread.However, the fluctuating prices of raw materials such as cocoa and sugar andthe instability of its supply is expected to hamper the chocolate hazelnutspread market growth in the near future. In addition, the decline in the salesof bakery products like bread, toast etc., and growing popularity of cereals isanticipated to be a key restraining factor for the growth of the globalchocolate hazelnut spread market.
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Chocolate HazelnutSpread 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 spreadmarket over the forecast period owing high consumer awareness, high shelfvisibility of the product in the retail chains and growing consumer preferencefor chocolate hazelnut spreads over other alternatives. APAC region isanticipated to exhibit significant growth rate over the forecast period owingto increasing preference of chocolate hazelnut spread due to its delectabletaste and increasing urban population coupled with increasing per capitaexpenditure on ready to eat food products.
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Chocolate HazelnutSpread Market: Key Player:
Some of the major players operatingin chocolate hazelnut spread market include Barefoot & Chocolate, Rigoni diAsiago, Dr. Oetker India Pvt. Ltd., Young's (Private) Limited., AndrosSAS, Date Lady, Flourish, Ferrero SpA, The Hershey Company, Hormel FoodsCorporation, The J.M. Smucker Company and other regional players.
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