BY DHEERAJ TALREJA
The global sweet spread market is forecasted to grow at a CAGR of 3.2% during the forecast period 2019-2024, according to Mordor Intelligence report. The growth within this market can be attributed to the rising popularity of quick and healthy morning meal replacements among office goers and younger population.
Chocolate and nut spreads are referred to as sweet chocolate or nut-based flavoured pastes which are mostly used on bread, toasts, pancakes and other grain products. These spreads have become an integral part of breakfast and evening snacks. Resurging interest in home baking and cooking due to the COVID-19 pandemic led lockdown has increased the frequent consumption of sweet spreads across the globe.
The market for chocolate and nut spread is growing due to the rise in consumption of chocolate spread over a piece of bread for breakfast, and children are more inclined towards it. Consumers crave for indulgent, luxurious chocolate and nut experiences that combines flavour with emotion satisfaction.
The use of chocolate spreads is no longer restricted to being an accompaniment for traditional desserts and treats such as waffles, toast and crumpets, it has expanded into new culinary areas such as a melted dipping sauce for fruit and as versatile baking ingredient.
During the lockdown, consumers used chocolate or nut spreads for cakes, cookie fillings and ice-cream toppings as part of their home-baking indulgence. Major brands in India like Hershey’s and Nutella witnessed a sharp increase in their sales as home-baking were one of the major trends during the lockdown period. People bought in more volumes as the frequency of visiting stores had declined. Besides, the value of the purchase had also gone up as consumers were spending more time in the kitchen.
With consumers becoming increasingly aware of a healthy diet and lifestyle, the list of ingredients, particularly with chocolate, is cleaner with no additives, no preservatives and with natural flavours, and the choice of free from products is increasing. Classic flavours such as nuts, caramel or desserts are always popular among the consumers. But coffee spread is a new flavour profile that is gaining popularity along with other exotic preferences such as unusual fruits and even vegetables.
Dheeraj Talreja is president – India, AAK Group.
The full article is published in the latest edition of FBA Dec 20/Jan 21 issue. To continue reading, click here.