The Global Sweet Spread Market is forecasted to grow at a CAGR of 3.2% during the forecast period (2019-2024).
- The growth of the sweet spread market can be attributed to the rising popularity for quick and healthy morning meal replacement among office goers and the youth population.
- Sweet-based food spreads largely rely on the consumption rate of bread.
- Consumers have been looking for low-sugar and low-fat alternatives, especially in the form of natural/organic spreads, with functional attributes.
- Europe holds the largest share of the global sweet spread market, followed by North America, which is projected to witness the fastest growth rate, during the forecast period.
Scope of the Report
The market study of sweet spread is segmented as chocolate spreads, honey, jam and nut butter/spreads. By distribution channel, the market is segmented as a specialist retail store, hypermarket and supermarket, online channel and other distribution channels.
Key Market Trends
Increasing Application of Spreads
Sweet spreads are generally applied to baked wheat products, like toasts, bread, bagels, and doughnuts. In the western world and Europe, the sweet spread is an imperative form of breakfast or snack option and this trend is likely to expand in other countries, which still follow their own traditional ways of spreads, for example, in India, people apply homemade sugar and salt-based spreads on their bread.
With the rise in the working-class population around the world and to cater the needs for various breakfast and snack food for children, the easy-to-make category of breakfast will always be trendy and consumers always up to try new tastes and innovations, in terms sweet spreads. Various spread companies have introduced sweet-based spreads that can deliver both health and taste requirements, after the popularity of jam and jelly, among which chocolate, peanut spread, and almond spread flavors are gaining popularity, especially among the youth population.
High Demand of Chocolate Spread
The chocolates based spread market in the European region is dominated by increased consumption of chocolate spreads in most Western European countries, particularly Germany, France, Italy, and the United Kingdom (U.K.). The chocolate spreads market is highly competitive with private label products competing with global prominent brands, in terms of pricing and product innovation. Chocolate-based spread segment of the market is witnessing a growth in demand, specifically among the parents who are concerned toward their children getting regular breakfast as per their taste and preferences. The increasing trend for snackification is fueling the growth of chocolate-based spreads market during the forecast period. The availability of regional products at a convenient price is creating competition in the market.
J.M. Smucker, Kraft Foods, Unilever Group and ConAgra Foods Inc. are the key players of the sweet spread market. Expansion of their facilities and product portfolio is the major strategy of these companies. Companies are focussing on producing healthy and innovative products, which is encouraging sweet spread manufacturers to manufacture quality products, as well.
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