Sweet Spreads Market - Industry Analysis, Market Size, Share, Trends, Growth And Forecast 2021 - 2026
Sweet Spreads Market Overview
Sweet Spread Market size is estimated at $1.7 billion in 2026, projected to grow at a CAGR of 3.7% during the forecast period 2021-2026. Sweet spreads are both natural and man-made foods that are frequently used as toppings on foods such as bread, crackers, and other bakery items. Recipes are made tasty with spreads to improve their taste, flavor, texture, and color like chocolate spreads, beer jam, hazelnut butter, maple butter, and mint sauce, among others. They're most commonly found in tinned and bottled form. Nuts, honey, dairy, fruits, yeast, and other ingredients are frequently used to make sweet spreads. The growth of the sweet spread market can be attributed to the surge in popularity of quick and nutritive morning meal replacements among office workers. Rising innovation is increasing market demand for spreads, as well as satisfying shifting customer tastes. Some instances include youngberries and Blenheim apricot jams & jellies. Infusionz honey and Manuka honey have recently been introduced to the market in a variety of fruit-based jams and jellies, which is further set to enhance the growth of the market in the forecast period 2021-2026.
The report: “Sweet Spreads Market Forecast (2021-2026)”, by Industry ARC, covers an in-depth analysis of the following segments of the Sweet Spreads Market.
By Product Type: Jams, Jelly, Marmalades, Honey, Chocolate Spreads and Others
By Ingredient Type: Cocoa, Fruits, Sweeteners, Essence and Others
By Packaging Type: Glass Bottle, Jar, Polypropylene and Others
By Distribution Channel: E-Commerce, Hypermarket/Supermarket, Convenience Stores, Others
By Geography: North America (U.S., Canada, Mexico), Europe (Germany, United Kingdom (U.K.), France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, Japan India, South Korea, Australia, and New Zealand, and Rest of Asia Pacific), South America (Brazil, Argentina, and Rest of South America), and Rest of the World (Middle East, and Africa)
- North America dominated the Sweet Spreads Market in 2020 owing to the growing product consumption. The Sweet Spreads Market scope for different regions will be provided in the final report.
- Consumers desire to eat jellies as their favorite dessert, which is met by manufacturers through a variety of products tailored to the preferences of consumers coupled with the adoption of a new lifestyle and the high disposable income of middle-class households, consumers' preferences are likely to aid the market growth of the Sweet Spreads Market report.
- Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be Sweet Spreads Market report.
- Increasing cases of emergency food quality test failures and rising health problems in younger population is poised to create hurdles for the Sweet Spreads Market.
Sweet Spreads Market Revenue Share, By Geography, 2020(%)
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Sweet Spreads Market Segment Analysis – By Product Type
The chocolate spreads segment held the largest share in the Sweet Spreads Market in 2020 and is estimated to grow at a CAGR 3.3% during the forecast period 2021-2026. This is owing to the growing demand, particularly from parents concerned that their children aren't getting a regular breakfast that meets their likes and preferences. Chocolate spreads are usually made with cocoa with constituents like milk, sugar, and other tastes. Nuts or honey are included in some variants. Glass jars or plastic tubs are commonly used to store chocolate spread. Furthermore, the rising income level of the target customers would have a positive effect on product demand thereby, driving the Sweet Spread Industry. Honey segment is also gaining traction as the low-calorie spreads have emerged as a result of consumers' growing health consciousness. Honey segment is estimated to register the higher CAGR over the period 2021-2026.
Sweet Spreads Market Segment Analysis – By Distribution Channel
E-Commerce segment held the largest share in the Sweet Spreads Market in 2020 and is estimated to grow at a CAGR 3.6% during the forecast period 2021-2026. This is primarily because of the ease of availability of a wide selection of products of different flavors and uses in various flavoring ingredient given by all brands at reasonable discounts. The growing number of smartphone and internet users is the primary driver of sector growth. These businesses give cash back and home delivery services, which contribute to the market's growth. Customers frequently purchase sweet spreads with various flavors like chocolate spreads, honey and others from online websites in order to save time due to the increasingly hectic lifestyle. Major corporations, such as Big Basket, are collaborating with internet shops to broaden their customer base. They also make online portals and websites to enhance the growth of the market in order to increase product sales-driving the Sweet Spread Industry. Supermarkets/Hypermarkets is also gaining traction because they are attempting to engage customers and make them a part of the meal preparation process. Many include cooking workshops and recipes, as well as food pairing suggestions and new ways to use traditional items like peanut butter, jams, jellies, and preserves. Supermarkets/Hypermarkets segment is estimated to register the higher CAGR over the period 2021-2026.
Sweet Spreads Market Segment Analysis – By Geography
North America dominated the Sweet Spreads Market with a major share of 36.4% in 2020. This is attributed to the fact that jam, jelly, and preserve producers in North America have been observed employing ripe and semi-ripe fruits, fruit juice, honey, chocolate spreads as well as sugar alternatives to make their goods more colorful and tasty. Forwarding incorporation is being used by manufacturers in this country to increase their involvement in the value chain. A new trend in this sector is expected to be the combination of processes from inbound logistics to after-sales services. This is expected to result in higher-quality and lower-cost finished goods that deliver optimal output and lifetime value.
However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2021-2026 attributable to the rising disposable income of majority of the households throughout the region coupled with the more number of aware parents who are concerned about their children getting regular breakfast as per their taste and preferences.
Sweet Spreads Market Drivers
Growing demand of organic food products due to its health benefits is driving the market growth
Sweet spreads are becoming increasingly popular around the world, as people seek components that are both healthy and vegan. Consumer demand for exotic honey and chocolate spreads, fruit content in products, and natural/organic claims are all growing in popularity. According to a survey conducted by Centers for Disease Control and Prevention in 2020 in the U.S., among 2- to 5-year-olds, the average intake was 13 teaspoons for non-Hispanic Black children, 12 teaspoons for non-Hispanic White children, 11 teaspoons for Hispanic children, and 7 teaspoons for non-Hispanic Asian children. Traditional flavours are dominating the market, despite the introduction of sweet spreads with increased health benefits and a variety of taste profiles. Also, the rise in demand for convenience meals can be seen more prominently in developing countries, as per capita food expenditure rises in tandem with per capita income is further aiding to the industry expansion. Thus, increasing the growth of the Sweet Spreads Market during the forecast period 2021-2026.
Altering consumer preferences due to rising disposable income is poised to increase the growth of the market
Over the recent past, there has been a considerable rise in the disposable income of most of the households across major economies which has resulted in the inclination of consumer preferences towards healthy and tasteful eating. In September 2020, the U.S. Census Bureau revealed that median household income in 2019 increased 6.8% from 2018, and the official poverty rate decreased 1.3% points. This is drawing an inclination towards high quality of living, especially among parents who are concerned regarding healthy meal options for their children. Thus, increasing the growth of the Sweet Spreads Market during the forecast period 2021-2026.
Sweet Spreads Market Challenges
High Production Cost of Sweet Spreads is likely to challenge the market growth
The Sweet Spread Market's growth is hampered owing to the high production cost of the key ingredients, product safety standards, government regulation of policy and the use of alternative technology. The market's growth is being hampered by a lack of raw materials. Furthermore, the rise in popularity of cereals and the reduction in bread sales are limiting its market expansion. According to U.S. Bureau of Labor Statistics, the consumer price index increased to 5.15% in April 2020 as compared to 2.05% in April 2019. Growing public awareness of the dangers of certain preservation chemicals is also a key hindrance to the market's expansion.
Sweet Spreads Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Sweet Spreads Market. In 2020, the Sweet Spreads Market share is fragmented by the top ten players present in the market. The Sweet Spreads Market, top 10 companies are:
- ConAgra Foods Inc.
- Duerr& Sons
- Pioneer Foods
- Uniliver Group
- Dr. Oetker
- Glanbia Consumer Foods
- Kraft Foods
- Ferrero Group
Sweet Spreads Market Developments:
- In August 2020, Foodarom, a custom taste creator located in Canada, was acquired by Glanbia Consumer Foods for $45 million. By acquiring it, Glanbia is better aligning itself with market demand for flavour solutions.
- In June, 2020, Kerry expands its nutritional food range owing to increasing demand of vegan, organic and allergen-free products. This expansion helps to increase the development in food and beverage sector and thus expanding the market growth.
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Report Code: FBR 54340
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