Price increased more than $12 since Russian invasion of Ukraine
The Global Sweet Spread Market size is expected to reach $1. 5 billion by 2027, rising at a market growth of 3. 5% CAGR during the forecast period. Spread is a term used for food with the spreadable property.
New York, Feb. 28, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report "Global Sweet Spread Market By Packaging, By Product Type, By Distribution Channel, By Regional Outlook, Industry Analysis Report and Forecast, 2021 – 2027" – https://www.reportlinker.com/p06241035/?utm_source=GNW
Such foods are usually spread by a knife on other edibles like bread & others. Sweet spreads are available in many forms such as marmalades, jellies, jams, chocolate spreads, nut-based spreads, and many others. This kind of spread is consumed widely as a daily diet across the world.
The demand for a vegan diet is growing continuously due to the rising concern of consumers toward rising health issues as well as because of various environmental & ethical reasons. Dairy alternative sweet spreads which are produced from plant-based ingredients are gaining immense popularity among many consumers. Consumers are rising demand for food products that provide them with particular benefits like protein supplement, energy booster.
Sweet spreads can be natural as well as man-made. These are generally used as toppings for other edibles like bread, crackers, and other food products. These products are usually found in the bottled and tinned form. These spreads are used in other food items mainly to enhance the taste, flavour, texture and colour of the dish. Sweet spreads are gaining immense popularity mainly for a healthy and quick breakfast option.
COVID-19 Impact Analysis
The widespread COVID-19 pandemic has affected all industries. Various restrictions imposed to curb the effect of COVID-19 resulted in disruption of supply chains, lesser production due to shortage of workforce and raw material. Also, the demand for various products declined due to declined income and unemployment, especially during the second quarter of 2020.
Whereas, the sweet spread market has recorded high demand for sweet spread products during the pandemic period. This is because the customers preferred to have a simplified routine and shifted toward the consumption of products that may save their time spent on cooking, particularly during the pandemic. Various sweet spreads contain magnesium, iron, and a good amount of protein which has resulted in high demand for them over and after the pandemic period.
Market Growth Factors:
Growing Demand for Organic Food Product:
The demand for sweet spread food products is rising continuously mainly among the vegan people. Consumers are demanding edibles with natural ingredients. Traditional flavors are gaining immense popularity among consumers due to their unique taste and the benefits of organic ingredients. In addition, rising awareness among the consumers regarding the nutritious value of these products is also fuelling the demand for sweet spreads food items.
Rising health awareness
With the continuous rise in health issues, health awareness is also increasing among the people. Consumers are shifting towards the consumption of healthy food, mainly premium, exotic products which are expected to rise the demand for various nutritious rich food products. In addition, the consumers are demanding the high-quality diet which has various health benefits along with great taste. This is resulting in a considerable change in the diet preferences of consumers and a shift from unhealthy to healthy food.
Market Restraining Factors:
High Production Cost
Most of the spread food items are made by using natural ingredients such as cocoa powder, peanut, almonds, and other premium products. The demand for these ingredients is continuously growing among all age groups across the world. Though, the prices of raw materials such as fruits, almonds sugar and essential ingredients keep on fluctuating. Most of the time the hike in prices result in high production cost and high market retail price which makes such spreads unaffordable for middle-class consumers.
Based on packaging, the sweet spread market is fragmented into glass and plastic. In 2020, the glass segment dominated the sweet spread market with maximum revenue share. The consumers’ preference towards the glass packaging as a non-toxic, reusable and premium material has resulted in high demand of sweet spread products with glass packaging.
On the basis of product type, the sweet spread market is segmented into chocolate spread jam, jelly & preserve and nut-spread. The chocolate spreads segment witnessed significant revenue share in the sweet spread market in 2020. The high demand of the chocolate spread is because the uses of it in making various bakery products like cakes, muffins, etc. Also, the chocolate spreads are widely consumed with breads as a delicious as well as healthy breakfast option.
Distribution Channel Outlook
By distribution channel, the sweet spread market is divided into supermarket/ hypermarket, grocery & convenience store and online retail. The grocery & convenience store segment accounted for significant revenue share in the sweet spread market in 2020. The sweet spread products are easily available in the grocery stores with the wide range of brands and prices that enables consumers to choose the most suitable one for them. The wide range offered by these stores attracts the consumers resulting in growth of the segment as well as the sweet spread market.
Region wise, the sweet spread market is analysed in North America, Europe, Asia Pacific, and LAMEA. In 2020, the Europe region emerged as the leading region in the overall sweet spread market by collecting the maximum revenue share. This is because the European region is among the largest producer of sweet spread products. Also, the countries such as Germany, France and the United Kingdom consume the spread in large quantities. These spreads are also widely used in bakery products and various desserts which is responsible for the high demand for such products in the European region.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Andros Group, Premium Vegetable Oils Sdn Bhd, Conagra Brands, Inc., PepsiCo, Inc. (Pioneer Foods), Ferrero Group, Unilever PLC, Hormel Foods Corporation, Dabur India Ltd., Mondelez International, Inc., and The Hershey Company (Hershey Trust Company).
Strategies deployed in Sweet Spread Market
Jan-2022: Mondel?z International took over Chipita Global, a company demonstrating high growth potential in the central and eastern European croissants and baked snacks category. Through this acquisition, the company would bolster its vision, and aimed to expedite growth in core snacking adjacencies, and simultaneously increase its reach in major markets.
Sep-2021: Ferrero India, a division of Ferrero Group, one of the world’s leading manufacturers of chocolate and confectionery products, introduced Kinder Creamy, an affordable mini snack for kids. Through this launch, the company would enter into the snacking segment and would strengthen its position in India’s sweet packaged foods segment.
Jul-2021: Dabur rolled out Dabur Honey Tasties, a honey-infused sweet, healthy, and No Added Sugar take on the classic sugary Chocolate and Strawberry syrups. Through this launch, the company expanded its most reliable Healthcare brand Dabur Honey. The new Dabur Honey Tasties are powered by honey’s sweetness and nutrition, are enhanced with Vitamin D, and include no added sugar, allowing consumers to enjoy the rich, tempting chocolate and strawberry flavors without compromising their health. It boosts energy and is high in vitamins, antioxidants, and minerals, all of which assist to increase immunity.
Oct-2020: Hindustan Unilever introduced peanut butter to its Kissan food and refreshment line (F&R) products. Through this launch, the company expanded its offerings of sweet spreads, including jams, marmalades, sugar, nut-based spreads, and others. Moreover, the company aimed to align with the mothers, especially from South India where mothers are searching for nutritive and convenient food solutions for their children.
Scope of the Study
Market Segments covered in the Report:
By Product Type
• Jam, Jelly & Preserve
• Chocolate spread
By Distribution Channel
• Grocery & Convenience store
• Online Sales Channel
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Andros Group
• Premium Vegetable Oils Sdn Bhd
• Conagra Brands, Inc.
• PepsiCo, Inc. (Pioneer Foods)
• Ferrero Group
• Unilever PLC
• Hormel Foods Corporation
• Dabur India Ltd.
• Mondelez International, Inc.
• The Hershey Company (Hershey Trust Company)
• Exhaustive coverage
• Highest number of market tables and figures
• Subscription based model available
• Guaranteed best price
• Assured post sales research support with 10% customization free
Read the full report: https://www.reportlinker.com/p06241035/?utm_source=GNW
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