Sweet Spreads Market size is set to grow by USD 4.29 billion from 2024-2028, Increase in on-the-go consumption to boost the market growth, Technavio

NEW YORK, June 24, 2024 /PRNewswire/ -- The global sweet spreads market  size is estimated to grow by USD 4.29 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  4.36%  during the forecast period.  Increase in on-the-go consumption is driving market growth, with a trend towards growth of online retailing. However, growing popularity of cereals  poses a challenge. Key market players include Algood Food Co., Andros SNC, B and G Foods Inc., Chocoladefabriken Lindt and Sprungli AG, Conagra Brands Inc., Dabur India Ltd., Dr. August Oetker KG, F. Duerr and Sons Ltd., Ferrero International S.A., Hormel Foods Corp., Mondelez International Inc., Murphy Orchard, Nestle SA, PepsiCo Inc., Rochak Agro Food Products Pvt. Ltd., The Hain Celestial Group Inc., The Hershey Co., The J.M Smucker Co., The Kraft Heinz Co., and Wilkin and Sons Ltd..

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Key Market Trends Fueling Growth

The e-commerce sector's growth, driven by increased internet access and consumer preference for online shopping, presents significant opportunities for the sweet spreads market. In Q3 2022, e-commerce sales in the US accounted for 14.8% of total retail sales, up from 10.8% in Q3 2021. This trend is fueled by the ease of shopping, product discovery, and appealing offers. Vendors can expand their reach and improve customer relations by partnering with online retailers like Amazon and Waitrose and Partners. Online platforms facilitate B2B and B2C transactions, encouraging vendors to focus on internet-savvy consumers and explore new retail formats. These factors are expected to boost the global sweet spreads market's growth. 

The sweet spreads market is experiencing significant growth with various players offering a range of products. Consumers are showing a preference for honey, chocolate, and fruit spreads. Markets for nuts and marmalades are also expanding. Brands are focusing on producing premium and organic options. The trend towards clean label and natural ingredients is driving innovation. Producers are also looking to expand their product lines with new flavors and textures. The market for spreads is expected to continue its growth trajectory in the coming years. 

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Market Challenges

• In the global market, the rise of breakfast cereals in emerging economies, particularly in the MEA and APAC regions, is impacting the demand for sweet spreads. Consumers in these markets are increasingly drawn to cereals marketed as healthier alternatives, with nutritional value being a key consideration. Brands are responding by offering gluten-free, keto-friendly, ready-to-eat, and organic cereals, which may limit the growth of the sweet spreads market.
• The sweet spreads market faces several challenges in the production and distribution process. These include the need for efficient and cost-effective methods for producing high-quality spreads, ensuring consistent product texture and flavor, and implementing effective logistics and supply chain strategies to meet consumer demand. Additionally, the market is increasingly competitive, with a growing number of players vying for market share. Brands must differentiate themselves through product innovation, pricing strategies, and effective marketing efforts. Sustainability and ethical sourcing are also becoming important considerations for consumers, adding to the complexity of the market landscape.

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Segment Overview 

This sweet spreads market report extensively covers market segmentation by

1. Type 
• 1.1 Nuts and seed-based spreads
• 1.2 Jams jellies and preserves
• 1.3 Honey
• 1.4 Chocolate spreads
2. Distribution Channel
• 2.1 Offline
• 2.2 Online
3. Geography 
• 3.1 Europe
• 3.2 North America
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Nuts and seed-based spreads-  The nuts and seed-based spreads segment leads the global sweet spreads market, driven by their nutritional benefits and increasing consumer adoption. Nuts and seeds provide protein, fiber, healthy fats, vitamins, and minerals. Unsaturated fats in these spreads aid in weight control and have heart health benefits. Popular nut-based spreads include peanut butter, while seed-based spreads like tahini and sunflower seed spread are gaining popularity due to allergen concerns with peanut butter. Vendors are introducing new products, such as J.M Smucker's Jif Natural Squeeze Creamy Peanut Butter Spread, fueling market growth. Despite peanut allergies, the demand for seed-based spreads continues to rise.

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Research Analysis

The sweet spreads market encompasses a wide range of indulgent and exotic products, including jams, marmalades, jellies, chocolate spreads, honey, nut-based spreads, and more. These premium food items cater to the taste experiences of consumers seeking high-quality, sustainable diet options. Sweet spreads offer health benefits, such as protein and fiber content, while some unhealthy options contain preservatives and artificial sweeteners. Millennials have contributed to the snackification trend, leading to an increase in demand for portable, convenient packaging, such as glass or plastic. Supermarkets, hypermarkets, grocery stores, and convenience stores stock a diverse selection of sweet spreads, catering to various product types and consumer preferences.

Market Research Overview

The Sweet Spreads Market encompasses a variety of edible spreads, including jams, jellies, honey, nut butters, and fruit preserves. These products are commonly used as toppings for bread, crackers, and other foods. The market is driven by factors such as increasing consumer preference for natural and organic options, growing health consciousness, and the versatility of these spreads in various culinary applications. Consumers are also seeking convenient and portable packaging options for on-the-go consumption. The market is expected to grow steadily due to these trends and the expanding global population's demand for sweet spreads. The production process involves the extraction or preparation of raw materials, followed by cooking, cooling, and packaging. The market caters to both industrial and retail sectors, with a focus on maintaining product quality and food safety standards.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Nuts And Seed-based Spreads
• Jams Jellies And Preserves
• Honey
• Chocolate Spreads
• Distribution Channel
• Offline
• Online
• Geography
• Europe
• North America
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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