Sweet Spreads Market Trends, Drivers, Growth Opportunities, Challenges and Investment Opportunities by 2024
According to the latest report by IMARC Group, titled “Sweet Spreads Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global sweet spreads market size experienced steady growth during 2013-2018. Sweet spreads are generally added to baked wheat products, such as bread and pancakes, to enhance their flavor and texture. Traditionally, sweet spreads were a part of western cuisines; however, with rapid globalization, they have become a staple across the globe. They can be made using a wide range of ingredients, including fruits, coffee beans, argan nut oil, honey, nuts, eggs, sugar and coconut cream. Owing to the availability of numerous flavors, sweet spreads are used in the preparation of dips, cakes, puddings, smoothies, ice creams and salad dressings.
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Global Sweet Spreads Market Trends:
The hectic and busy lifestyles of consumers, especially youngsters, have led to the increasing demand for quick and healthy breakfast options. Along with this, the rising health-consciousness among consumers has prompted the leading companies to introduce sweet spreads fortified with antioxidants and vitamins. The addition of these elements improves the nutritional profile of the products, which helps in managing stress, maintaining weight, and reducing the risk of cardiovascular diseases. Manufacturers have also launched organic and natural sweet spreads made without any preservatives or artificial ingredients. In addition to this, sweet spreads are nowadays available in innovative packaging formats, such as handheld pouches or squeezable packs, which are convenient for on-the-go consumption. Moreover, many international food brands are tailoring their products according to regional tastes, preferences and cultural influences to broaden their customer base. Looking forward, the market value is projected to expand at a CAGR of 3% during the forecast period of 2019-2024.
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Key Market Segmentation:
Market Breakup by Product Type:
1. Jams and Preserves
3. Chocolate Spreads
4. Nuts and Seed-Based Spreads
Based on the product type, the market has been segmented into jams and preserves, honey, chocolate spreads, nuts- and seed-based spreads and others.
Market Breakup by Packaging Type:
1. Glass Packaging
2. Plastic Packaging
On the basis of the packaging type, the market has been categorized into glass, plastic and other packaging.
Market Breakup by Distribution Channel:
1. Hypermarkets and Supermarkets
2. Specialist Retail Stores
3. Convenience Stores
4. Online Stores
The market has been segregated based on the distribution channel into supermarkets and hypermarkets, specialist retail stores, convenience stores, online stores and others.
Market Breakup by Region:
2. North America
3. Asia Pacific
4. Middle East and Africa
5. Latin America
Region-wise, the market has been classified into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America.
The competitive landscape of the market has also been examined with some of the key players being J.M. Smucker Company, Kraft Heinz Company, Unilever PLC/NV, Conagra Brands, Inc., Ferrero International S.A., Mondelez International, Inc., Dabur India Limited, Hershey Company, Hormel Foods Corporation and Andros, SNC.
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