Sweet Spread Market Segment Analysis By Product Type:
Based on Product Type, Chocolate Spreads Segment accounted for the largest revenue market share in 2020 owing to private label items competing against well-known global brands. The market for chocolate spreads is witnessing rising demand, particularly from parents concerned that their children aren’t getting a regular breakfast that meets their likes and preferences. Chocolate spreads are often made with cocoa and may also include 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 anticipated to grow with the fastest CAGR of 4.7% in the forecast period 2021-2026 as the low-calorie spreads have emerged as a result of consumers’ growing health consciousness. Rising consumer expenditure on ready-to-eat food items is driving segment growth, owing to benefits such as increased awareness of the need of a healthy breakfast.
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Sweet Spread Market Segment Analysis By Distribution Channel:
Based on Distribution Channel, E-Commerce accounted for the largest revenue market share in 2020 owing towards ease of availability of a wide selection of products in various flavors and uses as in various flavouring 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 create their online portals and websites to promote the growth of the market in order to increase product sales driving the Sweet Spread Industry. Supermarket/Hypermarket is anticipated to grow with the fastest CAGR of 4.1% in the forecast period 2021-2026. Supermarkets 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. Such activities set supermarket purchasing apart from that of larger, mass merchandisers, resulting in segment growth.
Sweet Spread Market Segment Analysis By Geography:
Based on Geography, North America Sweet Spread Market accounted for the 43% revenue share in 2020. 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 colourful 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. Asia-Pacific is predicted to be the fastest growing region during the forecast period 2021- 2026 owing to higher product intake which propel the Sweet Spread Market.
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Sweet Spread Market – Drivers
The Growing Demand for Organic Food Product:
Sweet spreads are becoming increasingly popular around the world, as people seek for 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. 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.
Sweet Spread Market – Challenges
High Production Cost:
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. Growing public awareness of the dangers of certain preservation chemicals is also a key hindrance to the market’s expansion.
Sweet Spread Market – Landscape:
The Sweet Spread Market’s main strategies include product launches, mergers and acquisitions, joint ventures, and regional expansion. Sweet Spread Market top 10 companies are ConAgra Foods Inc., Duerr& Sons, Pioneer Foods, Uniliver Group, Dr. Oetker, HERSHEYS, Nestle, Glanbia Consumer Foods, Kraft Foods, Ferrero Group.
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.
Sweet Spread Market growth is being driven by consumers desire to eat jellies as their favourite dessert, which is met by manufacturers through a variety of products tailored to the preferences of consumers.
Geographically, North America Sweet Spread Market held the largest revenue share of 40% in 2020 owing to the growing product consumption. The scope of the Sweet Spread Market for various regions will be provided in the final report.
The Sweet Spread Industry is expanding owing to adoption of a new lifestyle and the high disposable income of middle-class households, consumers’ preferences have moved dramatically towards these products.
Increasing cases of emergency food quality test failures and rising health problems in younger population hampers the Sweet Spread industry.
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