This market research report presents a detailed segmentation of the global sweet spreads market by type (jams and preserves, honey, chocolate spreads, and nuts and seed-based spreads) and by geography (the Americas, APAC, Europe, and MEA). Leading vendors in this market are Andros, Ferrero, Hero, Hershey, Hormel Foods, and The J.M. Smucker Company.
Technavio has released a new market research report on the global sweet spreads market, which is expected to grow at a CAGR of more than 3% between 2016 and 2020. Sweet spreads such as jams, preserves, marmalade, nut butters, and chocolate spreads have become household staples in many countries such as the US and the UK. Manufacturers are coming up with sweet spreads that can be used for baking and non-breakfast occasions as snacks. They are also innovating with added nutrition, flavors, and localization. Europe is the leading region in the sweet spreads market globally, owing to growing consumer preference for sweet spreads and increasing disposable income of consumers in the region
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“As the consumers are eager to experiment and constantly seek different flavors of spreads, manufacturers strive to meet this demand through new product launches, product innovation, and brand extensions. Moreover, an increasing interest in local and artisanal products, new flavors, and taste have led to the manufacturers expanding production of these spreads. Furthermore, international brands customize their product offering to suit the local tastes and strong cultural influences specific to many countries. The manufacturers are innovating through ingredients, flavors, and multiple uses, which will bolster this market’s growth until the end of 2020,” says
Of late, the jams and preserves segment dominate the sweet spreads market, occupying more than 37% of the market share in terms of revenue. This market is driven by increasing consumer demand for gourmet jams and preserves, which are mostly used for gifting. Due to increased health consciousness, consumers are reducing their consumption of sweet spreads, which will lead to the sluggish growth of this market until the end of 2020.
The leading vendors in the global sweet spreads market include Andros, Ferrero, Hero, Hershey, Hormel Foods, and The J.M. Smucker Company. This market very dynamic in nature and is characterized by the presence of numerous small and large vendors. The vendors compete in terms of product differentiation, product pricing, quality, innovation, service, reputation, and distribution. Therefore, to survive and succeed in this competitive environment, it is imperative for the vendors to distinguish their product offerings through a unique value proposition.
A more detailed analysis is available in the Technavio report, Global Sweet Spreads Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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