Sweet Spread Market size in 2020 is estimated to be $1,120 million, growing at a CAGR of 3.2% during the forecast period 2021-2026. Sweet spread contain jams, marmalades, jellies, honey, nut-based spreads, and chocolate spreads. The spreads are consumed with toast, breads, and other similar products. Increasing consumption of ready-to-eat foods and rising awareness regarding nutritive value of foods are the major factors driving the growth of the market. Moreover, increasing urbanization and changing lifestyle further enhance the overall market demand for sweet spread during the forecast period 2021-2026.
Sweet Spread Market Segment Analysis – By Product Type
Based on the Product Type, Sweet Spread Market is segmented into Jams and Preserves, Honey, Chocolate Spreads, Nuts and Seed-Based Spreads, Others. The Jams and Preserves segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 2.8% during the forecast period 2021-2026. This is mainly owing to increasing consumer demand for gourmet jams and preserves, which are mostly used for gifting are contributing to the growth of this segment.
Sweet Spread Market Segment Analysis – By Distribution Channel
Based on the Distribution Channel, Sweet Spread Market is segmented into Hypermarkets and Supermarkets, Retailer, Convenience Stores, Online Stores, Others. In 2020, online stores held the largest share in the Sweet Spread Market. This is mainly owing to increasing e-commerce website and rising bust lifestyle are contributing to the growth of this segment.
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Sweet Spread Market Segment Analysis – By Geography
North America dominated the Market share accounting for 40% of the market in 2020. This is mainly owing to rising demand for low-fat and low-sugar sweet spread variants and increasing consumer preference towards ready-to-eat meals.However, the Asia Pacific region is projected to be the fastest-growing during the forecast period 2021-2026. This is owing to rapid industrialization and increasing hectic lifestyle.
Sweet Spread Market Drivers
Increasing Consumption of Ready-to-Eat Foods
Consumers are shifting towards the consumption of foods that are readily available owing to their hectic lifestyle or lack of cooking skills that prevent them from cooking are some factor driving the market growth of this segment. Moreover, sweet and savory spread has a high demand from people of old age owing to their inability to cook food which are increasing the market growth of sweet spread.
Rising Awareness towards nutritive Value of Food
Rise in awareness regarding the nutritive value of spread among consumers is a significant factor driving the growth of the market. Moreover, consumers are ready to spend on products such as spreads that provide health benefits and are contributing to the growth of Sweet Spread Market.
Sweet Spread Market Challenges
Unavailability of raw materials are challenging the growth of the market. Moreover, the rise in popularity of cereals and decline in the sales of breads are further restraining its market growth during the forecast period 2021-2026.
During COVID-19 Pandemic, there is a worldwide shutdown of shops, supermarkets that have largely affected the sales of sweet. However, the COVID-19 pandemic has ruined a large stock of sweets in manufacturing units and shops, which has caused huge loss to manufacturers.
Sweet Spread Market Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Sweet Spread Market. Sweet Spread top 10 companies are Monteagle Group, ATLANTIC GRUPA D.D., Pioneer Foods, Uniliver Group, Dr. Oetker, HERSHEY’S, Nestle, Glanbia Consumer Foods, Kraft Foods, Ferrero Group.
Acquisitions/Product Launches:
On 30 August 2018, Kraft Heinz has partnership with Hershey Company and launch Milk Chocolate and Reese’s Peanut Butter Cup Dairy Whipped Toppings which helps to add a delicious dimension to any sweet treat.
Key Takeaways
In 2020, North America dominates the Sweet Spread Market owing to rising demand for low-fat and low-sugar sweet spread variants.
Increasing consumption of ready-to-eat foods and rising awareness regarding nutritive value of foods is driving the market growth of sweet spread.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Sweet Spread Market report.
Unavailability of raw materials are challenging the growth of the market.
Related Reports :
A. Specialty Sweeteners Market
https://www.industryarc.com/Research/Specialty-Sweeteners-Market-Research-509524
B. Sweet Biscuit Market
https://www.industryarc.com/Research/Sweet-Biscuit-Market-Research-509517
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