The Global Sweet Spread Market size is expected to reach $1.5 billion by 2027, rising at a market growth of 3.5% CAGR during the forecast period.
Spread is a term used for food with the spreadable property. Such foods are usually spread by a knife on other edibles like bread & others. Sweet spreads are available in many forms such as marmalades, jellies, jams, chocolate spreads, nut-based spreads, and many others. This kind of spread is consumed widely as a daily diet across the world.
The demand for a vegan diet is growing continuously due to the rising concern of consumers toward rising health issues as well as because of various environmental & ethical reasons. Dairy alternative sweet spreads which are produced from plant-based ingredients are gaining immense popularity among many consumers. Consumers are rising demand for food products that provide them with particular benefits like protein supplement, energy booster.
Sweet spreads can be natural as well as man-made. These are generally used as toppings for other edibles like bread, crackers, and other food products. These products are usually found in the bottled and tinned form. These spreads are used in other food items mainly to enhance the taste, flavour, texture and colour of the dish. Sweet spreads are gaining immense popularity mainly for a healthy and quick breakfast option.
The widespread COVID-19 pandemic has affected all industries. Various restrictions imposed to curb the effect of COVID-19 resulted in disruption of supply chains, lesser production due to shortage of workforce and raw material. Also, the demand for various products declined due to declined income and unemployment, especially during the second quarter of 2020.
Whereas, the sweet spread market has recorded high demand for sweet spread products during the pandemic period. This is because the customers preferred to have a simplified routine and shifted toward the consumption of products that may save their time spent on cooking, particularly during the pandemic. Various sweet spreads contain magnesium, iron, and a good amount of protein which has resulted in high demand for them over and after the pandemic period.
The demand for sweet spread food products is rising continuously mainly among the vegan people. Consumers are demanding edibles with natural ingredients. Traditional flavors are gaining immense popularity among consumers due to their unique taste and the benefits of organic ingredients. In addition, rising awareness among the consumers regarding the nutritious value of these products is also fuelling the demand for sweet spreads food items.
With the continuous rise in health issues, health awareness is also increasing among the people. Consumers are shifting towards the consumption of healthy food, mainly premium, exotic products which are expected to rise the demand for various nutritious rich food products. In addition, the consumers are demanding the high-quality diet which has various health benefits along with great taste. This is resulting in a considerable change in the diet preferences of consumers and a shift from unhealthy to healthy food.
Most of the spread food items are made by using natural ingredients such as cocoa powder, peanut, almonds, and other premium products. The demand for these ingredients is continuously growing among all age groups across the world. Though, the prices of raw materials such as fruits, almonds sugar and essential ingredients keep on fluctuating. Most of the time the hike in prices result in high production cost and high market retail price which makes such spreads unaffordable for middle-class consumers.
Based on packaging, the sweet spread market is fragmented into glass and plastic. In 2020, the glass segment dominated the sweet spread market with maximum revenue share. The consumers' preference towards the glass packaging as a non-toxic, reusable and premium material has resulted in high demand of sweet spread products with glass packaging.
On the basis of product type, the sweet spread market is segmented into chocolate spread jam, jelly & preserve and nut-spread. The chocolate spreads segment witnessed significant revenue share in the sweet spread market in 2020. The high demand of the chocolate spread is because the uses of it in making various bakery products like cakes, muffins, etc. Also, the chocolate spreads are widely consumed with breads as a delicious as well as healthy breakfast option.
By distribution channel, the sweet spread market is divided into supermarket/ hypermarket, grocery & convenience store and online retail. The grocery & convenience store segment accounted for significant revenue share in the sweet spread market in 2020. The sweet spread products are easily available in the grocery stores with the wide range of brands and prices that enables consumers to choose the most suitable one for them. The wide range offered by these stores attracts the consumers resulting in growth of the segment as well as the sweet spread market.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 1 Billion |
| Market size forecast in 2027 | USD 1.5 Billion |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 3.5% from 2021 to 2027 |
| Number of Pages | 200 |
| Number of Tables | 360 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Product Type, Packaging, Distribution Channel, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the sweet spread market is analysed in North America, Europe, Asia Pacific, and LAMEA. In 2020, the Europe region emerged as the leading region in the overall sweet spread market by collecting the maximum revenue share. This is because the European region is among the largest producer of sweet spread products. Also, the countries such as Germany, France and the United Kingdom consume the spread in large quantities. These spreads are also widely used in bakery products and various desserts which is responsible for the high demand for such products in the European region.
Free Valuable Insights: Global Sweet Spread Market size to reach USD 1.5 Billion by 2027
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Andros Group, Premium Vegetable Oils Sdn Bhd, Conagra Brands, Inc., PepsiCo, Inc. (Pioneer Foods), Ferrero Group, Unilever PLC, Hormel Foods Corporation, Dabur India Ltd., Mondelez International, Inc., and The Hershey Company (Hershey Trust Company).
By Packaging
By Product Type
By Distribution Channel
By Geography
The sweet spread market size is projected to reach USD 1.5 billion by 2027.
Rising health awareness are driving the market in coming years, however, high Production Cost limited the growth of the market.
Andros Group, Premium Vegetable Oils Sdn Bhd, Conagra Brands, Inc., PepsiCo, Inc. (Pioneer Foods), Ferrero Group, Unilever PLC, Hormel Foods Corporation, Dabur India Ltd., Mondelez International, Inc., and The Hershey Company (Hershey Trust Company).
The Plastic market shows highest growth rate of 4% during (2021 - 2027).
The Supermarket/Hypermarket market acquired maximum revenue share in the Global Sweet Spread Market by Distribution Channel 2020, and would continue to be a dominant market till 2027.
The Europe market is the fastest growing region in the Global Sweet Spread Market by Region 2020, and would continue to be a dominant market till 2027.
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