Sweet Spread Market - 2023-2030

Sweet Spread Market - 2023-2030

Global Sweet Spread Market reached US$ 1.29 billion in 2022 and is expected to reach US$ 1.70 billion by 2030, growing with a CAGR of 3.5% during the forecast period 2023-2030.

Sweet spreads are widely appreciated as the best complement for the various breakfast and dessert meals. The product is made from various healthy ingredients such as fruits and nuts maintaining fusion flavors enjoy health-boosting spreads enriched with vitamins, minerals, and protein. There is an increasing demand for sweet spreads in the market due to rising demand for healthy and convenient products.

Sweet spreads can be easily added to food and bakery products and contain various nutrients, vitamins, healthy fats, and minerals adding value to the food product. The availability of sweet spreads in various flavors and versatile nature meets the needs of consumers with different tastes and flavor preferences. The on-the-go packs and single-serve portions of the sweet spread are very convenient for their use and easy use for people with a busy lifestyle.

North America dominated the global sweet spread market with U.S. and Canada leading the market growth due to the high demand for the product used in multiple food applications. The new product launches with healthy ingredients drive market growth in North America. For instance, in August 2023, FERRERO, a North American brand, announced the innovative launch of peanut Nutella in the U.S. market.

Dynamics

Multiple Applications of Sweet Spreads

Sweet spreads are used in various applications in multiple recipes and meals of the day. The versatility of sweet spreads to be used in most meals from breakfast to dessert items. Sweet spreads are used for toast, pancakes, smoothies, and other breakfast products. The snacks such as sandwiches, rice cakes, and others also use sweet spread to improve the palatability of the product.

Sweet spreads are highly preferred by consumers to complement the flavor and taste of various dessert products such as cakes, pies, ice creams, cookies, and other products. Sweet spreads help in improving the flavor, appeal and overall acceptability of the product. With the increasing demand for the product, manufacturers are also introducing new products and approaching consumers with different strategies.

The various initiatives by the major players to increase their product reach through campaigns and marketing are increasing product awareness among consumers. For instance, in September 2022, Nutella, a brand of Ferro, announced the launch of its new brand campaign, Mornings Taste Better with Nutella. Through the new campaign, the brand is trying to get the potential attention of the consumers towards the better breakfast option with Nutella to spread.

New and Healthy Product Launches

Sweet spreads are widely used as one of the major complementary dishes to add flavor to various food applications. With the increased consumer use of sweet spreads, there is increased competition in the market, with a large number of companies entering. To sustain in the high competition sector and dela and attract consumers, manufacturers are releasing products with healthier ingredients to meet the consumer choice of natural ingredients.

The new and healthier product introductions by the major players with better ingredients help in the wide expansion of the market. For instance, in April 2023, Apis India expanded its portfolio with the launch of a brand-new chocolate spread, Hazelnut Chocolate Spread, that is available in Hazelnut flavor. The product is claimed to be the greater source of protein and energy with low cholesterol content.

In November 2023, GOOD GOOD, a brand of keto-friendly, naturally sweetened products, introduced its limited edition Belgian Choco White Spread into the market. The product is claimed to be free from added sugar and artificial additives. It’s also gluten-free, non-GMO and vegetarian-friendly gaining the attention of health and environmentally-friendly consumers choices.

Health Issues Related to Higher Consumption of Sweet Spreads

Various sweet spreads are made from multiple ingredients such as sweeteners, essences, and other ingredients have provide a sweet taste and flavour to the product. But at the same time, these ingredients are of sugar content which adds more calories to the product. High-calorie food products are being restricted by health-conscious people due to the increasing prevalence of diabetes and obesity, restraining the market growth.

According to the World Health Organization 2022 statistics, more than 1 billion people globally are suffering from obesity, where 650 million people are adults and 340 million are adolescents. Similarly, according to IDF Diabetes Atlas 2021, 537 million adults are living with diabetes in the world. The organization reports that the prevalence is increasing rapidly and is estimated to reach 643 million by 2030.

Segment Analysisn

The global sweet spread market is segmented based on ingredients, type, packaging, distribution channel, application and region.

High Preference for Chocolate Based Spread among all Age Groups

The global sweet spread market is segmented based on type into jams, jelly, marmalades, honey, chocolate spread, nut spread, and others. The chocolate spread segment accounted for the largest share of the global sweet spread market. The chocolate spread is highly accepted by consumers for its application in various food types such as bread, toast, waffles, pancakes, muffins, and others. The high popularity of this product is due to its easy availability and taste preference by the majority of the population.

The new product introductions by the major players drive the market growth. For instance, in March 2022, Hershey India Pvt Ltd, part of The Hershey Company, expanded its portfolio of breakfast with the launch of Crunchy Cookie Chocolate Spread. The new Hershey’s Crunchy Cookie Chocolate Spread is considered as an extension of the existing Hershey’s Chocolate spread and the product is available in creamy cocoa and cocoa with almond.

Geographical Penetration

Increased Demand for Convenient Meal Options that Use Sweet Spreads

North America dominated the global sweet spread market. High urbanization and busy lifestyles of consumers of this region have left people with easy and convenient food options that consume less time and with uncompromised taste and nutrition. The region has a high demand for quick and easy breakfast and snack solutions such as toast, sandwiches, pancakes and others which have been consuming little time for preparation.

The high demand of consumers towards such products positively drives market growth due to the high preference for these food products being paired with sweet spreads to improve the taste and flavor of the product. Consumers seek healthier choices, leading to increased demand for functional spreads are induced with health-boosting nutrients such as vitamins, minerals and protein.

To meet the increasing consumer demand, manufacturers are introducing new products with unique taste combinations using healthy and natural ingredients by highlighting the product without using many synthetic ingredients. For instance, in March 2023, Bonne Maman, a U.S.-based brand, introduced, the Bonne Maman Hazelnut Chocolate Spread, a new premium product into their product portfolio that is from non-GMO ingredients and without any artificial flavors.

Competitive Landscape

The major global players in the market include Cargill, Incorporated, Unilever, Manorama Industries Limited., STUTE Nahrungsmittelwerke GmbH & Co. KG, Mondelez International, Ferrero, Hormel Foods, LLC, HERSHEY'S, The J.M. Smucker Company and Duerr’s.

COVID-19 Impact Analysis

The COVID-19 pandemic has had both positive and negative impacts on the sweet spread market. The pandemic disrupted various global markets due to the disrupted supply chain activities affecting the raw material procurement and distribution of finished products. Manufacturers are also facing challenges due to the temporary shutdown of the processing units due to limited resources.

The pandemic period positively impacted the demand for convenient and healthy food products. Consumers increased their time at home changing their preferences towards cooking and eating habits. The interest in trying various new and healthy products kept them looking for better meal options than traditional food habits. The incorporation of various meal options that use sweet spreads to enhance their taste has increased the market demand in lockdown conditions with increased product availability in e-commerce platforms in multiple flavors.

By Ingredients
• Cocoa
• Fruits
• Sweeteners
• Essence
• Others

By Type
• Jams
• Jelly
• Marmalades
• Honey
• Chocolate Spread
• Nut-Spread
• Others

By Packaging
• Bottles
• Jars
• Other

By Distribution Channel
• Supermarket & Hypermarket
• Convenience store
• Online Retail
• Others

By Application
• Breakfast
Toast and Bagels
Pancakes and Waffles
Oatmeal and Yogurt
Smoothies and Bowls
• Snacks
Crackers and Pretzels
Fruit and Vegetables
Rice Cakes and Crackers
Sandwiches and Wrap
• Dessert
Cakes and Pies
Crepes and Pancakes
Cookies and Bars
Ice Cream and Yogurt
• Other

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
UK
France
Italy
Russia
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Key Developments
• In November 2023, GOOD GOOD, a brand of keto-friendly, naturally sweetened products, introduced its limited edition Belgian Choco White Spread into the market. The product is claimed to be free from added sugar and artificial additives.
• In March 2023, Bonne Maman, a U.S.-based brand, introduced, the Bonne Maman Hazelnut Chocolate Spread, a new premium product into their product portfolio. The product is claimed to be prepared from non-GMO ingredients and without any artificial flavors.
• In March 2022, Hershey India Pvt Ltd, part of The Hershey Company, expanded its portfolio of breakfast with the launch of Crunchy Cookie Chocolate Spread. The new Hershey’s Crunchy Cookie Chocolate Spread is considered as an extension of the existing Hershey’s Chocolate spread and the product is available in creamy cocoa and cocoa with almond.

Why Purchase the Report?
• To visualize the global sweet spread market segmentation based on ingredients, type, packaging, distribution channel, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of sweet spread market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global sweet spread market report would provide approximately 78 tables, 80 figures and 234 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies