The European food spread market is expected to register a CAGR of 3.2% during the forecast period of 2018-2023. Europe accounted for 59.53% of the global market share in 2017. Europe holds an important place in the global food spreads market, due to their traditional and historic relevance in daily meals. Despite the overarching popularity of jam and chocolate-based spreads, nut-based spreads are rapidly gaining ground. The specific reasons for this growth rate are very diverse and sophisticated in detail, a visible demonstration of the regional variations of European nations. The market is closely tied to ethnic flavors, raw materials perceptions, and the consumption pattern of bread.
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Health-conscious individuals are creating a demand for fresh fruits smoothies, salads, and desserts. France, Germany, and the Netherlands account for more than 50% of the market. The demand for 100% fruit-based consumables is expected to drive the market over the forecast period.
Changing consumer preferences and cautious spending are impacting the types of sweet spreads that Britons are buying. While overall sales have increased, the market growth is particularly evident in the non-traditional segments of chocolate spreads and nut-/seed-based spreads, largely at the expense of jams and other fruit-based products. This trend is expected to accelerate over the forecast period. However, due to an already high market penetration and the reinvigoration of products by manufacturers, jam is expected to remain the largest subcategory over this period.
The demand for chocolate spreads in Europe is growing, due to an increasing number of private label brands competing alongside the likes of Nutella. This has seen prices fall, making consumption more affordable. With the introduction of private label and supermarket brands, consumers are able to switch easily, without compromising on taste or quality.
To boost consumer interest, new sweet spread products are being launched in the British market, with an emphasis on premium qualities and eco-awareness attributes, such as ‘vegetarian’ and ‘environmentally friendly packaging’. Playing into the health and wellness trend with products promoting ‘minus’ claims, such as ‘low/no/reduced sugar or fat’, is becoming a less prominent tactic, with consumers typically perceiving sweet spreads as a sort of indulgence.
The major key players include –
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