Sweet spreads are an integral part of every breakfast and this has led to their steady growth. The rising health consciousness among consumers has given way to new low calorie spreads. The major market players in this industry are Unilever Group, Wellness Foods Ltd., Premier Foods Plc, Ferrero Group, and Andros SAS. The global food spreads market is set to be of worth USD 15.6 billion by the end of 2016.
The UK food spreads market witnessed sales increase by 5% in value terms through 2016, while experiencing a smaller increase in volume terms of 2%.The sales for peanut butter in UK have increased by 25% while jam sales have remained stagnant in the last four years. Around 7.7% of consumers have switched from jam to peanut butter. The UK sweet spread sales account for USD 437.26 million.
The US spreads market is worth USD 3.1 billion in 2016 and is expected to witness a relatively stable growth despite the economic recession. Food spreads comprise of a variety of products like jams, jellies, fruit and nut-based spreads, honey, syrup and chocolate-based spreads. The USA is a huge consumer of the sweet based spreads and Asia, by virtue of its sheer population is also a huge consumer.
Chocolate spread is the second most popular choice for spreads with its sales rising by 27% in the last four years. The chocolates spread market is worth more than USD 320 million. With increasing economic pressure, people are looking to cook at home and spreads are an extremely viable option. Peanut butter and chocolate spreads are displacing jam and marmalade as the most popular breakfast spreads. Product innovation is the key driving factor for new brands which are providing a stiff competition to the already established ones in the spreads market.
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