The global market for jams and preserves is expected to reach 3.6% during the forecast period (2018-2023). The global retail sales are set to reach 1.53 billion USD by 2023. The market is growing at the rate of 1.33% across the Europe in retail sales and the value is set to reach 3.8 billion USD by 2023.
The UK food spreads market witnessed sales increase by 5% in value terms through 2012, while experiencing a smaller increase in volume terms of 2%. Jam sales have remained stagnant in the last 4 years. Around 7.7% of consumers have switched from jam to peanut butter. The jams and preserves sales are driven by the sales of bread.
Changing consumer preferences and cautious spending are impacting the types of sweet spreads consumers are buying. Increasing consumer health consciousness and the inclusion of organic ingredients as natural preservatives is driving the market. While sales have increased overall, 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. 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. This is an opportunity for the players in the food industry particularly those players in the bakery and beverages who are looking for the novel ingredients.
The market is segmented by product type as: jams and marmalade, honey and sweet spreads. The market for the honey is expected to grow at a CAGR of 3.5% during the forecast period with a revenue of USD 4.33 billion in 2016. By flavor type the market is segmented as: Grape, Strawberry, Raspberry, Blackberry, Apricot and others.
In terms of consumption, the majority of jams, jellies, and preserves are consumed in European countries, especially in Western European countries followed by North America. France is the leading contributor in terms of consumption while Germany and the UK are the two other major countries. Asian and Hispanic are among the biggest trends impacting jams product innovation. Bold and exotic flavors from this region guvava, passion fruit, and mango are making their way into preserves. The U.S population is shifting towards zero –sugar jams and preserves and this expected to drive the market during the forecast period.
The companies that have the lead in strategic movement and market activities in the global market are: J.M. Smucker Company, Hershey, Conagra Foods Inc., Unilever, etc. Most companies follow the strategy of launching new products. Over the past five years, each of the players mentioned has launched numerous new products under the jams and preserves category, in the global market. Key Players in the global jams and preserves market are J.M. Smucker, Kraft Foods, Unilever Group, ConAgra Foods Inc., B & G Foods Inc., Ferrero Group, Hershey Co., Nestle, Sioux Honey Association, National Grape Co-operative Association Inc.
This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs.
Looking to Customize Report?