Market Size of Sweet Spread Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.20 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Sweet Spreads Market Analysis
The Sweet Spread Market is projected to register a CAGR of 3.2% during the forecast period.
The growth of the sweet spread market can be attributed to the rising popularity of quick and healthy morning meal replacements among office-goers and the youth population. Manufacturers emphasize introducing new spreads with health benefits and distinctive flavor characteristics to excite consumers and attain a share of the sweet spread market. Spreads made from natural ingredients, i.e., free from additives (like artificial sweeteners, pectin, and gelling agents), and spreads with nutritional claims, are expected to grow in the coming years. Consumers have been looking for low-sugar and low-fat alternatives, especially in the form of natural/organic spreads with functional attributes.
The renowned hazelnut spread Nutella is manufactured annually in more than 1.35 million pounds worldwide. In addition, over 250,000 tons of Nutella are sold annually in more than 75 countries. According to statistics from Ferrero company, France is considered to be one of the largest consumers of Nutella, with an approximate share of 25% of the world's production and consumption every year. Moreover, ethical concerns are also having an increasing impact on the development of new products in the sweet spreads market. Eco-friendly packaging has been a primary focus, but fair-trade lines and the use of ingredients from sustainable agriculture are emerging. The spreads are now widely available in mainstream supermarkets and are no longer restricted to health food stores.
However, with so many spreads consumed for breakfast, any change in consumer breakfast habits can have an impact on sales. Many consumers are skipping breakfast altogether due to their increasingly hectic schedules, while others prefer the convenience of grab-and-go options like cereal bars.
