The sweet and savoury spreads market is increasing owing to the increasing demand for sweet and savoury spreads that match the quick-paced lives of current consumers. The sweet and savoury spreads introduced to the market by the major market players are projected to various taste innovations and advancements to gain a competitive advantage over the other market players. The food industry is witnessing a rise in the consumption of sweet and savoury spreads owing to which the sweet and savoury spreads market is expected to grow effectively.
Ferrero brand in Russia has gained greater profits with its Nutella brand owing to great taste and perfect commercialization of the market. One of the leading names in the sweet and savoury spreads market, Nutella spreads are finding new ways to reach their prospects and expand their business of sweet chocolate spreads. Working together with their customers across the globe, the company has launched their Vegan Nutella spread on an online platform in the United Kingdom. The sweet and savoury spreads market is expected to proliferate in the coming years with easy and quick availability of such sweet and savoury spreads to the audience, thereby contributing to increased sales and distribution of the product.
Sweet and savoury spread includes Jams, Honey, Chocolate spreads, Marmalade, Bovril and other products. Some drivers are growing health awareness, increasing demand for convenience food and perceiving spreads as an indispensable ingredient used in food stuff. Increasing popularity of cereals, declining sales of bread and rising cost of raw materials such as fruits, sugar and cocoa are the restraints in the sweet and savoury spread market.
Sweet and savoury spread market in India and China is expected to show double digit growth with a healthy CAGR.
On the basis of type sweet and savoury spread market is segmented into Honey, Jam and preserves, Nut and seed based spreads, Chocolate spread, Yeast based spreads. On the basis of region sweet and savoury spreads market is segmented into North America, Asia Pacific, Europa and Rest of the world.
Spread market in Brazil is highly fragmented owing to the presence of various regional players. Hindustan Unilever Limited launched various spreads such as Bread spread, Kissan creamy spreads. Some other spreads are mayonnaise based spreads that includes flavours such as classic mayonnaise, tomato twist and cheesy garlic. Kissan also added products such as Fruit Kick Spreads and fruity sweet spreads that were targeted at calorie conscious teenagers. In Russia changing lifestyle, busy schedule and shortage of time for making home-made preserves, storage issues promotes the usage of readymade spreads. In Russia manufacturers offer wide range of preserves and jams which is not feasible to be made at home. In China Frutarom set up new manufacturing unit in Shanghai in order to capture various opportunities in savoury sector
Key players in the Indian spread market are Dabur India Limited, Unilever, Good food group A/S Presently Kiviks Markmav Indústria Alimentícia Ltd is the leading player in the Brazil that constantly launches new flavours such as Mulberry, Blueberry, and Blackcurrant. Some other versions are Ginger, Lemon and Mango chutney. Sweet and savoury market is highly consolidated as various acquisitions are there in the industry such as Hindustan Unilever limited acquired Kissan from the United Breweries Group. In Russia Ferrero is the leading player in the sweet and savoury spread industry. Nutella is the renowned brand of Ferrero. Despite of having only one well-known brand company has strong position in the market due to the strong distribution network, aggressive marketing activities and prominent role of Nutella in chocolate spread market. Ratibor is major player in the jams and preserve market in Russia. Recently Hindustan Unilever decided to separate its spread business into standalone business in order to boost the sale of spread brands such as Flora. Sweet and savoury spreads market in Brazil is expected to show growth with low CAGR owing to the changing preferences of the customers for other spread products such as cheese spreads
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