Sweet and savory spreads are natural, and man-made food substances often used as toppings on foodstuffs like bread, crackers, and other bakery products. Spreads are used to enhance the taste, flavor, texture, and color of foods. They are mostly available in canned and bottled packages. Sweet and savory spreads include marmalade, chocolate spreads, jam, honey, and so on. Sweet and savory spreads are often derived from nuts, dairy, fruits, yeast, and many others.
Sweet and Savory Spread Market Driven by Change in Consumer Lifestyle
Today’s on the go consumers are switching towards the consumption of foods that are readily available prepared within a short period due to their hectic lifestyle or lack of cooking skills that prevent them from cooking. Foods such as bread, crackers, and other bakery product are examples of fast foods that suit this lifestyle. However, they require the addition of spreads before consumption. Sweet and savory spread has a high demand from people of old age due to their inability to cook food.
In addition to this, the rise in awareness regarding the nutritive value of spread among consumers is a crucial factor fueling the growth of the sweet and savory spread market globally. Consumers are ready to spend on products such as spreads that provide health benefits.
Sweet and savory spreads are readily available. They can be purchased from the retail store or through e-commerce websites in both developed and developing countries. Also, there is a rise in the adoption of fruit-based products and honey-based products as part of the consumer’s diet. And this is estimated to drive the growth of the sweet and savory spreads market over the foreseeable period.
Sweet and Savory Spread Market Restraints
The sweet and savory spread market is threatened by the unavailability of raw materials such as sugar, fruits, and cocoa needed for the manufacture of spreads. Prominent key players operating in the industry are competing for the little that is available, and this will hamper the growth. Of the market. In addition, the rise in popularity of cereals and decline in the sales of breads are prominent factors projected to restrain the growth of sweet and savory market in future. Sweet and savory spreads are complementary items that can’t be consumed alone. Food items like bread, and other bakery products are needed to complement for consumption, and a decrease in production of these items will hamper the growth of the sweet and savory industry.
Sweet and Savory Spread Market: Region-wise Analysis
Asia Pacific region will register significant growth in the sweet and savory spread market due to the rise in demand food spread products among consumers. Also, the rise in per capita consumption of bakery products among consumers within the Asia Pacific will fuel the growth of the region. Consumers’ within the Asia Pacific region are involved in busy lifestyle which prevent them from cooking.
With the increase in consumption of spread in the US, the sweet and savory spread market is expected to be dominated by the North America region over the forecast period. North America is expected to register a double-digit CAGR over the forecast period.
Europe, Latin America, Africa, and Middle East markets are estimated to witness moderate growth over the forecast period.
Sweet and Savory Spread Market: Competitive Landscape
- Monteagle Group
- ATLANTIC GRUPA D.D.
- Pioneer Foods
- Uniliver Group
- Dr. Oetker
- Glanbia Consumer Foods
- Kraft Foods
- Ferrero Group.
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, U.K., France, Italy, Spain, Poland, Russia)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
- Oceania (Australia, New Zealand)
- Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)
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Global Sweet and Savory Market Segment Analysis
The global sweet and savory market can be segmented on the following basis:
- Nut and seed based spreads
- Chocolate spread
- Yeast-based spread
By Distribution Channel
- Non-store based
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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