Sweets
are a part and parcel of everybody’s life, and are universally
regarded for giving a gratifying experience. Consumption of
sweet-spread is historically rooted in the European and American
culture. Sweet spreads consist of jams and jellies, honey, nut-based
spreads, syrup based spreads, and chocolate spreads. The product is
mostly consumed at the breakfast table or with afternoon tea, and is
combined with whole-grain food products like bread, toast or bagels.
This industry is highly competitive in nature where private labels
provide stiff competition to the established brands in terms of
product innovation as well as price.
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The
sweet-spread market has witnessed steady growth, and has attracted a
large number of players in the market. With product innovations on
the rise, it is expected to grow further at a brisk rate. Europe has
the largest market of sweet-spread, with Germany, Italy, and the UK
being the top consumers. The USA is also a huge consumer of
sweet-spread and has rapidly enhanced its consumption. Although it is
not a feature of regular Asian breakfast, the sheer population in the
Asian region makes it in one the largest global consumer.
Product
innovation is one of the key drivers of this market. Changing tastes
and preferences of consumers has forced companies to innovate their
products aggressively to remain competitive. This has also resulted
in the high growth of the market. Sweet-spreads are the main
ingredient of an English breakfast, and households stock it in
conformance to their culture. This drives the sales in this market.
The rising health consciousness among this generation has driven the
growth of low-calorie sweet-spread as well. The huge number of
private labels competes with the established brands aggressively, and
also commands a fair market share in local markets. Apart from that,
due to the harried lifestyle of the youth, readymade breakfast is
more in demand as people perceive spreading jam on bread, time
consuming.
Some
of market players in this industry are Unilever Group, Wellness Foods
Ltd., Premier Foods Plc, Ferrero Group, and Andros SAS.
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