Sweet spreads such as marmalades, jam, jellies, chocolate spreads, honey, nut-based spreads, and others comprise a vital part of traditional breakfast menu or snack in the western world. The longstanding popularity of various sweet spreads across developed economies has been the key factor propelling the global sweet spread market. In a report, titled “Sweet Spread Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019,” Transparency Market Research (TMR) presents insights into the growth drivers and restraints having implications on the market. It uses several industry-leading analytical tools to present an executive-level blueprint of the global sweet spread market.
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Currently, Europe and North America account for the leading share in the global sweet spread market. These regions have sustained their dominance since a long time and is expected to continue their growth run through the forecast period between 2013 and 2019. In Europe, sweet spreads are a part of traditional breakfast. Hence, consumers in this region often spend significantly on the purchase of sweet spreads, which has remained a key factor accelerating the demand for sweet spreads.
Besides this, the convenience provided by sweet spreads is a primary factor persistently fuelling their demand across developed economies where people prefer less elaborate food to fit in their hectic lifestyle. Since it does not take long enough to prepare food using sweet spread, it is witnessing widespread adoption particularly as a popular breakfast food.
However, in Asia Pacific the market is witnessing sluggish growth. The diverse food culture and the lack of longstanding tradition related to sweet spreads are inhibiting the growth of the market in Asia Pacific. However, the market sees lucrative scope, as the region reports increasing urbanization. The companies are looking to capitalize on the untapped opportunities in Asia Pacific, primarily because the region boasts a huge base of consumers. TMR expects Asia Pacific to emerge as a lucrative market for sweet spread manufacturers in the forthcoming years.
To establish their footprint in Asia Pacific, manufacturers are focusing on product innovation to match the preference of consumers in the region. Taste innovation has shaped as a major trend in developed countries as well and is expected to remain a vital avenue for research and development in the near future.
The presence of a large number of players has made the global sweet spread market fairly fragmented, thus competitive. The market also provides sufficient opportunities for new entrants to compete with existing players. Some of the prominent enterprises operating in the market are Wellness Foods Ltd., Premier Foods Plc, Unilever Group, and Ferrero Group.
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