Technavio analyzes that the Sweet Spreads Market is expected to grow at a CAGR of 4.36% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 4291.2 million.There are various factors that contribute to the growth of the market. The sweet spreads market is experiencing a significant surge in demand due to the increasing trend of on-the-go consumption. Consumers are seeking convenient and portable options for their favorite spreads, leading to an uptick in sales of individually packaged portions and single-serve containers. This shift in consumer behavior is driving innovation and growth within the industry.
The nuts and seed-based spreads sector holds a significant market share in the global sweet spreads industry, projected to persist throughout the forecast period. Notable nut-based spreads comprise almond, cashew, coconut, walnut, peanut, and associated products, with peanut butter being the most favored. Seed-based spreads consist of tahini, pumpkin, sunflower, and watermelon seeds. These spreads offer substantial quantities of protein, fiber, healthy fats, vitamins, and minerals. The unabsorbed fats in nuts and seeds regulate body weight, food consumption, and energy expenditure. Unsaturated fats and other nutrients present in nuts and seeds contribute to heart disease prevention. Glass and plastic packaging options cater to various retail channels, including supermarkets, hypermarkets, grocery stores, convenience stores, online retailers, and brand websites.
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Sweet Spreads Market Segmentation
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The Sweet Spreads Market encompasses various product types including Jams, Marmalades, Jellies, Chocolate spreads, Honey, Nut-based spreads, catering to consumers seeking portable, indulgent, and exotic food experiences. Premium and healthy options, such as high-quality, sustainable, and preservative-free spreads, are popular among millennials. Product offerings include those with health benefits, as well as unhealthy options with high protein, fat content, and artificial sweeteners. Packaging varies from glass to plastic, with supermarkets, hypermarkets, grocery stores, and convenience stores serving as key sales channels.
The Sweet Spreads Market encompasses vendors engaged in the production and packaging of jams, marmalades, jellies, chocolate spreads, honey, and nut-based spreads. These premium and indulgent food items cater to consumers seeking portable, convenient, and exotic food solutions. The market's size is determined by the consolidated revenue generated by these vendors, excluding equipment manufacturers and producers of packaged beverages. Market expansion is driven by the health benefits associated with consuming minimally processed foods, such as jams and jellies, which provide essential nutrients like potassium, dietary fiber, folate, vitamin A, and vitamin C.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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