The Sweet and Savory Spread market is valued at USD 14 Billion in 2022 and is projected to grow at a CAGR of 4.1% during the forecast period, reaching a value of USD 21.0 Billion by 2032. Newly released data from Future Market Insights market analysis shows that global Sweet and Savory Spread demand is projected to grow year-on-year (Y-o-Y) growth of 4.6% in 2022.
| Attributes | Details |
|---|---|
| Market Size Value in 2022 | USD 14 Billion |
| Market Forecast Value in 2032 | USD 21.0 Billion |
| Global Growth Rate (2022 to 2032) | 4.1% CAGR |
| Forecast Period | 2022 to 2032 |
| Collective Value Share: Top 3 Countries (2021A) | 37.8% |
Spreads, both natural and artificial, are frequently used as toppings on dishes like bread, crackers, and other bakery goods. Foods can be improved with spreads in terms of taste, flavor, texture, and color. They are typically sold in packages in cans and bottles. Marmalade, jam, honey, other spreads, and chocolate spreads are examples of both sweet and savory spreads. Nuts, dairy, fruits, yeast, and many other ingredients are frequently used to make sweet and savory spreads.
Spreads, both savory and sweet, are widely available in both rich and developing nations, they can be bought from the local retailer or online. Additionally, consumers are incorporating more items made with fruit and products made with honey into their diets. And over the next few years, this is anticipated to fuel the market for sweet and savory spreads.
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Sweet and Savory Spread demand grew at 3.8% CAGR between 2017 and 2021. The trend of customers adopting a healthy lifestyle motivates them to choose low-calorie, nutritious spreads. Artificial sweeteners and flavors included in sweet and savory spreads can have long-term health effects.
Companies are developing clean labels by utilizing natural and healthy components in response to this desire. For instance, a white chocolate-based healthy Nutella that has been introduced by Lidl contains more protein but no palm oil. By introducing natural goods with plant-based oil, water, salt, and no artificial chemicals, Unilever expanded its selection of butter.
With busy lifestyles and a lack of cooking abilities, today's consumers on the go are converting to eating foods that are easily accessible and cooked in a short amount of time. Fast foods that fit this lifestyle include things like bread, crackers, and other bakery goods. To be consumed, they must first be smeared with spreads which is providing a positive prospect for the market.
Additionally, a significant element driving the expansion of the sweet and savory spread market globally is consumers' growing knowledge of the nutritious value of the spread. further, Customers are also willing to spend money on items like spreads that provide health benefits.
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Due to an increase in the adoption of a vegan lifestyle in the country, Germany dominates the plant-based spreads industry in the region. Furthermore, throughout the forecast period, rising awareness about the ethical, environmental, and health effects of diet will fuel the expansion of the plant-based spreads market in the country.
In comparison to other nations, the consumption of spreads is relatively high in nations like the United Kingdom. A significant factor driving the expansion of the food spread industry in the region is the broad range of applications in bread and dessert, which are the two largest markets in Europe. Due to its propensity for quick foods like burgers and sandwiches that include a variety of spreads like mayonnaise, garlic butter, avocado spread, and cheese, the US is the second-largest market after Europe.
In the sweet and savory spreads and dips market category, hummus had the greatest market share, and it is also expected to expand at the quickest rate throughout the forecast period, which is expected to remain at its position in the coming years as well. Producers and manufacturers of hummus are diversifying their product lines by introducing organic hummus, which is likely to open up the profit potential for country-level suppliers. It is hence, pushing up the sweet and savory spread market.
Sweet and savory spreads application in food service is estimated to account for 23.6% in 2022. The development of the food service industry and consumers willing to spend more and try food from multiple food service providers are driving the market exponentially.
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Market players are aiming on expanding market presence in various countries and regions to fetch the shooting demand for the Sweet and savory spreads market. Monteagle Group, ATLANTIC GRUPA D.D.
Pioneer Foods, Uniliver Group, Dr. Oetker, HERSHEY'S, Nestle, Glanbia Consumer Foods, Kraft Foods, and Ferrero Group are key players in the market
| Attribute | Details |
|---|---|
| Market Size Value in 2022 | USD 14 Billion |
| Market Forecast Value in 2032 | USD 21 Billion |
| Global Growth Rate | 4.1% CAGR |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | MT for Volume and USD Billion for Value |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; and MEA |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Argentina, Chile, Peru, Germany, France, Italy, Spain, UK, Netherlands, Belgium, Nordic, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Singapore, Australia, New Zealand, GCC Countries, South Africa, Central Africa, North Africa, and others |
| Key Market Segments Covered | Product type, Distribution Channel |
| Key Companies Profiled | Monteagle Group; ATLANTIC GRUPA D.D.; Pioneer Foods; Uniliver Group; Dr. Oetker; HERSHEY'S; Nestle; Glanbia Consumer Foods; Kraft Foods; Ferrero Group.; Others |
| Pricing | Available upon Request |
The Sweet and Savory Spread market is estimated to reach sales of nearly USD 14 Bn by 2022.
Sweet and Savory Spread market revenue is expected to increase at a CAGR of around 4.1% during the period 2022-2032.
Sweet and Savory Spread sales increased a CAGR of around 3.8% over the past half-decade.
The global Sweet and Savory Spread market value is estimated to be around USD 21 Bn in 2032.
Monteagle Group, ATLANTIC GRUPA D.D., Pioneer Foods, Uniliver Group, Dr. Oetker, HERSHEY'S, Nestle, Glanbia Consumer Foods, Kraft Foods, and Ferrero Group are expected to be the top players driving the market growth.
The top countries driving the Sweet and Savory Spread demand are the UK, Germany, the US, France, and China.
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Sweet and Savory Spread Market
