Syrups and Spreads Market Research Reports, Analysis & Trends
Syrups & spread industry comprises companies that produce variety of syrups and spreads meant for breads and other types of solid food items, such as toast, pancakes, rolls, and others. The popularity and acceptance from the consumers side increased when traditional methods for added flavor started to become outdated and consumers started to innovate and experiment on their own. Sweets are a part of everybody’s life and a proper staple diet supplement, and are universally regarded for giving a gratifying experience, so the consumption of sweet spread is historically rooted in the European and American culture. Typically, sweet spreads consist of jams and jellies, honey, nut-based spreads, syrup based spreads, and chocolate spreads and since recently, there are different varieties and types of flavors and textures introduced and they have been attracting consumers in a better way than expected.
The syrups and spread products are mostly consumed for the breakfast or with afternoon tea, and they are combined with whole-grain food products like bread, toast or bagels, doughnuts, rolls etc. The syrups and spreads industry is highly competitive in nature where private labels provide stiff competition to the established brands in terms of product innovation as well as pricing of their products, and since the advanced technological support, their penetration in the global or local market according to their respective strategies and plans, they have been largely successful in keeping a strong foothold. The syrups and sweet spread market has witnessed steady growth in the recent times, and it has attracted a large number of players in the market that have a range of innovative and new products to offer to the new consumers. Since the competition is stiff and tough, there has been immense product innovations on the rise and it is expected to grow further at a brisk rate.
Current Trends in Syrups and Spreads Market
Globally, the syrups & spreads market has grown at a good and substantial pace in the last decade as the demand has been steady and supply has been consistent from the producers side. The exponential growth pattern in attributed to the demand from consumer and retail segment as there is an increase in population, better and high-quality products, different varieties and different types of products manufactured and produced specifically for a particular consumer set according to the demand and efficient and effective packaging solution. Europe is the largest market of sweet spreads, and Germany, Italy, and the UK are the top consumers. The US is a huge consumer of sweet spreads and syrups and its market has rapidly enhanced its consumption. Even though the consumption and demand has not been as well as the former demographics for the Asian market and consumers' demand, but the sheer population in the Asian region makes it in one the largest global consumer as there is an increased and improved demand from the major developing nations such as India and China.
The syrups and spreads industry's major driver of growth is the product innovation and it 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 and in the market sustaining their businesses in harsh environments. In addition, the harried lifestyle of the youth and working professional prefer ready made breakfast and it is more in demand as people perceive spreading jam on bread, time consuming.
Major Syrups and Spreads Industry Players
Major players in the syrups & spreads industry include, Unilever Group, Wellness Foods Ltd., Premier Foods Plc, Ferrero Group, and Andros SAS.