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WILMINGTON, DE, UNITED STATES, October 17, 2024 /EINPresswire / -- The global sweet spread
market size was valued at $1,205.0 million in 2020, and is projected to reach $1,647.1 million by 2030, registering a CAGR of 3.2%. Europe was the highest revenue contributor, accounting for $507.3 million in 2020, with a CAGR of 2.7%.
The popularity of vegan diets as a lifestyle choice is growing tremendously among consumers owing to health, environmental, and ethical reasons. As a result, dairy-alternative sweet spreads produced using plant-based ingredients has gained tremendous popularity. Consumers look for specific functions in these food products that enable to make it a part of their lifestyle such as energy boosting, protein supplement and on-the-go snack. These factors are anticipated to collectively contribute toward the growth of sweet spread market trends.
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The rise in health consciousness among consumers has increased exponentially. There is an ongoing shift in the dietary habits among consumers, wherein they are increasing opting for heathier plant-based alternatives. Hence, the food industry players are responding by developing a wide range of healthy alternatives, such as seed-based and nut-based sweet spreads prepared using plant-based ingredients.
Moreover, in the recent years, food traceability has become an important aspect among consumers, as they care more about what they are eating and where their food is sourced. In addition, consumers demand for creativity and variety in their melas; hence, they are experimenting with new products and adding exotic fruit sweet spreads to their diet, which, in turn, propels the growth of the sweet spread market size.
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Region wise, Europe was the prominent region in 2020 due to tremendous popularity and substantial consumption of sweet spreads in the region. In addition, this region is one of the largest producers and consumers of sweet spread and its products. Consumption of spreads in countries like Germany, France and U.K. is very high as compared to other countries of the world. Wide range of application in bakery and dessert, which are the leading markets in Europe, is a prime factor contributing to the sweet spread market growth. However, Asia-Pacific is expected to witness a significant CAGR, owing to the factors such as increasing applications in food products, rising demand for sweet spread products from young consumers, and consumer focus towards quality and safe, natural products and those with natural ingredients.
The players in the sweet spread market have adopted product launch and business expansion as their key development strategies to expand their market share, increase profitability, and remain competitive in the market. The players in the market has various sweet spread market opportunities in order to increase the customer base. The key players profiled in this report include ConAgra Foods Inc., Duerr& Sons, Pioneer Foods, Uniliver Group, Ferrero Group, Mondelez International, Dabur India Limited, Hormel Foods, Andros, and HERSHEY'S.
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