The UK syrups and spreads market is dominated by jam and honey spreads.
However, chocolate spreads are expected to gather pace, growing by 35% up to 2018, finds a new report from Canadean.
Over the coming years, the syrups and spreads market is expected to grow by 22.5% in the UK, reaching US$960 million by 2018.
Almost half of this growth is due to good sales in jam and honey, according to the report entitled The Future of the Syrups & Spreads Market in the United Kingdom to 2018.
“Consumers across all age groups use jam and honey as a quick snack. Honey not only tastes great, but also has many health benefits such as boosting the immune system and fighting bacteria,” says analyst Safwan Kotwal.
Private label boosts chocolate spreads market
However, Canadean expects chocolate spreads to show the greatest level of growth at 35% between 2013 and 2018. Honey follows closely with a growth rate of 31.3%, while jam is expected to only grow by 12%.
“Chocolate spreads are growing due to an increasing number of private label brands competing alongside the likes of Nutella. This has seen prices fall, making consumption more affordable. With the introduction of private label and supermarket brands, consumers are able to switch easily, without compromising on taste or quality,” says Kotwal.
Older consumers show their sweet tooth
Consumers aged 55+ are driving the syrups and spreads market.
In jams, jellies and preserves for instance, tweens and early teens make up only 12% of the market compared to older consumers, who account for 37%.
According to Canadean, the new-found love of chocolate spreads among older consumers is due to changing age structures.
“Chocolate and nut-based spreads have long been associated with teenagers and young adults.
However, an increasing number of older consumers are enjoying products such as Nutella, as they look to indulge in tasty treats more traditionally targeted at children,” says Kotwal.
