The UK syrups and spreads market is dominated by jam and honey spreads. However, chocolate spreads are expected to gather pace, growing by 35 per cent up to 2018, according to findings from market research organisation Canadean.
Honey sales will reach close to a quarter of a billion dollars by 2018
Over the coming years, the syrups and spreads market is expected to grow by 22.5 per cent in the UK, reaching $960 million by 2018. Almost half of this growth is due to good sales in jam and honey.
“Consumers across all age groups use jam and honey as a quick snack,” said Safwan Kotwal, analyst at Canadean. “Honey not only tastes great, but also has many health benefits such as boosting the immune system and fighting bacteria,” he said.
Private label boosts chocolate spreads market
However, Canadean expects chocolate spreads to show the greatest level of growth at 35 per cent between 2013 and 2018.
Honey follows closely with a growth rate of 31.3 per cent, while jam is expected to only grow by 12 per cent.
“Chocolate spreads are growing due to an increasing number of private label brands competing alongside the likes of Nutella,” Mr Kotwal said. “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,” he said.
Older consumers show their sweet tooth
Consumers aged 55 and older are driving the syrups and spreads market, according to Canadean.
In jams, jellies and preserves for instance, tweens and early teens make up only 12 per cent of the market compared to older consumers, who account for 37 per cent.
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,” Mr Kotwal said. “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,” he said.
