Market Trends of Honey Spreads Industry
This section covers the major market trends shaping the Honey Spreads Market according to our research experts:
Increasing Consumption of Honey Spread in Breakfast Food
In the western region, the breakfast foods such as pancakes, waffles, and cereals are highly consumed with honey spread as a topping. With growing consumer preference for sweeteners to enhance the taste of breakfast foods, the demand for different flavored honey spreads is also increasing. Hence, the players are engaged in launching flavored honey spreads in the market. For instance, in 2021, Valeo Foods launched chocolate-flavored honey spread under its brand Rowse. The new product called ChocoBee is made of honey and sustainable cocoa. On the other hand, low-calorie sweeteners have become popular to enhance the flavor of breakfast cereals owing to the rising health-consciousness among global consumers. This, in turn, is driving the demand for honey spreads as honey is perceived as a low-calorie sweetener. Further, this trend is expected to sustain during the forecast period as modern consumers are increasingly participating in weight management programs and adopting low-calorie diets to control obesity. Thereby, the growing demand for honey spread in breakfast foods is expected to drive market growth during the forecast period.
North America Holds the Major Share
North America is anticipated to dominate the market owing to the increasing frequency of food spreads such as honey spreads in breakfast foods in the region. According to the Sugar and Sweeteners report published by the United States Department of Agriculture (USDA), the United States honey demand has reached an all-time high with a record of setting consumption of honey or honey-based products valued at 618 million pounds in 2021 with increasing 8 percent from the previous years. In particular, the per capita consumption of honey has reached to 1.9 pounds in 2021. Moreover, the United States is the second largest consumer of honey-based products behind China based on a report published by the Food and Agricultural Organization (FAO). Thus, the increasing consumption rate in the region is driving market growth over the forecast period. Similarly, the natural honey spread demand is increasing in the region, and hence the companies are focused on introducing new varieties to the North American region. For instance, in September 2022, Stakich, a popular supplier of premium honey products in the United States recently launched new natural raw honey products such as honey spreads that are packed with health-promoting nutrients.
