2014-04-10 15:57:01 - Spreads in the US - a new market research report on companiesandmarkets.com
Mass-market oriented manufacturers started to focus much more on premium products in 2013. For the last few years, premium products such as chocolate spreads, high-priced jams and preserves and almond butter were very strong growth areas for spreads. This did not go unnoticed by major mass-market companies, many of which attempted to enter these areas with their most popular brands. JM Smucker Co entered the higher end spread market with Jif Almond and Jif Cashew in 2013.
The JM Smucker Co is expected to maintain its leading position in spreads in 2013, with a value share of 40%. The Ohio-based producer of brands such as Jif and the eponymous Smucker´s has developed into the biggest player in the two largest categories:
jams and preserves and nut and seed based spreads. The company increased its overall retail value size by 31% over the review period by quickly recognising new consumer interests and out-innovating some of its competitors. These innovations included extending the Jif brand into chocolate spreads in 2012, and into almond butter and cashew spreads in 2013.
Spreads is expected to increase by 18% in constant value terms during the forecast period, whilst retail volume sales are expected to increase by 4%. This healthy retail growth will be due to the continued push by major manufacturers towards premium products, which fit the increasingly refined and fickle tastes of younger consumers.
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