During the forecast period, the sweet spreads market in Singapore is likely to experience polarising consumer behaviour, driven by affordability concerns and a desire for higher-value options. The two-phase Goods and Services Tax (GST) hike, which increased the tax from 7% to 8% in 2023 and then to 9% in January 2024, is expected to constrain disposable incomes.
As the market for nut and seed-based spreads matures, manufacturers must explore innovative strategies to not only emphasise premium benefits, such as protein content, but also introduce novel uses and formats. Social media marketing also plays a pivotal role in generating consumer interest and driving trends within this sector.
Cocoa production is anticipated to face volatility during the forecast period due to unpredictable weather conditions, which are likely to affect yields and supply chains. As a response to these challenges, potential alternatives such as lab-grown chocolate and products made from fava beans or sunflower seeds may emerge to bridge the gap.
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Understand the latest market trends and future growth opportunities for the Sweet Spreads industry in Singapore with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to a comprehensive range of core packaged food categories.
If you're in the Sweet Spreads industry in Singapore, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Excludes: Any products sold unpackaged or in bulk; margarine, butter substitutes, vegetable-oil based, yeast-based, and meat/seafood-based spreads.
See All of Our DefinitionsThis report originates from Passport, our Sweet Spreads research and analysis database.
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