United States - Syrups & Spreads, December 2023

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MarketLine Industry Profile
Syrups & Spreads in the United States

December 2023
Reference Code: 0072-2919
Publication Date: December 2023
Primary NAICS: 311421
Secondary NAICS: 311999,311941
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Industry Profiles
1. Executive Summary
1.1. Market value

The United States syrups & spreads market grew by 8.2% in 2022 to reach a value of $8,282 million.
1.2. Market value forecast

In 2027, the United States syrups & spreads market is forecast to have a value of $10,546.7 million, an
increase of 27.3% since 2022.
1.3. Market volume

The United States syrups & spreads market grew by 4.8% in 2022 to reach a volume of 1,022.5 million
kilograms.
1.4. Market volume forecast

In 2027, the United States syrups & spreads market is forecast to have a volume of 1,238.1 million
kilograms, an increase of 21.1% since 2022.
1.5. Category segmentation

Sweet spreads is the largest segment of the syrups & spreads market in the United States, accounting for
74% of the market's total value.
1.6. Geography segmentation

The United States accounts for 22.1% of the global syrups & spreads market value.
1.7. Market share

The J.M. Smucker Company is the leading player in the United States syrups & spreads market, generating
a 19.1% share of the market's value.
1.8. Market rivalry

Industry Profiles
The US syrups & spreads market experienced strong growth during the review period (2017-2022). The
market is fragmented, indicating greater levels of rivalry between players. Rivalry in the market is also
intensified by high fixed costs and exit barriers.
1.9. Competitive landscape

The US syrups & spreads market has experienced strong value and volume growth in recent years. The J.M.
Smucker Company is the leading player in the sector in value terms, while Post Holdings Inc, and Ferrero
accounted for second and third largest value shares, respectively, in 2022. Moreover, Wedderspoon gained
maximum value share during 2017-2022.

Industry Profiles
TABLE OF CONTENTS
1. Executive Summary 2
1.1. Market value ................................................................................................................................................2
1.2. Market value forecast ..................................................................................................................................2
1.3. Market volume.............................................................................................................................................2
1.4. Market volume forecast...............................................................................................................................2
1.5. Category segmentation................................................................................................................................2
1.6. Geography segmentation.............................................................................................................................2
1.7. Market share................................................................................................................................................2
1.8. Market rivalry...............................................................................................................................................2
1.9. Competitive landscape.................................................................................................................................3
2. Market Overview 9
2.1. Market definition .........................................................................................................................................9
2.2. Market analysis ............................................................................................................................................9
3. Market Data 10
3.1. Market value ..............................................................................................................................................10
3.2. Market volume...........................................................................................................................................11
4. Market Segmentation 12
4.1. Category segmentation..............................................................................................................................12
4.2. Geography segmentation...........................................................................................................................14
4.3. Market distribution ....................................................................................................................................15
5. Market Outlook 16
5.1. Market value forecast ................................................................................................................................16
5.2. Market volume forecast.............................................................................................................................17
6. Five Forces Analysis 18
6.1. Summary ....................................................................................................................................................18
6.2. Buyer power...............................................................................................................................................19

Industry Profiles
6.3. Supplier power ...........................................................................................................................................20
6.4. New entrants .............................................................................................................................................21
6.5. Threat of substitutes ..................................................................................................................................22
6.6. Degree of rivalry.........................................................................................................................................23
7. Competitive Landscape 24
7.1. Market share..............................................................................................................................................24
7.2. Who are the leading players in the US syrups & spreads market? ............................................................24
7.3. Which companies have been most successful in increasing their market shares in the last 5 years (2017-
2022)? 25
7.4. Which companies’ market shares have suffered in the last 5 years (2017-2022)?....................................25
7.5. What are the most popular brands in the US syrups & spreads market?..................................................25
8. Company Profiles 26
8.1. The J.M. Smucker Co ..................................................................................................................................26
8.2. Post Holdings Inc........................................................................................................................................31
8.3. Hormel Foods Corp ....................................................................................................................................34
8.4. Ferrero Group ............................................................................................................................................39
9. Macroeconomic Indicators 41
9.1. Country data ..............................................................................................................................................41
9.2. Methodology..............................................................................................................................................43
9.3. Industry associations..................................................................................................................................44
9.4. Related MarketLine research .....................................................................................................................44

Industry Profiles
LIST OF TABLES
Table 1: United States syrups & spreads market value: $ million, 2017–22 10
Table 2: United States syrups & spreads market volume: million kilograms, 2017–22 11
Table 3: United States syrups & spreads market category segmentation: % share, by value, 2017–2022 12
Table 4: United States syrups & spreads market category segmentation: $ million, 2017-2022 12
Table 5: United States syrups & spreads market geography segmentation: $ million, 2022 14
Table 6: United States syrups & spreads market distribution: % share, by value, 2022 15
Table 7: United States syrups & spreads market value forecast: $ million, 2022–27 16
Table 8: United States syrups & spreads market volume forecast: million kilograms, 2022–27 17
Table 9: United States syrups & spreads market share: % share, by value, 2022 24
Table 10: The J.M. Smucker Co: key facts 26
Table 11: The J.M. Smucker Co: Annual Financial Ratios 28
Table 12: The J.M. Smucker Co: Key Employees 29
Table 13: The J.M. Smucker Co: Key Employees Continued 30
Table 14: Post Holdings Inc: key facts 31
Table 15: Post Holdings Inc: Annual Financial Ratios 32
Table 16: Post Holdings Inc: Key Employees 33
Table 17: Hormel Foods Corp: key facts 34
Table 18: Hormel Foods Corp: Annual Financial Ratios 35
Table 19: Hormel Foods Corp: Key Employees 36
Table 20: Hormel Foods Corp: Key Employees Continued 37
Table 21: Hormel Foods Corp: Key Employees Continued 38
Table 22: Ferrero Group: key facts 39
Table 23: Ferrero Group: Key Employees 40
Table 24: United States size of population (million), 2018–22 41
Table 25: United States gdp (constant 2005 prices, $ billion), 2018–22 41
Table 26: United States gdp (current prices, $ billion), 2018–22 41
Table 27: United States inflation, 2018–22 41

Industry Profiles
Table 28: United States consumer price index (absolute), 2018–22 41
Table 29: United States exchange rate, 2018–22 42

Industry Profiles
LIST OF FIGURES
Figure 1: United States syrups & spreads market value: $ million, 2017–22 10
Figure 2: United States syrups & spreads market volume: million kilograms, 2017–22 11
Figure 3: United States syrups & spreads market category segmentation: $ million, 2017-2022 13
Figure 4: United States syrups & spreads market geography segmentation: % share, by value, 2022 14
Figure 5: United States syrups & spreads market distribution: % share, by value, 2022 15
Figure 6: United States syrups & spreads market value forecast: $ million, 2022–27 16
Figure 7: United States syrups & spreads market volume forecast: million kilograms, 2022–27 17
Figure 8: Forces driving competition in the syrups & spreads market in the United States, 2022 18
Figure 9: Drivers of buyer power in the syrups & spreads market in the United States, 2022 19
Figure 10: Drivers of supplier power in the syrups & spreads market in the United States, 2022 20
Figure 11: Factors influencing the likelihood of new entrants in the syrups & spreads market in the United States, 202221
Figure 12: Factors influencing the threat of substitutes in the syrups & spreads market in the United States, 2022 22
Figure 13: Drivers of degree of rivalry in the syrups & spreads market in the United States, 2022 23
Figure 14: United States syrups & spreads market share: % share, by value, 2022 24

Industry Profiles
2. Market Overview
2.1. Market definition

The Syrups & Spreads market consists of retail sale of jams, jellies & preserves, molasses, savory spreads, syrups
and sweet spreads. The market is valued according to retail selling price (RSP) and includes any applicable taxes. All
currency conversions have been made using constant annual average 2022 exchange rates.
For the purposes of this report, the global market consists of North America, South America, Europe, Asia-Pacific,
the Middle East, Ghana, Morocco, Nigeria, and South Africa.
North America consists of Canada, Mexico, and the United States.
South America consists of Argentina, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Panama,
Peru, Puerto Rico, and Uruguay.
Europe consists of Austria, Belgium, Bulgaria, Croatia, the Czech Republic, Denmark, Estonia, Finland, France,
Germany, Greece, Hungary, Ireland, Italy, Luxembourg, Malta, the Netherlands, Norway, Poland, Portugal,
Romania, Russia, Slovak Republic, Spain, Sweden, Switzerland, Turkey, Ukraine, and the United Kingdom.
Scandinavia comprises Denmark, Finland, Norway, and Sweden.
Asia-Pacific comprises Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Philippines,
Singapore, South Korea and Thailand.
The Middle East comprises Bahrain, Egypt, Iran, Israel, Kuwait, Oman, Saudi Arabia, and the United Arab Emirates.
2.2. Market analysis

The US Syrups & Spreads market registered strong growth during the review period (2017-2022). The growth of
the market is expected to decelerate over the forecast period (2022-2027).
The increasing disposable incomes of consumers in the US have resulted in a willingness to invest in gourmet
foods, notably those incorporating jams and preserves. Jams play a pivotal role in creating a diverse range of food
products. The market has experienced growth during the review period, propelled by the escalating demand for
ready-to-eat food products due to rising urbanization. However, high costs associated with raw materials and
various government regulations governing processed foods and food additives are expected to hinder the market
growth during the forecast period.
The US Syrups & Spreads market had total revenues of $8,282.0 million in 2022, representing a compound annual
growth rate (CAGR) of 7.6% between 2017 and 2022. In comparison, the European and Asia-Pacific markets grew
with CAGRs of 4.2% and 5.6% respectively, over the same period, to reach respective values of $14,255.1 million
and $5,881.0 million in 2022.
Market consumption volume increased with a CAGR of 5.3% between 2017 and 2022, to reach a total of 1,022.5
million kilograms in 2022. The market's volume is expected to rise to 1,238.1 million kilograms by the end of 2027,
representing a CAGR of 3.9% for the 2022-2027 period.
The Sweet Spreads segment was the market's most lucrative in 2022, with total revenues of $6.1 billion,
equivalent to 74% of the market's overall value. The Syrups segment contributed revenues of $1.1 billion in 2022,
equating to 13.9% of the market's aggregate value.
The performance of the market is forecast to decelerate, with an anticipated CAGR of 5% for the five-year period
2022 - 2027, which is expected to drive the market to a value of $10,546.7 million by the end of 2027.
Comparatively, the European and Asia-Pacific markets will grow with CAGRs of 3.7% and 4% respectively, over the
same period, to reach respective values of $17,109.3 million and $7,149.9 million in 2027.

Industry Profiles
3. Market Data
3.1. Market value

The United States syrups & spreads market grew by 8.2% in 2022 to reach a value of $8,282 million.
The compound annual growth rate of the market in the period 2017–22 was 7.6%.
Table 1: United States syrups & spreads market value: $ million, 2017–22
Year $ million € million % Growth

2017 5,734.8 5,442.1
2018 6,195.8 5,879.6 8.0%
2019 6,687.3 6,346.0 7.9%
2020 7,114.4 6,751.3 6.4%
2021 7,655.2 7,264.4 7.6%
2022 8,282.0 7,859.3 8.2%
CAGR: 2017–22 7.6%

Source: MARKETLINE MARKETLINE
Figure 1: United States syrups & spreads market value: $ million, 2017–22

Industry Profiles
3.2. Market volume

The United States syrups & spreads market grew by 4.8% in 2022 to reach a volume of 1,022.5 million kilograms.
The compound annual growth rate of the market in the period 2017-22 was 5.3%.
Table 2: United States syrups & spreads market volume: million kilograms, 2017–22
Year million kilograms % Growth

2017 788.9
2018 841.4 6.6%
2019 892.7 6.1%
2020 937.8 5.0%
2021 976.0 4.1%
2022 1,022.5 4.8%
CAGR: 2017–22 5.3%

Figure 2: United States syrups & spreads market volume: million kilograms, 2017–22

Industry Profiles
4. Market Segmentation
4.1. Category segmentation

Sweet spreads is the largest segment of the syrups & spreads market in the United States, accounting for 74% of
the market's total value.
The Syrups segment accounts for a further 13.9% of the market.
Table 3: United States syrups & spreads market category segmentation: % share, by value, 2017–2022
Category 2017 2018 2019 2020 2021 2022

Sweet Spreads 68.7% 70.1% 71.4% 72.3% 72.9% 74.0%
Syrups 15.9% 15.3% 14.9% 14.6% 14.3% 13.9%
Jams, Jellies &
13.0% 12.2% 11.5% 11.0% 10.8% 10.2%
Preserves
Savory Spreads 1.9% 1.8% 1.7% 1.6% 1.6% 1.5%
Molasses 0.6% 0.5% 0.5% 0.5% 0.4% 0.4%
Total 100% 100% 100% 100% 100% 100%

Table 4: United States syrups & spreads market category segmentation: $ million, 2017-2022
Category 2017 2018 2019 2020 2021 2022 2017-22

CAGR(%)
Sweet Spreads 3,941.1 4,343.6 4,775.0 5,144.0 5,579.3 6,124.6 9.2%
Syrups 909.1 950.7 994.9 1,038.2 1,096.2 1,150.2 4.8%
Jams, Jellies &
744.8 758.7 771.8 783.1 824.0 846.2 2.6%
Preserves
Savory Spreads 108.0 110.5 113.0 116.3 121.5 125.9 3.1%
Molasses 31.8 32.3 32.6 32.9 34.1 35.0 1.9%
Total 5,734.8 6,195.8 6,687.3 7,114.5 7,655.1 8,281.9 7.6%


Industry Profiles
Figure 3: United States syrups & spreads market category segmentation: $ million, 2017-2022

Industry Profiles
4.2. Geography segmentation

The United States accounts for 22.1% of the global syrups & spreads market value.
Europe accounts for a further 38.1% of the global market.
Table 5: United States syrups & spreads market geography segmentation: $ million, 2022
Geography 2022 %
Europe 14,255.1 38.1
United States 8,282.0 22.1
Asia-Pacific 5,881.0 15.7
Rest of the World 9,014.5 24.1
Total 37,432.6 100%

Figure 4: United States syrups & spreads market geography segmentation: % share, by value, 2022

Industry Profiles
4.3. Market distribution

Hypermarkets & Supermarkets form the leading distribution channel in the United States syrups & spreads market,
accounting for a 82.4% share of the total market's value.
Convenience Stores accounts for a further 7% of the market.
Table 6: United States syrups & spreads market distribution: % share, by value, 2022
Channel % Share
Hypermarkets & Supermarkets 82.4%
Convenience Stores 7.0%
eRetailers 5.1%
Food & drinks specialists 3.9%
Other 1.7%
Total 100%
Figure 5: United States syrups & spreads market distribution: % share, by value, 2022

Industry Profiles
5. Market Outlook
5.1. Market value forecast

In 2027, the United States syrups & spreads market is forecast to have a value of $10,546.7 million, an increase of
27.3% since 2022.
The compound annual growth rate of the market in the period 2022–27 is predicted to be 5%.
Table 7: United States syrups & spreads market value forecast: $ million, 2022–27
Year $ million € million % Growth

2022 8,282.0 7,859.3 8.2%
2023 8,769.3 8,321.7 5.9%
2024 9,216.5 8,746.1 5.1%
2025 9,671.0 9,177.4 4.9%
2026 10,120.6 9,604.1 4.6%
2027 10,546.7 10,008.4 4.2%
CAGR: 2022–27 5.0%

Figure 6: United States syrups & spreads market value forecast: $ million, 2022–27

Industry Profiles
5.2. Market volume forecast

In 2027, the United States syrups & spreads market is forecast to have a volume of 1,238.1 million kilograms, an
increase of 21.1% since 2022.
The compound annual growth rate of the market in the period 2022–27 is predicted to be 3.9%.
Table 8: United States syrups & spreads market volume forecast: million kilograms, 2022–27
Year million kilograms % Growth

2022 1,022.5 4.8%
2023 1,065.6 4.2%
2024 1,108.2 4.0%
2025 1,152.3 4.0%
2026 1,196.2 3.8%
2027 1,238.1 3.5%
CAGR: 2022–27 3.9%

Figure 7: United States syrups & spreads market volume forecast: million kilograms, 2022–27

Industry Profiles
6. Five Forces Analysis

The syrups & spreads market will be analyzed taking manufacturers of syrups & spreads as players. The key buyers
will be taken as distributors and retailers of syrups & spreads, and producers of packaging, syrups & spreads
ingredients and other raw materials as the key suppliers.
6.1. Summary
Figure 8: Forces driving competition in the syrups & spreads market in the United States, 2022
The US syrups & spreads market experienced strong growth during the review period (2017-2022). The market is
fragmented, indicating greater levels of rivalry between players. Rivalry in the market is also intensified by high fixed
costs and exit barriers.
Larger retailers, such as hypermarkets and supermarkets, can make large purchases and negotiate on price with
manufacturers, boosting buyer power. Retailers are unlikely to be swayed by brand loyalty, but they will have to stock
brands preferred by consumers.
Leading companies must maintain product quality if they are to maintain their brand equity in the long term. However,
lack of differentiation in commodity inputs weakens supplier power.
The threat of new entrants is moderate due to fair capital investments and the presence of well-established brands.
Substitutes to syrups & spreads include mayonnaise, vegetable puree, yogurt and sauces, which pose a moderate
threat.

Industry Profiles
6.2. Buyer power
Figure 9: Drivers of buyer power in the syrups & spreads market in the United States, 2022
Hypermarkets and supermarkets constitute the primary sales channels for syrups & spreads in the US, which accounted
for 82.41% of total distribution in 2022. Convenience stores are also significant held a further 6.95% of the total market
share. Buyer power is ramped up by the concentrated nature of the US retail market, where a small number of large
chains dominate, each possessing significant financial muscle and exerting a high degree of bargaining power over
market players, who must compete to win shelf space in leading retailers' stores.
Furthermore, syrups & spreads products usually constitute just one of a wide range of items sold by most food retailers.
This reduces the importance of this product to buyers, increasing buyer power.
On the other hand, end consumers are highly influenced by branding in this market, and retailers are compelled to
stock the brands most popular with their customers. Strong branding therefore weakens buyer power in this market.
Overall, buyer power is assessed to be moderate.

Industry Profiles
6.3. Supplier power
Figure 10: Drivers of supplier power in the syrups & spreads market in the United States, 2022
The primary inputs for syrups & spreads manufacturers include vegetable fat, milk, egg and ingredients according to the
flavor or taste such as cocoa powder and coconut powder. Some of these commodities, although available from several
sources, are subject to price fluctuations. However, when players buy in the open market, they have little control over
prices, and often use techniques such as hedging to mitigate the impact of price fluctuations. Alternatively, they may
negotiate supply contracts with growers and farmers, wherein fixed-term contracts with periodically negotiated prices
are common. Where growers operate in a fragmented upstream landscape, large food processing firms may have a
strong negotiating position.
Leading players must maintain product quality if they are to maintain their brand equity in the long term. Moreover,
their need to source raw materials of appropriate quality, tend to strengthen those suppliers who are able to provide
the necessary products. However, lack of differentiation in commodity inputs weakens supplier power.
Packaging is an important input in this market and some market players may enter into long-term contracts with
suppliers, which also increase supplier power. Overall, supplier power is moderate in this market.

Industry Profiles
6.4. New entrants
Figure 11: Factors influencing the likelihood of new entrants in the syrups & spreads market in the United States, 2022
The strong growth of the US syrups & spreads market will tend to encourage newcomers. Large multinational players
like the J.M. Smucker Company and Conagra Brands Inc. dominate the market. The top players wield significant power
and benefit from scale economies, strong brands, and a diverse range of products. Private labels also greatly influence
the environment.
Gaining access to distribution channels may also be difficult, as retail space is limited and new entrants must persuade
stores to replace established brands with unproven new products. Furthermore, if a new entrant is deemed to be
encroaching on an established player's market share, there is a high likelihood that the established players will retaliate
through price reductions and loss-leader promotions.
Players in the syrups & spreads market can try to distinguish their products to some extent by stressing their health
benefits and taste. Although it would be difficult for a new entrant to compete with the brand strength and reach of
existing players, it may be possible to achieve small-scale success stressing a unique production method or nutritional
benefits.
Government regulation affects several aspects of syrups & spreads manufacturing. For example, in most countries
there are requirements for food and drink to be prepared in hygienic conditions. Moreover, food regulators are more
keen to focus on increasing health consciousness which is leading to change in the food process and ingredients rules
and regulations. In 2022, the U.S. Food and Drug Administration took action related to labelling of nutritional facts and
declaration of added sugars on honey, maple syrups, and certain cranberry products. Moreover, the Federal Food, Drug
and Cosmetic Act has implemented regulations on accurate labelling of honey and honey products in order to enhance
the consumers' ability to make choices among products. Therefore, a high degree of regulation in food safety standards
also acts as a significant entry barrier. Overall, the likelihood of new entrants is moderate.

Industry Profiles
6.5. Threat of substitutes
Figure 12: Factors influencing the threat of substitutes in the syrups & spreads market in the United States, 2022
From the consumer’s point of view, there are a number of substitutes commercially-available for syrups & spreads.
These include mayonnaise, vegetable puree, yogurt and sauces. From the retailer's point of view, these substitutes can
offer benefits, such as higher margins (e.g. premium-priced syrups and spreads).
Leading players tend to have diverse product ranges, which reduces the threat posed by substitutes. For example, the
Ferrero SpA is a major player in the syrups & spreads market as well as manufacturers of yogurt and honey. Overall,
there is a moderate threat from substitutes.

Industry Profiles
6.6. Degree of rivalry
Figure 13: Drivers of degree of rivalry in the syrups & spreads market in the United States, 2022
The US syrups & spreads market is fragmented, with the top four leading players, The J.M. Smucker Company, Post
Holdings Inc, Ferrer, and Hormel Foods Corporation accounting for 32.63% of the market’s value. Notably, The J.M.
Smucker Company and Post Holdings Inc together accounted for 24.21% of the overall market share in 2022. The
fragmented market is indicating a high number of competitors, which increases rivalry. The players in this market are
similar: most operate primarily in the food and drink industry. This increases rivalry, and means that market fluctuations
are likely to affect companies in the same way. Switching costs are low: buyers can switch from one player to another
without incurring costs. This boosts rivalry.
The ease of exit depends to some extent on the business model of the company. Fixed costs are high due to the
expense of establishing suitably sized facilities and production lines with specialized equipment. As a result, exit barriers
are also high since leaving the syrups & spreads market would require divestment of these substantial and often quite
specialized assets. Both of these factors serve to increase rivalry. Furthermore, storage costs are high in the syrups &
spreads market, not only because of the size of the facilities necessary to store finished produce but also due to the
need for storage facilities for the raw materials.
The strong growth of the market helps to decrease the intensity of rivalry. Overall, there is a moderate degree of rivalry
in the US syrups & spreads market.

Industry Profiles
7. Competitive Landscape
The US syrups & spreads market has experienced strong value and volume growth in recent years. The J.M.
Smucker Company is the leading player in the sector in value terms, while Post Holdings Inc, and Ferrero
accounted for second and third largest value shares, respectively, in 2022. Moreover, Wedderspoon gained
maximum value share during 2017-2022.
7.1. Market share
Table 9: United States syrups & spreads market share: % share, by value, 2022
Company % Share
The J.M. Smucker Company 19.1%
Post Holdings Inc 5.1%
Ferrero 4.8%
Hormel Foods Corporation 3.7%
Other 67.4%
Total 100%
Figure 14: United States syrups & spreads market share: % share, by value, 2022
7.2. Who are the leading players in the US syrups & spreads market?

Industry Profiles
US based multinational The J.M. Smucker Company is the leading player in the US syrups & spreads market, accounting
for 19.10% of the market value in 2022 and is expected to retain its lead position in the coming years. The company has
a strong foothold in sweet spreads and jams, jellies & preserves segments in 2022, through brands such as Jif,
Smucker`s, and Goober.
US based multinational Post Holding Inc. is the second leading player in the US syrups & spreads market, accounting for
5.12% of the market value in 2022. The company has a strong foothold in sweet spreads segments in 2022, through
brands such as Peter Pan.
Italy based multinational Ferrero is the third leading player in the US syrups & spreads market, accounting for 4.76% of
the market value in 2022. The company has a strong foothold in sweet spreads segments in 2022, through brands such
as Nutella.
7.3. Which companies have been most successful in increasing their

market shares in the last 5 years (2017-2022)?
Between 2017 and 2022, Wedderspoon registered the highest rise in its market share with a 0.03 percentage points
increase in the value terms in the US syrups & spreads sector, increasing from 0.65% in 2017 to 0.68% in 2022. Over the
same period, value market share of Local Hive honey increased with a 0.02 percentage points, growing from 0.75% in
2017 to 0.77% in 2022. Moreover, Burleson's Honey Inc. witnessed increase of 0.02 percentage points to its value
share, up from 0.36% in 2017 to 0.38% in 2022.
7.4. Which companies’ market shares have suffered in the last 5 years
(2017-2022)?
In the US syrups & spreads market, Conagra Brands, Inc witnessed loss of value share by 6.11 percentage points
between 2017 and 2022, down from 8.98% in 2017 to 2.87% in 2022. The J.M. Smucker Company also witnessed loss of
value market share by 1.57 percentage points, down from 20.67% in 2017 to 19.10% in 2022. Moreover, value share of
Welch Food Inc also declined in the last five years, falling 0.45 percentage points, down from 2.08% in 2017 to 1.63% in
2022.
7.5. What are the most popular brands in the US syrups & spreads
market?
Jif and Smucker's (both owned by The J.M. Smucker Company) are the most popular brands in the US syrups & spreads
market, accounting for a value shares of 11.28%, and 7.11% each respectively, in 2022. Furthermore, Peter Pan (owned
by ConAgra Brands Inc) is also top brand of the sector, which held brand value shares of 5.12% in the same year.

Industry Profiles
8. Company Profiles
8.1. The J.M. Smucker Co
8.1.1. Company Overview
The J.M. Smucker Co (J.M. Smucker) is a manufacturer of food and beverage products. The company offers
products such as coffee, pet snacks, peanut butter, fruit spreads, baking mixes, frozen handheld products, flour
and baking ingredients, juices and beverages and other portion control products. J.M. Smucker markets and
sells these products under 9Lives, Cafe Bustelo, Dunkin, Folgers, Jif, Kibbles’n Bits, Meow Mix, Milk-Bone,
Nature's Recipe and Robin Hood brand names. It provides these products through supermarkets, warehouse
clubs and food distributors. The company primarily operates in the US and Canada and exports these products
to various countries worldwide. J.M. Smucker is headquartered in Orrville, Ohio, the US.
The company reported revenues of (US Dollars) US$8,529.2 million for the fiscal year ended April 2023
(FY2023), an increase of 6.6% over FY2022. In FY2023, the company’s operating margin was 1.8%, compared to
an operating margin of 12.7% in FY2022. The net loss of the company was US$91.3 million in FY2023, compared
to a net profit of US$631.7 million in FY2022. The company reported revenues of US$1,805.2 million for the
first quarter ended July 2023, a decrease of 19.2% over the previous quarter.
8.1.2. Key Facts
Table 10: The J.M. Smucker Co: key facts
Head office: One Strawberry Lane , Orrville, Ohio, United States

Telephone: 13306823000
Fax: 13306846410
Number of Employees: 5800
Website: www.jmsmucker.com
Financial year-end: April
Ticker: SJM
Stock exchange: New York Stock Exchange
Source: COMPANY WEBSITE MARKETLINE
8.1.3. Business Description
The J.M. Smucker Co (J.M. Smucker) manufactures and markets food and beverage products. Its products include
dog food, pet snacks, cat food, coffee, peanut butter, shortening and oils, fruit spreads, frozen handheld products,
portion control products, juices and beverages and baking mixes and ingredients.
The company markets products directly to food wholesalers, food retailers, pet specialty stores, discount and
dollar stores, club stores, drug stores, natural foods stores and distributors, military commissaries, mass
merchandisers and online retailers.
The company classifies its products into 11 categories: coffee, dog food, cat food, pet snacks, peanut butter,
frozen handheld, fruit spreads, juices and beverages, portion control, baking mixes and ingredients, and other. In
FY2023, the company coffee accounted for 36.2% of the company’s revenue, followed by dog food (11.5%), cat
food (12.9%), pet snacks (12.3%), peanut butter (7.5%), frozen handheld (8%), fruit spreads (5%), portion control
(1.9%), baking mixes and ingredients (1.1%), and other (3.5%).

Industry Profiles
The company classifies its business operations into four reportable segments: The US Retail Consumer Foods, The
US Retail Pet Foods, The US Retail Coffee, and International and Away From Home.

Industry Profiles
Table 11: The J.M. Smucker Co: Annual Financial Ratios

Key Ratios 2018 2019 2020 2021 2022
Growth Ratios
Sales Growth % 6.54 -0.47 2.59 -0.05
Operating Income Growth % -11.05 31.71 13.38 -26.67
EBITDA Growth % -5.64 21.43 10.16 -19.75
Net Income Growth % -61.57 51.54 12.42 -27.91
EPS Growth % -3.94 19.79 9.02 -11.24
Working Capital Growth % -237.43 -153.83 -340.09 -106.19
Equity Ratios
EPS (Earnings per Share) USD 6.34 6.09 7.30 7.95 7.06
Dividend per Share USD 3.09 3.33 3.49 3.58 3.87
Dividend Cover Absolute 2.05 1.83 2.09 2.22 1.82
Book Value per Share USD 69.48 70.08 71.80 74.99 76.46
Profitability Ratios
Gross Margin % 38.60 37.20 38.48 39.22 34.02
Operating Margin % 14.19 11.85 15.68 17.33 12.71
Net Profit Margin % 18.19 6.56 9.99 10.95 7.90
Profit Markup % 62.87 59.23 62.55 64.53 51.56
PBT Margin (Profit Before Tax) % 11.70 8.95 13.16 14.64 10.55
Return on Equity % 16.96 6.45 9.52 10.79 7.76
Return on Capital Employed % 7.32 6.46 7.95 10.34 7.21
Return on Assets % 17.50 3.21 4.63 5.27 3.91
Return on Working Capital % 200.31 -129.64 317.19 -149.79 1774.69
Operating Costs (% of Sales) % 85.81 88.15 84.32 82.67 87.29
Administration Costs (% of Sales) % 17.76 18.53 18.16 18.31 16.40
Liquidity Ratios
Current Ratio Absolute 1.50 0.69 1.24 0.68 1.03
Quick Ratio Absolute 0.68 0.31 0.68 0.34 0.47
Cash Ratio Absolute 0.19 0.04 0.25 0.12 0.09
Leverage Ratios
Debt to Equity Ratio Absolute 0.61 0.74 0.69 0.59 0.55
Net Debt to Equity Absolute 0.59 0.73 0.64 0.54 0.53
Debt to Capital Ratio Absolute 0.38 0.43 0.41 0.37 0.36
Efficiency Ratios
Asset Turnover Absolute 0.96 0.49 0.46 0.48 0.49
Fixed Asset Turnover Absolute 8.51 4.30 3.87 3.76 3.65
Inventory Turnover Absolute 10.57 5.58 5.32 5.24 5.15
Current Asset Turnover Absolute 9.46 4.93 4.34 4.09 4.05
Capital Employed Turnover Absolute 0.52 0.55 0.51 0.60 0.57
Working Capital Turnover Absolute 14.12 -10.94 20.23 -8.64 139.60
Source: COMPANY FILINGS MARKETLINE

Industry Profiles
Table 12: The J.M. Smucker Co: Key Employees
Name Job Title Board

Alex Shumate Director Non Executive Board
Amy C. Held Chief Transformation Officer Senior Management
Angela M. Burick Controller Senior Management
Angela M. Burick Senior Vice President Finance Senior Management
Bryan Hutson Senior Vice President Information Services Senior Management
General Manager Sweet Baked Snacks and
Dan O'Leary Senior Management
Pet
Dan O'Leary Senior Vice President Senior Management
Dawn C. Willoughby Director Non Executive Board
Senior Vice President Commodities and
Gagnesh Gupta Senior Management
Procurement
Gail Hollander Chief Marketing Officer Senior Management
Senior Vice President Supply chain and
J. Randal Day Senior Management
Operations
Jay L. Henderson Director Non Executive Board
Jeannette L. Knudsen Chief Legal Officer Senior Management
Jeannette L. Knudsen Secretary Senior Management
Jill R. Penrose Chief People and Corporate Services Officer Senior Management
Jodi L. Taylor Director Non Executive Board
John P. Brase Chief Operating Officer Senior Management
Jonathan E. Johnson III Director Non Executive Board
Joseph Stanziano General Manager Coffee Senior Management
Joseph Stanziano Senior Vice President Coffee Senior Management
Vice President Government Relations and
Julia L. Sabin Senior Management
Corporate Sustainability
Kirk L. Perry Director Non Executive Board
Lindsey A. Tomaszewski Senior Vice President Human Resources Senior Management
Mark T. Smucker Chairman Executive Board
Mark T. Smucker Chief Executive Officer Executive Board
Mark T. Smucker President Executive Board
Mercedes Abramo Director Non Executive Board
Paul J. Dolan Director Non Executive Board
Rebecca Scheidler General Manager Consumer Foods Senior Management
Rebecca Scheidler Senior Vice President Senior Management

Industry Profiles
Table 13: The J.M. Smucker Co: Key Employees Continued

Richard K. Smucker Director Non Executive Board
Robert Crane Head Sales and Sales Commercialization Senior Management
Robert Crane Senior Vice President Senior Management
Robert D. Ferguson General Manager Pet Food and Pet Snacks Senior Management
Senior Vice President Pet Food and Pet
Robert D. Ferguson Senior Management
Snacks
Sandra Pianalto Director Non Executive Board
Susan E. Chapman Hughes Director Non Executive Board
Tarang Amin Director Non Executive Board
General Manager Away From Home, Canada
Tim Wayne Senior Management
and International
Senior Vice President Away From Home,
Tim Wayne Senior Management
Canada and International
Tucker H. Marshall Chief Financial Officer Senior Management

Industry Profiles
8.2. Post Holdings Inc
Post Holdings Inc (Post) manufactures, markets, and distributes branded and private label ready-to-eat cereals,
snacks, and active nutrition products. The company’s product portfolio includes egg products, refrigerated
potato products, cheese and dairy case products, pasta products, ready-to-drink beverages, bars, powders,
nutritional supplements, and nut butters. It also offers baking nuts, dried fruit pasta, and granola. The company
markets and sells the products under the Honey Bunches of Oats, Great Grains, Better’n Eggs, Premier Protein,
and Dymatize brand names. Post sells through club and drug stores, grocery, mass merchandisers,
supercenters, and eCommerce platforms. The company has business operations across the US, Canada, Puerto
Rico, Mexico, Ireland, and the UK. Post is headquartered in Saint Louis, Missouri, the US.
The company reported revenues of (US Dollars) US$6,991 million for the fiscal year ended September 2023
(FY2023), an increase of 19.5% over FY2022. In FY2023, the company’s operating margin was 9.1%, compared
to an operating margin of 8.3% in FY2022. In FY2023, the company recorded a net margin of 4.3%, compared to
a net margin of 12.9% in FY2022.
8.2.2. Key Facts
Table 14: Post Holdings Inc: key facts
Head office: 2503 S Hanley Rd , St. Louis, Missouri, United States

Website: www.postholdings.com
Financial year-end: September
Ticker: POST
Post Holdings Inc (Post) is a manufacturer, operating in the center-of-the-store, foodservice, ingredient,
refrigerated, and active nutrition food products.
The company operates its business operations into four reportable segments: Post Consumer Brands, Weetabix,
Refrigerated Retail, and Foodservice.
The company merchandises and sells its products to various grocery stores, mass merchandise customers,
supercenters, natural/specialty and drug stores, military, foodservice channels, foodservice distributors, national
restaurant chains, specialty retailers, supplement stores and online retailers, discounters, wholesalers, and
convenience stores. Geographically, the company operates in the US and Canada.

Industry Profiles
Table 15: Post Holdings Inc: Annual Financial Ratios

Key Ratios 2018 2019 2020 2021 2022
Growth Ratios
Sales Growth % -9.21 -17.08 5.72 17.48
Operating Income Growth % 42.87 -40.17 -14.91 23.75
EBITDA Growth % 22.71 -27.77 -2.30 6.59
Net Income Growth % -73.31 -99.36 20737.50 353.87
EPS Growth % -78.91 -108.45 3507.19 308.23
Working Capital Growth % -6.02 -0.76 -21.05 34.98
Equity Ratios
EPS (Earnings per Share) USD 4.35 0.92 -0.08 2.64 10.79
Gross Margin % 29.63 31.54 30.77 28.67 25.08
Profit Markup % 42.11 46.08 44.44 40.20 33.48
PBT Margin (Profit Before Tax) % 4.23 2.15 -0.97 4.30 15.30
Return on Equity % 15.32 4.26 0.03 6.08 23.25
Return on Assets % 7.16 1.00 0.01 1.36 6.38
Return on Working Capital % 38.52 58.55 35.30 38.05 34.88
Liquidity Ratios
Leverage Ratios
Net Debt to Equity Absolute 2.05 2.06 2.04 2.27 1.51
Efficiency Ratios
Working Capital Turnover Absolute 4.44 4.29 3.59 4.80 4.18

Industry Profiles
Table 16: Post Holdings Inc: Key Employees

David P. Skarie Director Non Executive Board
David W. Kemper Director Non Executive Board
Diedre J. Gray Chief Administrative Officer Senior Management
Diedre J. Gray Executive Vice President Senior Management
Diedre J. Gray General Counsel Senior Management
Dorothy M. Burwell Director Non Executive Board
Ellen F. Harshman Director Non Executive Board
Gregory L. Curl Director Non Executive Board
Jeff A. Zadoks Chief Operating Officer Senior Management
Jeff A. Zadoks Executive Vice President Senior Management
Jeff A. Zadoks Interim Chief Executive Officer Senior Management
Jennifer Kuperman Director Non Executive Board
Chief Executive Officer Post Refrigerated
Mark A. Delahanty Senior Management
Retail
Mark A. Delahanty President Post Refrigerated Retail Senior Management
President Foodservice (formerly Michael
Mark W. Westphal Senior Management
Foods)
Matt Mainer Chief Financial Officer Senior Management
Matt Mainer Senior Vice President Senior Management
Matt Mainer Treasurer Senior Management
Chief Executive Officer Post Consumer
Nicolas Catoggio Senior Management
Brands
Nicolas Catoggio President Post Consumer Brands Senior Management
Robert E. Grote Director Non Executive Board
Sally Abbott Managing Director Weetabix Food Company Senior Management
Thomas C. Erb Director Non Executive Board
William P. Stiritz Chairman Non Executive Board

Industry Profiles
8.3. Hormel Foods Corp
Hormel Foods Corp (Hormel Foods) is a manufacturer and distributor of meat and food products. The
company’s product portfolio comprises fresh meats, frozen items, refrigerated meal solutions, sausages, hams,
guacamole, and bacon. It also provides canned luncheon meats, shelf-stable microwaveable meals, stews,
chilies, hash, flour and corn tortillas, salsas, peanut butter, nutritional food products and supplements, dessert,
and drink mixes, and industrial gelatin products. The company markets its products under Always Tender,
Hormel, Applegate, Austin Blues, Bacon 1, Black Label, Bread Ready, Cafe H, Chi-Chi’s, and Valley Fresh brand
names. It has business presence in Australia, Brazil, Canada, China, England, Japan, Mexico, Micronesia, the
Philippines, Singapore, and South Korea. Hormel Foods is headquartered in Austin, Minnesota, the US.
The company reported revenues of (US Dollars) US$12,110 million for the fiscal year ended October 2023
(FY2023), a decrease of 2.8% over FY2022. In FY2023, the company’s operating margin was 8.9%, compared to
an operating margin of 10.5% in FY2022. In FY2023, the company recorded a net margin of 6.6%, compared to a
net margin of 8% in FY2022.
8.3.2. Key Facts
Table 17: Hormel Foods Corp: key facts
Head office: 1 Hormel Place , Austin, Minnesota, United States

Website: www.hormelfoods.com
Financial year-end: October
Ticker: HRL
Hormel Foods Corp (Hormel Foods) develops, processes, and distributes a wide range of food products. The
company sells nuts, meat, and other food products through a variety of channels of distribution including U.S.
retail, U.S. foodservice, and international.
The company classifies its business operations into four reportable segments: Grocery Products, Refrigerated
Foods, Jennie-O Turkey Store, and International and Other.
Hormel Foods sells its products in all the 50 states of the US. It also has a sizeable market in Australia, Brazil,
Canada, China, England, Japan, Mexico, Micronesia, the Philippines, Singapore, and South Korea. Hormel operates
through a network of facilities that produce and distribute other manufactured items.

Industry Profiles
Table 18: Hormel Foods Corp: Annual Financial Ratios

Key Ratios 2018 2019 2020 2021 2022
Growth Ratios
Sales Growth % -0.51 1.17 18.50 9.42
Operating Income Growth % 1.38 -8.03 2.03 16.93
EBITDA Growth % 1.46 -4.07 3.45 16.61
Net Income Growth % -3.29 -7.23 0.08 10.03
EPS Growth % 2.45 -7.46 1.77 7.62
Working Capital Growth % 37.88 65.17 -26.16 41.23
Equity Ratios
EPS (Earnings per Share) USD 1.75 1.80 1.66 1.69 1.82
Dividend per Share USD 0.73 0.82 0.91 0.97 1.02
Dividend Cover Absolute 2.39 2.20 1.83 1.75 1.78
Gross Margin % 20.74 19.84 19.00 16.93 17.37
Profit Markup % 26.16 24.76 23.46 20.38 21.03
PBT Margin (Profit Before Tax) % 12.38 12.74 11.60 9.89 10.26
Return on Equity % 18.07 16.53 14.13 13.03 13.27
Return on Assets % 24.86 12.05 10.08 8.04 7.69
Return on Working Capital % 129.50 95.22 53.02 73.27 60.66
Liquidity Ratios
Leverage Ratios
Net Debt to Equity Absolute 0.03 -0.07 -0.07 0.39 0.31
Efficiency Ratios
Working Capital Turnover Absolute 10.48 7.56 4.63 7.43 5.76

Industry Profiles
Table 19: Hormel Foods Corp: Key Employees

Vice President Marketing, Foodservice
Annemarie Vaupel Senior Management
Division
Brian D. Johnson Secretary Senior Management
Brian D. Johnson Vice President Senior Management
Christopher J. Policinski Director Non Executive Board
Clint Walters Vice President Refrigerated Foods Operations Senior Management
David Weber Vice President Sales, Foodservice Senior Management
Deanna T. Brady Executive Vice President Retail Senior Management
Eldon Quam Assistant Controller Senior Management
Elsa A. Murano Director Non Executive Board
Florence Makope Treasurer Senior Management
Florence Makope Vice President Senior Management
Gary C. Bhojwani Director Non Executive Board
Vice President Retail Marketing Snacking
Henry Hsia Senior Management
and Entertaining
Jacinth C. Smiley Chief Financial Officer Senior Management
Jacinth C. Smiley Executive Vice President Senior Management
James P. Snee Chairman Executive Board
James P. Snee Chief Executive Officer Executive Board
James P. Snee President Executive Board
Vice President Retail Marketing, Value Added
Jeff Baker Senior Management
Meats
Jeffery R. Frank Vice President Retail Marketing Senior Management
Jeffrey A. Grev Vice President Legislative Affairs Senior Management
Jen Ehresmann Vice President Supply Chain Senior Management
Vice President Grocery Products Operations,
John Forsythe Senior Management
Shelf Stable
Jose Luis Prado Director Non Executive Board
Katie Larson Senior Vice President Human Resources Senior Management
Senior Vice President Research and
Kevin L. Myers Senior Management
Development and Quality Control
Leslie Lee Vice President Digital Experience Senior Management
Vice President Retail Marketing, Convenient
Lisa Selk Senior Management
Meals and Proteins
Lori J. Marco General Counsel Senior Management
Lori J. Marco Senior Vice President External Affairs Senior Management

Industry Profiles
Table 20: Hormel Foods Corp: Key Employees Continued

Lynn Egner Vice President Retail Sales West Senior Management
Mark A. Coffey Vice President Supply Chain Senior Management
Vice President Information Technology
Mark D. Vaupel Senior Management
Services
Mark J. Ourada Group Vice President- Food Service Senior Management
Vice President Food service affiliated
Mark Morey Senior Management
business
Michael P. Zechmeister Director Non Executive Board
Nathan Annis Vice President Corporate Development Senior Management
Vice President Marketing Convenient Meals
Natosha Walsh Senior Management
and Proteins
Patrick J. Connor Vice President Retail Sales Senior Management
Patrick J. Schwab Vice President Retail Sales, East Senior Management
Paul Kuehneman Controller Senior Management
Paul Kuehneman Vice President Senior Management
Pierre Lilly Chief Compliance Officer Senior Management
Pierre Lilly Senior Vice President Senior Management
Prama Bhatt Director Non Executive Board
Raymond G. Young Director Non Executive Board
Richard A. Carlson Vice President Quality Management Senior Management
Sally J. Smith Director Non Executive Board
Scott Aakre Chief Marketing Officer Retail Business Senior Management
Scott Aakre Vice President Retail Business Senior Management
Stephen M. Lacy Director Non Executive Board
Steven A. White Director Non Executive Board
Steven J. Lykken Vice President Jennie O Turkey Store, Inc. Senior Management
Susan K. Nestegard Director Non Executive Board
Group Vice President- Hormel Foods
Swen Neufeldt Senior Management
International
Swen Neufeldt President Hormel Foods International Senior Management
Tony Hoffman Vice President Retail Sales, Walmart/Sam’s Senior Management
Tyler L. Hulsebus Vice President Engineering Senior Management
Wendy A. Watkins Chief Communications Officer Senior Management
Wendy A. Watkins Senior Vice President Senior Management

Industry Profiles
Table 21: Hormel Foods Corp: Key Employees Continued


Industry Profiles
8.4. Ferrero Group
Ferrero Group (Ferrero) is engaged in the manufacturing of chocolate and other confectionery products. The
company offers products such as bakery products, snacks, pralines, mints and spread under various brands such
as Nutella, Kinder Chocolate, Kinder maxi, Kinder Surprise, Kinder Joy, Kinder Bueno, Kinder delice, Kinder
Pingui and Raffaello. Further it provides brands such as Tic-Tac, Ferrero Rondnoir, Ferrero Manderly, Ferrero
Tenderly White, Ferrero Cappuccino, Ferrero Tenderly Torroncino, Pocket Coffee, and Mon Cheri. Ferrero
offers semi-finished and finished hazelnut-based products. Ferrero sells its products through distributors across
the world. It has operations across Europe, the Americas, Asia-Pacific, and Africa. Ferrero is headquartered in
Alba, Italy.
8.4.2. Key Facts
Table 22: Ferrero Group: key facts
Head office: Alba , Italy

Website: www.ferrero.com
Financial year-end: April
Ferrero Group (Ferrero or ‘the group’) manufactures chocolate and other confectionery products.. The company
offers a broad range of products including chocolates, pralines, wafers, spreads, breath mints, snacks, bakery
products and drinks, among others.
Ferrero offers crunchy wafer with hazelnut in the center under the Ferrero Rocher brand, crispy shell covered in
flakes of coconut under the Rafaello brand, boxed chocolate under the Mon Cheri brand, hazelnut spread under
Nutella brand, and breath mints under Tic Tac brand. The company’s Ferrero product line offers pralines, snacks
and bakery products. The Proalines comprise Ferrero Rocher and its dark chocolate version, Ferrero Rondnoir. The
snacks consist of Ferrero duplo, Ferrero fiesta, and Ferrero Tronky; and bakery products comprise Ferrero Brioss
and Ferrero Yoga. The company markets the drinks under the Esta The brands. Under its Kinder brand, the
company offers Kinder Surprise, Kinder Chocolate, Kinder Bueno, Kinder Pingui. At the end of FY2016, Ferrero
operated through 86 consolidated companies and 22 production plants worldwide. The company also undertakes
research and development (R&D) activities for the development of unique products and innovative research and
production processes utilizing its own technologies.
The company outsources certain activities such as packaging, promotions, certain commercial and distribution
activities, and some administrative, IT and accounting services. The company, through its affiliated companies,
operates across Europe, America, Asia, Oceania and Africa.

Industry Profiles
Table 23: Ferrero Group: Key Employees

Alanna Cotton Chief Business Officer, Ferrero North America Senior Management
Alanna Cotton President Senior Management
Chief Operating Officer Strategic Business
Aldo Uva Senior Management
Units
BJ Hamilton Vice President Sales Ferrero Canada Senior Management
Francesco Prinetti Global Marketing & Innovation Director Management
Giovanni Ferrero Chief Executive Officer Senior Management
Paul Chibe Chief Executive Officer Ferrero North America Senior Management
Paul Chibe President Senior Management

Industry Profiles
9. Macroeconomic Indicators
9.1. Country data
Table 24: United States size of population (million), 2018–22
Year Population (million) % Growth

2018 328.9 0.8%
2019 331.4 0.8%
2020 333.9 0.8%
Table 25: United States gdp (constant 2005 prices, $ billion), 2018–22
Year Constant 2005 Prices, $ billion % Growth

2018 16,559.0 2.5%
2019 16,929.6 2.2%
2020 17,270.7 2.0%
Table 26: United States gdp (current prices, $ billion), 2018–22
Year Current Prices, $ billion % Growth

2018 21,077.3 4.6%
2019 21,993.9 4.3%
2020 22,953.1 4.4%
Table 27: United States inflation, 2018–22
Year Inflation Rate (%)

2018 2.3%
2019 2.2%
2020 2.4%
Table 28: United States consumer price index (absolute), 2018–22

Industry Profiles
Year Consumer Price Index (2005 = 100)

2018 132.2
2019 135.1
2020 138.3
Table 29: United States exchange rate, 2018–22
Year Exchange rate (€/$)

2018 1.1810
2019 1.1200
2020 1.1405
2021 1.1832
2022 1.0538

Industry Profiles
Appendix
9.2. Methodology
MarketLine Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, cross-
checked and presented in a consistent and accessible style.
Review of in-house databases – Created using 250,000+ industry interviews and consumer surveys and supported by
analysis from industry experts using highly complex modeling & forecasting tools, MarketLine’s in-house databases
provide the foundation for all related industry profiles
Preparatory research – We also maintain extensive in-house databases of news, analyst commentary, company profiles
and macroeconomic & demographic information, which enable our researchers to build an accurate market overview
Definitions – Market definitions are standardized to allow comparison from country to country. The parameters of each
definition are carefully reviewed at the start of the research process to ensure they match the requirements of both the
market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and trends
MarketLine aggregates and analyzes a number of secondary information sources, including:
- National/Governmental statistics
- International data (official international sources)
- National and International trade associations
- Broker and analyst reports
- Company Annual Reports
- Business information libraries and databases
Modeling & forecasting tools – MarketLine has developed powerful tools that allow quantitative and qualitative data to
be combined with related macroeconomic and demographic drivers to create market models and forecasts, which can
then be refined according to specific competitive, regulatory and demand-related factors
Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date

Industry Profiles
9.3. Industry associations
9.3.1. National Association of Flavors and Food Ingredient Systems
3301 Route 66, Suite 205, Bldg. C , Neptune, NJ 07753

Tel.: 732 922 3218
Fax: 732 922 3590
www.naffs.org
9.3.2. International Maple Syrup Institute
5072 Rock St., RR#4, Spencerville, ON, CAN, KOE 1XO

www.internationalmaplesyrupinstitute.com
9.3.3. National Corn Growers Association
632 Cepi Drive, Chesterfield, MO 63005, USA

Tel.: 636 733 9004
Fax: 636 733 9005
www.ncga.com
9.3.4. Specialty Food Association
136 Madison Ave New York, New York 10016 USA

Tel.: 1 212 482 6440
Fax: 1 212 482 6459
www.specialtyfood.com
9.4. Related MarketLine research
9.4.1. Industry Profile
Syrups & Spreads in Europe

Syrups & Spreads in Asia-Pacific
Global Syrups & Spreads

Industry Profiles
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Syrups & Spreads in the United States

Reference Code: 0072-2919

Publication Date: December 2023

Primary NAICS: 311421

Secondary NAICS: 311999,311941

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1.1. Market value

1.2. Market value forecast

1.3. Market volume

1.4. Market volume forecast

1.5. Category segmentation

1.6. Geography segmentation

1.7. Market share

1.8. Market rivalry

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1.9. Competitive landscape

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1.1. Market value ................................................................................................................................................2

1.2. Market value forecast ..................................................................................................................................2

1.3. Market volume.............................................................................................................................................2

1.4. Market volume forecast...............................................................................................................................2

1.5. Category segmentation................................................................................................................................2

1.6. Geography segmentation.............................................................................................................................2

1.7. Market share................................................................................................................................................2

1.8. Market rivalry...............................................................................................................................................2

1.9. Competitive landscape.................................................................................................................................3

2.1. Market definition .........................................................................................................................................9

2.2. Market analysis ............................................................................................................................................9

3.1. Market value ..............................................................................................................................................10

3.2. Market volume...........................................................................................................................................11

4.1. Category segmentation..............................................................................................................................12

4.2. Geography segmentation...........................................................................................................................14

4.3. Market distribution ....................................................................................................................................15

5.1. Market value forecast ................................................................................................................................16

5.2. Market volume forecast.............................................................................................................................17

6. Five Forces Analysis 18

6.1. Summary ....................................................................................................................................................18

6.2. Buyer power...............................................................................................................................................19

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United States - Syrups & Spreads, December 2023

United States - Syrups & Spreads, December 2023

United States - Syrups & Spreads, December 2023