The global spreads market is worth US$ 29.9 Billion as of now and expected to reach US$ 53.2 Billion by the year 2033 at a CAGR of 5.9% between 2023 and 2033.
With growing demand for condiments and sauces made from natural ingredients coupled with spike in production of preserves, gourmet jams, and artisan bakery products, the global spreads market is estimated to grow irrevocably in the forecast period.
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Gone are the days when spreads were merely looked upon as breakfast option to be had with bread. These days, they are used during office lunches, dining events, and leisure snacking times. This is evident from the fact that peanut butter could be used as cake filling along with cold dishes for dinner or lunch. Chocolate-based food spreads could be used in puddings and smoothies, and savory spreads could be used in pasta and pizza. It is a known fact that honey could be used as a tonic mixed with warm water all through the day.
Food & beverages market is getting influenced by flavor inspiration as consumers go ahead with exploration of luscious cuisines. Spreads’ ingredients do impart aroma, texture, and taste. They are turning out to be amongst the most preferred go-to convenience food option.
Nut-based spreads are seen to be a healthier alternative to the traditional spreads as they are rich in protein and provide instant energy.
At the same time, higher cost of materials used to make spreads is expected to restrain the spreads market going forward.
Future Market Insights has entailed these facts with future prospects in its latest market study entitled ‘Spreads Market’. It has its determined team of analysts and consultants to deploy an eagle’s eye view in its primary, secondary, and tertiary modes of research.
“With independent living making the rounds all over, the global spreads market is likely to grow on an invigorating note in the near future”, says an analyst from Future Market Insights.
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Key Takeaways from Spreads Market
- North America holds the largest market share with the US being subject to rising online penetration of spreads. Plus, it has been observed that country-specific brands are more into the picture offering analogous products, that too, at an all the more competitive rate.
- Europe holds the second-largest market share with the UK dominating it. This could be attributed to growing interest in household baking. It has been observed that 20% of British consumers make use of spreads in several baking operations (apart from breakfast). France is also observing an increase in demand for premium spreads owing to rising wellness-conscious population.
- The Asia-Pacific is expected to grow at the quickest rate in the spreads market in the forecast period with countries like India witnessing an increased spending participation on premium products like spreads. South Korea is expected to grow on behalf of single-person households making a beeline (single-person households prefer something on the go; which calls for increasing usage of spreads).
Competitive Spreads
- VEGO Good Food GmbH has its Vego Chocolate spread in the market of the UK for addressing the rising demand for vegan, dairy-free products. The company offers chocolate spread, which is made using sunflower oil, raw cane sugar, cocoa powder, extracted vanilla, and lecithins (sunflower) shea butter.
- JM Smucker has come up with fruit and honey spread with various natural ingredients for expanding product range.
- Conagra Brands, Inc., in September 2019, put forth plant-based oils spreads under brand ‘Earth Balance’. These pressed oils are non-GMO, lactose-free, and vegan.
- Lindt chocolate has its Hazelnut cream spreads to compete with Nutella hazelnut spreads.
What does the Report spread?
- The research study is based on product type (jam & preserve spreads, nut based spreads (peanut butter, almond spreads, cashew spreads, walnut spreads, and macadamia spreads), chocolate spreads, savory spreads, and honey-based spreads), end-use (retail/household and commercial), nature (conventional and organic), and distribution channel (B2C (store-based retailing and online retailing) and B2B).
- With end-consumers preferring healthy and natural spreads on artisan bakery products, the global spreads market is expected to witness grandeur in the forecast period.
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Spreads Market By Category
By Product Type:
- Jam & Preserve Spreads
- Nut Based Spreads
- Peanut Butter
- Almond Spreads
- Cashew Spreads
- Walnut Spreads
- Macadamia Spreads
- Chocolate Spreads
- Savory Spreads
- Honey Based Spreads
By End-use:
- Household/Retail
- Commercial
By Nature:
- Organic
- Conventional
By Distribution Channel:
- B2B
- B2C
- Store-Based Retailing
- Online Retailing
By Region:
- North America
- Latin America
- Europe
- Asia Pacific Excluding Japan
- Middle East and Africa(MEA)
- Oceania
- Japan
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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