The global spreads market is experiencing robust growth, with a projected valuation of US$ 29.9 billion in 2023, expected to surge to US$ 53.2 billion by 2033, marking a notable CAGR of 5.9% during the forecast period. This growth is propelled by increasing consumer demand for natural and gourmet spreads, driven by flavor innovation, health consciousness, and the versatility of spreads in culinary applications.
Consumers’ growing preference for sauces and condiments made from natural ingredients is a key driver of the spreads market. Additionally, the rising popularity of gourmet jams, preserves, and artisan bakery products is fueling high sales. Spreads are no longer confined to breakfast but are increasingly being used for convenience in preparing various dishes, catering to dining events, office lunches, and leisure snacking occasions.
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The versatility of spreads in culinary applications is a significant factor driving market growth. Spreads are now being used beyond traditional breakfast options, finding applications in cakes, smoothies, puddings, pizzas, and pasta, among others. Flavor inspiration is also driving market growth, with consumers seeking diverse and exotic flavor profiles in spreads. Nut and seed-based spreads are gaining traction due to their health benefits, while the demand for organic spreads is propelled by increasing consumer awareness of the benefits of organic products.
“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.
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).
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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.
Key Takeaways for Investors:
- Steady Growth Trajectory: The spreads market offers investors a promising avenue for growth, with a projected CAGR of 5.9% from 2023 to 2033, driven by increasing consumer demand for natural, gourmet, and organic spreads.
- Health and Wellness Trend: Growing consumer health consciousness is fueling demand for healthier spread options, such as nut and seed-based spreads and organic products. Investing in brands that offer premium quality and health-oriented spreads can yield substantial returns.
- Innovation and Differentiation: Manufacturers are focusing on innovation in flavors, ingredients, and packaging to differentiate their products in the market. Investing in companies that prioritize innovation and offer unique and attractive products can enhance market competitiveness and drive growth.
- E-Commerce Opportunities: The growth of online retailing presents lucrative opportunities for spreads manufacturers to reach a wider consumer base. Investing in companies with robust e-commerce strategies and efficient supply chains can capitalize on the growing trend of online sales.
- Global Expansion: The spreads market is witnessing significant growth in emerging markets such as India and South Korea, driven by rising disposable incomes and changing consumer lifestyles. Investing in companies with a strategic focus on global expansion and market penetration can tap into these growth opportunities.
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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, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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