According to a recent report by Future Market Insights, a market research and competitive intelligence provider, sales of Plant Based Spreads are obtaining a rising trend pattern at a 5.10% CAGR during the forecast period. The market is expected to see a surge from US$ 495.46 million in 2024 to US$ 813.20 million by 2034. This growth path indicates that the demand for plant-based alternatives to dairy products is rapidly rising.
As people become even more increasingly health – conscious across the world, there is a growing desire for healthier foods. Plant-based food firms are projected to experience development prospects over the years, despite supply chain interruptions, panic purchasing, and storage.The vegan spreads and dips sector ensures that food is shelf-stable, has a longer shelf life, has a better flavour, and allows consumers to stock up on food without fear of it spoiling. During the pandemic’s early stages, consumers are decreasing their time in stores and supermarkets, but they are also stocking up on food and packaged products containing food additives as a possible treatment.
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Key Takeaways from Market Study
- North America is expected to have 38% Plant Based Spreads market share.
- US holds 65 % Plant Based Spreads market share in North American Market.
- Europe is expected to have 31 % Plant Based Spreads market share.
- Germany holds 22 % Plant Based Spreads market share in European Market.
- Asia is expected to have 20 % Plant Based Spreads market share.
- China holds 32 % Plant Based Spreads market share in Asian Market.
- Market players are experimenting with new ways on increasing production capacity and also doing research and innovation to create products.
“ The growing focus on the consumption of plant based products in developed regions such as Europe and North America is likely to open lucrative opportunity for market players in the long run”, –says a Nandini Roy Choudhury, Client Partner at Future Market Insights
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Competitive Landscape
Plant Based Spreads have a strongly competitive global market. To stay ahead of the game and outperform their competitors, The major businesses are proposing a variety of methods and concepts in order to boost sales and meet the wants of all areas. They’re focusing on increasing production capacity and also doing research and innovation to create new products.
Some of the leading companies offering Snack Pellets are Follow Your Heart, DAIYA FOODS INC., Meridian Group., Amy’s Kitchen, Inc., B&G Foods, Inc., Litehouse, Inc., Red Duck Foods, Inc., Majestic Garlic, Bear Pond Farm, KENSINGTON & SONS, KATE HILL, WayFare Health Foods, Good Foods Group, LLC, Galaxy Nutitional Foods, Inc., Frito-Lay North America, Inc., Frito-La. are the major players in the market.
Plant-Based Spread Market By Category
Plant-Based Spreads Market, By Type of Spreads:
- Lard
- Margarine
- Nut Butters
- Legume-based spreads
- Veggie Pâtés
- Pestos
- Guacamole
- Hummus
- Vegan Cream Cheese
- Vegan Herring Salad
- Jam
- Others
Plant-Based Spreads Market, By Source of Spreads:
- Pulses
- Vegetable Oils
- Nuts
- Seeds
- Grains
Plant-Based Spreads Market, By Distribution Channel of Spreads:
- Hypermarket and Supermarket
- Convenience Store
- Specialty Store
- Online Channel
By Region, the Plant-Based spread Market is Segmented as:
- North America
- Latin America
- Europe
- Middle east and Africa
- East Asia
- South Asia
- Oceania
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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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