The plant-based spread market is experiencing a growing trend, with a projected compound annual growth rate (CAGR) of 5.10% during the forecast period. The market is expected to increase from USD 495.46 million in 2024 to USD 813.20 million by 2034.
The market for plant-based spreads is growing swiftly due to consumer demand for healthier and more sustainable spreads than traditional ones. These spreads, which prioritise plant-based components, provide a variety of substitutes, including nut, seed, and vegetable-based choices. The global market for plant-based spreads is being driven by rising environmental and health consciousness.
As people’s awareness of their health spreads across the globe, there is an increasing desire for better foods.Plant-based food businesses are anticipated to experience growth prospects in the future, despite supply chain disruptions, irrational purchasing, and storage. Food is made to be shelf-stable, last longer, taste better, and allow consumers to stock up without worrying about it going bad thanks to the market for vegan spreads and dips. In the early stages of the pandemic, shoppers are spending less time in stores and supermarkets, but they are also stocking up on food and packaged goods that include food additives as a possible treatment.
The plant-based spread sector is currently witnessing a surge in innovative startups that are transforming the market with unique and differentiated products. These new entrants are pushing beyond traditional creamy nut butters, exploring a wide array of flavors, including herbs, spices, and even international tastes like kimchi and gochujang.
In addition to enhancing flavors, these startups are enriching their spreads with functional ingredients such as probiotics, omega-3 fatty acids, and additional vitamins to appeal to health-conscious consumers seeking benefits beyond taste.
This creative approach not only diversifies the market but also helps redefine plant-based spreads, challenging the perception of them as mundane or limited.
Competitive Landscape
The plant-based spread market is highly competitive, featuring both established industry leaders and innovative newcomers vying for market share.
Major food giants such as Unilever, known for Hellmann’s Vegan Mayonnaise, and Upfield, with brands like Flora and Violife, dominate the market by leveraging their strong brand recognition and extensive distribution networks. These leading companies continually evolve their product offerings, introducing new flavors and functionalities to maintain their market position and appeal to a broad customer base.
In contrast, agile startups thrive by challenging the status quo. Brands like Ripple, known for their pea milk, and Rebbl, which specializes in nut and seed butters infused with superfoods, are capturing consumer interest with their healthier formulations, exceptional flavor profiles, and innovative product categories.
These startups are targeting health-conscious and adventurous consumers, which has significantly boosted their appeal. The competitive landscape is further intensified by private label brands from major retailers, which offer more affordable plant-based alternatives. This pressure drives companies and startups alike to differentiate themselves through unique offerings and competitive pricing.
Recent Developments in the Plant-Based Spread Industry
- In July 2021, Daiya Foods Inc. launched its online store. By this measure, the enterprise aimed to gain a new contingent of consumers.
- Follow Your Heart, following the success of its dairy-free feta crumbles, introduced its second product in the plant-based cheese range, dairy-free bleu cheese crumbles, in October 2021, claiming it to be a delectable addition to pizza, crostini, and salads.
Key Companies in the Market
- DAIYA FOODS INC.
- Meridian Group.
- Amy’s Kitchen Inc.
- Follow Your Heart
- B&G Foods Inc.
- Litehouse Inc.
- Red Duck Foods, Inc.
- Majestic Garlic
- Bear Pond Farm
- KENSINGTON & SONS
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Key Segments
By Type of Spreads:
- Lard
- Margarine
- Nut Butters
- Legume-based spreads
- Veggie Pâtés
- Pestos
- Guacamole
- Hummus
- Vegan Cream Cheese
- Vegan Herring Salad
- Jam
- Others
By Source of Spreads:
- Pulses
- Vegetable Oils
- Nuts
- Seeds
- Grains
By Distribution Channel of Spreads:
- Hypermarket and Supermarket
- Convenience Store
- Specialty Store
- Online Channel
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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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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