The global
spreads market size is expected to top US$ 27.1 Bn in 2021,
finds Future Market Insights (FMI) in a recent market analysis. Growing
preference for natural and organic spreads is anticipated to boost the sales at
6.3% CAGR, pushing the market size to US$ 49.82 Bn in 2031.
The onset of the novel COVID-19 augmented the trend of home
baking and cooking in various countries, which in turn has favoured growth in
the market. Home-bound individuals indulged in cooking experimentations and
baking projects, which propelled the sales of spreads through online channels.
This trend is expected to continue over the assessment period.
Further, consumers are realizing the importance of a balanced
diet and the ingredients used in packaged food products. This has resulted in
high demand for organic spreads. In response to this, manufacturers are
launching innovative products such as honey spreads, nut and seed-based spreads
as a healthy alternative to conventional spreads.
Besides this, the versatility of spreads enables their
applications in various commercial end-uses. Chocolate and nut-based spreads
are used in bakeries, confectionery, and other dishes to offer an enhanced
flavor profile to consumers. Hence, growing applications of spreads in
restaurants, office lunches, and cafeterias are expected to continue pushing
sales in forthcoming years.
As per FMI’s regional analysis, demand for spreads in the
U.S. is expected to rise at a robust pace, placing the country as a lucrative
pocket in North America. Presence of leading players such as Nestle, The
Hershey Company, and The Kraft Heinz Company is expected to create a conducive
environment for spreads players over the forecast period.
“Growing demand for premiumization in packaged food
products will push sales of organic and nut-based spreads in the forthcoming
years. Apart from this, innovative variants of spreads such as gluten-free and
keto spreads launched by players will continue augmenting growth in the market
through 2031,” says an FMI analyst.
Key Takeaways:
- Demand
for organic spreads is expected to surge at 6.8% CAGR, accounting for 9.4%
total spreads market share in 2021.
- Based
on product type, sales of honey spreads are anticipated to gain traction
at a 7.1% CAGR through 2031.
- In
terms of end-use, the commercial end-use segment is expected to command
40.4% of the total spreads market share in 2021.
- Sales
of spreads through online channels are expected to grow at 7.6% CAGR over
the assessment period.
- The
U.S. is anticipated to lead the North America spreads market,
with sales increasing at 5.7% CAGR through 2031.
- France spreads
market is expected to total US$ 550 Mn in 2021, owing to growing
demand for premiumization and high-quality confectionery products.
- India is
expected to emerge as an attractive market, holding 31% of the Asia
Pacific excluding Japan (APEJ) spreads market share in
2021.
- Sales
of spreads in Japan are forecast to increase at 4.9% CAGR as
preference for vegetable-based and fruit-based spreads continue to rise.
- The
U.K. spreads market is expected to hold 16% of
the Europe spreads market share in 2021.
Prominent Drivers:
- Easy
availability of a wide range of spreads on online sales channels will
continue to drive the sales.
- Increasing
adoption of antioxidant-rich ingredients such as berries, honey, and nuts
in spreads is expected to spur the demand for organic spreads over the
assessment period.
Competitive Landscape
Leading players operating in the global spreads market are
aiming to expand their product portfolios by launching innovative products.
Besides this, players are investing in mergers, acquisitions, and
collaborations to improve their distribution network and increase production.
For instance:
- In September
2021, Nestle Professional launched KitKat chocolate spread
in Europe, Middle East & Africa, and AOA
countries, after its successful launch in Brazil. The versatility of
the KitKat delivers its signature flavor in both hot and cold
applications.
- In June
2021, Kraft Heinz Co. announced its plans to acquire Assan Foods
from Kibar Holding, a privately held Turkish conglomerate,
for US$ 100 Mn. Assan Foods specializes in sauces, spreads, and
ketchup, and has been a certified production partner of Kraft Heinz since
2019.
Leading players operating in spreads market profiled by
FMI include:
- Nestlé
S.A.
- The
Kraft Heinz Company
- Conagra
Brands, Inc.
- Pioneer
Food Group Ltd
- The
Hershey Company
- Strauss
Group Ltd.
- The
J. M. Smucker Company
- Hormel
Foods Corporation
- General Mills
Inc.
- Atlantic
Grupa d.d.
- Dr.
Oetker GmbH
- Ferrero
S.p.A.
More Insights on FMI’s Spreads Market
The latest market study on the spreads market by Future
Market Insights gives a detailed segmentation for the forecast period of 2021-2031.
In order to gain a better perspective of the global spreads market potential,
its growth, trends, and opportunities, the market is segmented on the basis of:
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
End-Use:
- Household/Retail
- Commercial
Nature:
- Organic
- Conventional
Distribution Channel:
- B2B
- B2C
- Store-Based
Retailing
- Convenience
Stores
- Discounters
- Forecourt
Retailers
- Hypermarkets/
Supermarkets
- Food
Specialists
- Independent
Small Grocers
- Online
Retailing
Region:
- North
America
- Latin
America
- Europe
- East
Asia
- South
Asia
- Oceania
- Middle
East and Africa (MEA)
Read Full Report: https://www.futuremarketinsights.com/reports/spreads-market