Market Research Future (MRFR) has published on the “global Food Spreads Market”.
The Food spreads market is estimated to register a CAGR of 3.50% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global food spreads market— The J. M. Smucker Company, The Kraft Heinz Company, Unilever PLC, Conagra Brands Inc., Nestlé S.A., Hormel Foods LLC, Ferrero International S.A., Premier Foods Group, Services Limited, Sioux Honey Association Co-op, B&G Foods, Inc., Ingenuity Brands, The Hershey Company, and others.
The global food spreads market is accounted to register a CAGR of 3.50% during the forecast period and is estimated to reach USD 41.1 Billion by 2032.
The market for food spreads is a diversified and growing industry that includes a variety of goods such jams, spreads, and nut butters. The demand for natural and healthy solutions, convenience, and shifting customer preferences all contribute to market expansion. Food spreads are a global industry, and flavour, packaging, and environmental innovation are major trends.
The global food spreads market has been segmented based Product Type and distribution channel.
On the basis of product type, the market is segmented into honey, chocolate-based spreads, nut- and seed-based spreads, fruit-based spreads and other product types. The honey segment dominated the market in 2022. because of its additional health benefits, like as its antibacterial and immunity-boosting properties.
Based on distribution channel, the global Food spreads market has been segmented into supermarkets/hypermarkets, convenience stores, online retail stores and other distribution channels. The supermarkets/hypermarkets category generated the most income in 2022. Among the many food products that may be found at supermarkets and hypermarkets are food spreads.
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The global Food spreads market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Food spreads market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Food spreads market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Food spreads market comprises of Middle East, Africa, and Latin America.
The North America Food spreads Market dominated this market in 2022 (45.80%). North America is a multicultural area with a varied population. As a result of this diversity, a wide range of flavours, including those from other cuisines and cultural backgrounds, are in demand. Food spreads that feature a variety of flavours and cater to a range of tastes and preferences have a substantial market in North America.
Moreover, the second-largest market share for food spreads is in Europe. Europe is recognised for its many different culinary traditions and extensive culinary heritage. Every country in Europe has its own spreads, like Marmite from the UK or Nutella from Italy. The region's diverse cuisines and the popularity of classic European spreads both encourage market growth and market share.
Additionally, from 2023 to 2032, the Asia-Pacific Food Spreads Market is anticipated to experience the quickest CAGR growth. As incomes grow and customers' lifestyles get busier, they are leaning towards ready-to-eat and convenient meal options. Food spreads are a practical and flexible option for meals, snacks, and morning. The region's shifting nutritional preferences and rising snacking culture both influence the increase in demand for food spreads.
Furthermore, Latin America's market for food spreads is expanding steadily as a result of changing consumer tastes and preferences. Along with multinational brands, conventional spreads like dulce de leche and guava are well-liked. The region's rising need for food spreads is a result of urbanisation, rising disposable incomes, and an expanding foodservice sector.
Key Findings of the Study
- The global food spreads market is expected to reach USD 41.1 Billion by 2032, at a CAGR of 3.50% during the forecast period.
- The Asia-Pacific region accounted for the fastest-growing global market due to the Asia-Pacific consumers are gravitating toward ready-to-eat and convenient food options as their wages rise and their lifestyles become busier
- Based on product type, the honey segment was attributed to holding the largest market in 2022.
- The J. M. Smucker Company, The Kraft Heinz Company, Unilever PLC, Conagra Brands Inc., Nestlé S.A., Hormel Foods LLC, Ferrero International S.A., Premier Foods Group, Services Limited, Sioux Honey Association Co-op, B&G Foods, Inc., Ingenuity Brands, The Hershey Company, and others.