Future Market Insights predicts that the spreads market will be worth US$ 29.9 billion in 2023. (FMI). The total market valuation is anticipated to increase at a CAGR of 5.9% from 2023 to 2033, reaching US$ 53.2 billion.
The onset of the novel COVID-19 augmented the trend of home baking and cooking in various countries, which in turn has favored 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.
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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.
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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.
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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.
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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
- Store-Based Retailing
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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