Spreads Market Takes Total US $ 27.1 Billion As Demand For Organic, Health Beneficial Spreads Rises: IMF
Future Market Insights, in its recent survey of the Global Spread Market, discloses compelling information on key developments impacting sales during the forecast period. The study covers factors such as growth drivers, restraints, opportunities, and challenges to provide readers with a detailed analysis of the Spreads market. It also offers an overview of developments in market segments including product type, nature, end use and distribution channels.
DUBAI, United Arab Emirates, December 7, 2021 / PRNewswire / – The global spread market the size should exceed US $ 27.1 billion in 2021, finds Future Market Insights (IMF) in a recent market analysis. Growing preference for natural and organic spreads is expected to increase sales to 6.3% CAGR, pushing the market size to 49.82 billion US dollars in 2031.
The emergence of the new COVID-19 has increased the trend of home baking and cooking in various countries, which in turn has helped the market to grow. People confined to the house engaged in food experiments and baking projects, which propelled sales of spreads through online channels. This trend is expected to continue over the evaluation period.
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In addition, consumers are realizing the importance of a balanced diet and the ingredients used in packaged food products. This has resulted in a strong 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.
In addition to this, the versatility of the spreads allows their applications in a variety of commercial end uses. Chocolate and nut based spreads are used in bakeries, confectionery and other dishes to provide an enhanced flavor profile to consumers. Therefore, the growing applications of spreads in restaurants, office lunches and cafeterias are expected to continue to drive sales in the years to come.
According to the IMF regional analysis, demand for spreads in the United States is expected to increase at a sustained rate, making the country a lucrative pocket in North America. The presence of leading players such as NestlÃ©, The Hershey Company and The Kraft Heinz Company is expected to create a conducive environment for spread players during the forecast period.
âThe growing demand for premiumization of packaged food products will drive sales of organic and nut-based spreads in the years to come. Apart from that, innovative spread variants such as gluten-free and keto-free spreads launched by the players will continue to increase market growth until 2031, âsays an IMF analyst.
Key points to remember:
- Demand for organic spreads is forecast to increase to 6.8% CAGR, accounting for 9.4% of the total spread market share in 2021.
- Based on product type, sales of honey spreads are expected to gain ground at a CAGR of 7.1% through 2031.
- In terms of end use, the commercial end use segment is expected to account for 40.4% of the total spreads market share in 2021.
- Sales of spreads through online channels are expected to increase 7.6% CAGR during the evaluation period.
- The United States is expected to lead the North America spread market, with sales increasing 5.7% CAGR through 2031.
- France the spread market should total US $ 550 million in 2021, due to the growing demand for high quality premiumization and confectionery products.
- India should emerge as an attractive market, holding 31% of the Asia Pacific excluding Japan (APEJ) distributes market share in 2021.
- Sales of spreads in Japan are expected to increase to 4.9% CAGR as the preference for vegetable and fruit based spreads continues to increase.
- The UK spread market is expected to hold 16% of the Europe distributes market shares in 2021.
- The easy availability of a wide range of spreads on online sales channels will continue to drive sales.
- The increasing adoption of antioxidant-rich ingredients such as berries, honey and nuts in spreads is expected to drive demand for organic spreads during the review period.
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The major players operating in the global spreads market aim to expand their product portfolio by launching innovative products. In addition to this, players are investing in mergers, acquisitions and collaborations to improve their distribution network and increase production. For example:
- In September 2021, NestlÃ© Professional launched KitKat chocolate spread in Europe, Middle East & Africa, and ESA countries, after its successful launch in Brazil. The versatility of KitKat offers its characteristic flavor in hot and cold applications.
- In June 2021, Kraft Heinz Co. announced its intention to acquire Assan Foods from Kibar Holding, a private Turkish conglomerate, for US $ 100 million. Assan Foods specializes in sauces, spreads and ketchup, and has been a Certified Production Partner of Kraft Heinz since 2019.
The main players operating in the spreads market presented by IMF are:
- NestlÃ© SA
- The Kraft Heinz Company
- Brands Conagra, Inc.
- Pioneer Food Group Ltd
- The Hershey Company
- Strauss Group SA
- The JM Smucker Company
- Hormel Food Company
- General Mills Inc.
- Atlantic Grupa dd
- Dr. Oetker GmbH
- Ferrero SpA
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More information on the IMF spreads market
The latest market research on Spreads Market by Future Market Insights gives detailed segmentation for the forecast period 2021-2031. In order to get a better perspective on the global Spreads market potential, growth, trends, and opportunities, the market is segmented on the basis of:
Type of product:
- Jams & Preserves
- Walnut spreads
- Peanut Butter
- Almond Spreads
- Cashew nut
- Walnut spreads
- Macadamia spreads
- Chocolate spreads
- Savory spreads
- Honey-based spreads
- Household / Retail
- Retail in-store
- Convenience Stores
- Forecourt retailers
- Hypermarkets / Supermarkets
- Food specialists
- Small independent grocers
- Online retail
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa (AEM)
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Key Questions Answered In The Spreads Market Report
- The report offers detailed information on the demand outlook for the Spread market for 2021-2031.
- The market research also highlights the expected sales growth for the Spreads market between 2021 and 2031.
- The Spreads market research identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluating the current market size and forecast and technological advancements within the market. ‘industry.
- Distributes market share analysis of key companies in the sector and coverage of strategies such as mergers and acquisitions, joint ventures, collaborations or partnerships, etc.
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