Global Food Spread Market Overview
Food spreads are a vital part of every breakfast which has headed to their steady growth. Low-calorie food spreads, a new way gaining traction owing to rise in health consciousness among consumers. Various brands in the industry are presenting chocolate-based spreads so that these food spreads can be used as dips. Manufacturers are striving to achieve innovation in line with consumer’s interests. Thus, experiments with new flavours and ingredients are done by players in the market. Children and young people are key consumers of sweet spread. However, today, even consumers of older age groups are enjoying food spreads. This is boosting the growth of the food spread market.
Considering these factors, food spread market is expected to register a single-digit compound annual growth rate (CAGR) from 2018 to 2028. The Food Spread market across the globe has grown considerably owing to the rising demand in the food & beverage industry, which is expected to increase the manufacturing and sales of food spread globally. Governmental support for a holistic approach to health products, also lay a positive impact on food spread market.
Global Food Spread Market Dynamics
Consumer Preference for Clean Label Solutions
The continuous use of artificial additives gradually leads to long-term adverse health effects in the developed countries; therefore a majority of consumers are looking for food spreads without any artificial additives or preservatives. The purpose of adding preservatives, flavouring agents, and sweeteners is to ripen different product diversities with protracted shelf-life. Natural additives are comparatively pricier, and they do not withstand product quality over lengthy periods. Nevertheless, several prominent manufacturers have familiarized spreads/buttery spreads with no flavour addition and artificial preservatives. For instance;
- Unilever has converted its prevailing butter spread portfolio to real/natural products with salt, plant-based oil, water, and no artificial additives.
The objective of clean labels is to drive the sustainability of the food spreads and deliver great taste. The prominent leader players of food spread market, J M Smucker has prolonged its food spreads range with the launch of fruit and honey spread with natural ingredients. In the North America and Europe, the honey spread market is a growing market, in terms of clean labelling.
On the other hand, a decline in the sales of bread and the growing popularity of cereals will hamper the food spread market’s growth. In addition to this, the high cost of raw materials such as cocoa, sugar, and fruits will be a key restraining factor for the growth of the global sweet spread market.
Honey is the Fastest Growing Segment
Exploring new sources and applications of Food Spread and identifying applications in the pharmaceutical industry are the recognized market opportunities in the global Food Spread market. Increasing applications in food products, rising demand for Food Spread products from young consumers, and consumer focus towards quality and safe, natural products and those with natural ingredients are the factors expected to fuel the growth of global Food Spread market over the forecast period.
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Global Food Spread Market Regional Overview
On the basis of geography, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. Of these, the market for sweet spread will be lucrative in Asia Pacific even as this region witnessed slow growth in the past. This trend will change and make the region lucrative market for sweet spreads owing to growing urbanization, making these spreads a part of the daily diet of consumers. In addition to this, the large population base is expected to make Asia Pacific an emerging market for sweet spreads. Innovation in terms of taste will be a trend in the market.
Global Food Spread Market Key Players
Some of the key market participants in the global Food Spread market are:
- J.M. Smucker
- Kraft Foods
- Unilever Group
- ConAgra Foods Inc.
- Sioux Honey Assoc.
- National Grape Co-operative Inc.
- B & G Foods Inc.
- Ferrero Group
- Hershey Co.
- Freedom Foods
- Nature food Chocolatier
- Other prominent players