Food Spread Market size worth US$48.320 billion by 2029

food spread market

The food spread market is expected to grow at a CAGR of 5.75% during the forecasted period, with a market valuation of US$36.532 billion in 2024, and is expected to reach US$48.320 billion by 2029.

Numerous factors affecting consumer preferences and industry trends propelled the food spread market. There was a demand for quick and easy breakfasts due to changing lifestyles. More and more people are becoming aware of how their health is increasing the need for spreads that contain nuts, including those made from whole grain foodstuff, seed and other natural sweeteners. There are a series of new products that are likely to emerge due to the increasing demand for veganism and plant-based diets. Furthermore, higher incomes in developing nations enabled them to have a broader range of spreads.

Further, the increased incidences of chronic diseases have made many individuals health-conscious. As such, these individuals are in search of foods that would aid them in having well-balanced meals that cannot be considered tasteless or flavourless at any time. Therefore, individuals trying to manage weight or avoid obesity-related diseases usually prefer spreads that have little or no sugar sodium or trans fats at all. Ideally, consumers want to know what’s in the natural and healthy food spreads they buy. The market for health spreads is being shaped by consumer preference for transparency and clear labeling too. Food spreads made from familiar natural components instead of manufactured ones were deemed healthier choices by most buyers.

Moreover, the sector of food spreads presents an excellent opportunity for the producers to realize high profits while at the same time giving the customers what they want in terms of healthy alternatives. To answer to this increased need, food spread manufacturers have been launching new products and reworking existing ones so as to suit consumer tastes. There has been a concerted effort on their part to show off how healthy their items are by using high-grade materials which have no artificial substances or much less than could be found elsewhere or some manufacturers may choose not to hide these features at all.

The producers are also putting more focus on the natural and organic contents of their food spreads through product labelling and marketing strategies aimed at attracting health-conscious consumers. There has been an upswing in sales from food-spread brands. Creamy Cinnamon Toast Crunch is among the many things B&G Foods produces. A sprinkle of cinnamon which has some sugar, vanilla, caramel, and graham flavours can help enhance the taste of ice cream, pastries, coffee, baked goods and other kinds of foods.

The food spread market, by product type, is divided into six types- Jams, jellies, butter, honey, and chocolate spread. The market demand is growing due to an increase in honey consumption. Honey is becoming a natural sugar substitute among consumers who value health and well-being. Due to its antimicrobial and immunity-enhancing properties, product adoption has increased. Organic honey’s rising demand is largely due to its advantages and consumers opting for natural products. Examples of organic honey-selling Indian brands include Honey Basket, True Elements, 24 Mantra, Dabur Honey and Organica.

The food spread market, by distribution channel, is divided into two types- online and offline where offline is further segmented into supermarkets, hypermarkets, and others. The offline market is well-liked because it offers customers the ability to scan products before purchase, which impacts the purchasing decision. The presence of store associates influences consumers to try out new flavours during the launch of new products, making the hypermarket and supermarket an ideal venue for product launches. Additionally, shoppers like to buy when there is a wider selection, which is offered in supermarkets and hypermarkets.

During the projected timeframe, it is anticipated that the market for food spread will experience remarkable growth within North America. The US food spread industry is greatly impacted by consumer demand for healthier food options and nutrient-dense fashions. There has been a trend towards consuming foods that contain relatively lesser sugar, and fat spreads which are fewer and fewer artificial ingredients due to the increasing awareness of health and wellness. Also, one of the turning points in this industry that has accelerated the growth of non-dairy alternatives is people shifting to vegetarian diets as well as the popularity of veganism.

Further, the food-spread market is impacted by several products introduced by major players in the US market because they spur innovation, pique consumer interest, and expand product offerings. New flavours, formulas, and package designs are offered by these product launches, fostering industry competition. For instance, in June 2023, Philadelphia introduced a new creamy spread in the plant-based category that consumers could enjoy, catering to the desire of over 50% of consumers to include more plant-based products in their diets.

The research includes several key players from the food spread market, such as The J.M. Smucker Company, The Kraft Heinz Company, Conagra Brands, Sioux Honey Association Co-op, B&G Foods, Inc., Ferrero International, The Hershey Company, Freedom Nutritional Products Group, Nestlé, Nature Food Company (LT Foods Ltd).

View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/food-spread-market

The analytics report categorizes the food spread market using the following criteria:

Segmentation:

  • By Product Type
    • Jams
    • Jellies
    • Butter
    • Honey
    • Chocolate spread
  • By Distribution Channel
    • Online
    • Offline
      • Supermarkets
      • Hypermarkets
      • Others
  • By Geography
      • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • UK
      • Germany
      • France
      • Italy
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • UAE
      • Others
    • Asia Pacific
      • China
      • Japan
      • India
      • South Korea
      • Thailand
      • Indonesia
      • Others