The global spreads market is projected to reach USD 34.0 billion by the end of 2025, according to a new report released by Million Insights. It is anticipated to grow at a CAGR of 3.1% over the forecast period, 2019 to 2025. Spreads are vital ingredient in most of the western breakfast dishes. This factor is projected to fuel the market growth. Moreover, consumers prefer artisan bakery products and demand for spreads prepared using natural ingredients. This is anticipated to further propel the global demand for spreads.
Consumers highly prefer low calorie spreads owing to their health benefits and inclination of consumers towards healthy and active lifestyle. Leading manufacturers are trying to reduce the amount of sweetener and artificial flavors used in sweet spreads that cause health hazards. For example, an attempt was made to launch Nutella with added protein using white chocolate which is healthier than other Nutella spreads. Unilever substituted its butter product range by incorporating natural ingredients such as plant oils, salt, water, and no other artificial flavor & color.
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There is high consumption of waffles and pancakes in countries such as U.S., U.K., and Germany and these food items are topped with different toppings such as strawberry & blueberry jams, chocolate, butter, and honey that enhance the flavor.In 2018, Europe dominated the spread market with the revenue share of 45.2%. In countries such as U.K. and Germany, people consume spreads in large numbers. Europe is one of the potential markets for desserts & bakery products, and spreads are excessively used as a prime ingredient in these products.
In 2018, the fruit spreads segment which accounted for more than 30.0% of market share dominated the market. Availability of fruit spreads with variety of flavors and different textures such as fruit pastes, fruit pulps & syrups, and jams is expected to drive the segment’s growth. For example, Smucker’s offer a wide range of products which contain pieces of real fruits and available in unique variants such as apricot-pineapple, peach mango, blueberry, and boysenberry.
Key players in this industry include The Hershey Company, Andros Group, Hero, Ferrero, Hormel Foods, B&G Foods, JM Smucker, Centura Foods, Capilano Honey, and Bernard Michaud. The leading companies are focusing on product innovations, mergers & acquisitions, and product line expansion to gain competitive advantage over other competitors. For example, one of the leading brands JM Smucker introduced a spread known as honey & fruit spread that contains natural ingredients for expanding their product line.
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Further key findings from the report suggest:
• The spread market is projected to grow at a CAGR of 3.1% over the forecast period
• The fruit spreads segment held the largest revenue share of more than 30.0%, in 2018
• In 2018, the global market is dominated by Europe which accounted for 45.2% of market share.
Million Insights has segmented the global spreads market based on product type, distribution channel and region:
Spreads Product Type Outlook (Revenue, USD Million, 2015 – 2025)
• Fruit Spreads
• Chocolate & Nuts
Spreads Distribution Channel Outlook (Revenue, USD Million, 2015 – 2025)
• Hypermarket & Supermarket
• Convenience Store
• Specialty Store
Spreads Regional Outlook (Revenue, USD Million, 2015 – 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
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