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Industry Insights, Market Size, CAGR, High-Level Analysis: Spreads MarketThe global spreads market size was valued at USD 27.5 billion in 2018 and is expected to expand at a CAGR of 3.1% from 2019 to 2025. The spreads form an essential breakfast ingredient in the western countries, which has been driving the market. Increasing demand for natural and healthy spreads and consumer preferences for artisan bakery products are accelerating the growth of the food spread market across the globe. In counties such as Germany, U.K., and U.S., chocolate spreads, peanut butter, cheese, jam, and honey have always been an important ingredient for breakfast. For instance, pancakes and waffles are the most popular breakfast items in North America, and are offered in a variety of flavors. These food items are topped with fruit jams such as blueberry and strawberry jam, honey, chocolate, and butter in order to enhance the flavor. The growth of the market is attributed to increase in demand for preserves and gourmet jams as these products are considered to be luxury items and are primarily used for gifting purpose. These products have gained popularity owing to the consumers perception of considering it as a luxury gift item to relatives, friends, hosts, and business people. Moreover, an increase in disposable income has enabled the consumers to purchase gourmet jams for themselves, therefore contributing to the market growth. Inclination of consumers towards a healthy lifestyle is encouraging the consumers to opt for healthy and low calorie spreads. Sweet spreads have artificial sweeteners and flavors, which lead to long term health issues. To cater to this demand, companies are coming up with clean labels by using natural and healthy ingredients. For instance, a healthy version of Nutella made up of white chocolate has been launched in Lidl with added protein and no palm oil. Unilever updated its butter range by introducing natural products with plant based oil, water, salt, and no artificial ingredients. Companies are continuously introducing products to keep up with the consumers changing taste preferences. Based on the preference trends, it has been observed that consumers in Italy prefer Nutella spreads, whereas Indian consumers prefer butter as a spread to their toast, Germany prefers its toast with cheese and jam, and Spain consumes a large amount of tomato spread on their pizza, toast, and in pasta. Product
Type Insights of Spreads MarketThe spreads market is segmented by product type into butter/cheese, fruit spreads, and chocolates and nuts. In 2018, fruit spreads accounted for the largest share of more than 30.0%. Fruit spreads are available in a variety of flavors and textures such as jam, fruit pastes, and fruit syrups with pulp and seeds and are used differently in a variety of dishes across the globe. For instance, Kakigori, Harajuku Crepes, and Anmitsu are some of the popular desserts of Japan, which contain fruit jam and syrup as a main ingredient. Smuckers offer a wide range of fruit spreads such as natural food spreads, jam, jelly, preserves, orchards finest, fruit and honey, fruit butter, sugar free, squeeze, and many other categories with different flavors. The others segment is anticipated to expand at the highest CAGR of 3.4% over the forecast period owing to rise in consumption of honey. Consumers inclined towards health and wellness are replacing sugar with honey as a natural sugar based spread. Benefits offered by the product such as immunity boosting and antimicrobial properties have led to an increase in adoption of the product. Organic honey is becoming popular due to its advantages and inclination of consumers towards organic ingredients. In India, some of the honey brands that offer organic honey are Honey Basket, True Elements, 24 Mantra, Dabur Honey, and Organica.
Distribution Channel InsightsIn 2018, the hypermarket and supermarket distribution channel held the largest share of 34.5%. This segment is popular owing to its benefits such as providing the consumers an advantage of scanning the product before purchase, which influences the buying decision. During new product launches, presence of store associates play a major role in influencing the consumer to try out new flavours, which makes the hypermarket and supermarket a prime channel for companies to launch their products. Moreover, consumers prefer to purchase when there is more variety, which is available in supermarkets and hypermarkets. The online segment is anticipated to expand at the highest CAGR of 3.6% over the forecast period. Availability of different platforms, lucrative discounts, cash backs, and easy return and exchange options are some of the factors that influence the consumers to purchase the products from e-commerce. Moreover, establishment of e-commerce companies dedicated towards food delivery and companies offering products through their own websites are fuelling the growth of this segment. For instance, Big Basket is an online grocery and supermarket shopping website in India that provides more than 1800 products.
Regional Insights of Spreads MarketEurope held the largest share of 45.2% in 2018. Consumption of spreads in countries like Germany and U.K. is very high as compared to other countries of the world. Wide range of application in bakery and dessert, which are the leading markets in Europe, is a prime factor contributing to the food spread market growth in the region. North America is the second largest market owing to its food preference for fruit based desserts and fast foods like burger and sandwich, which uses different varieties of spreads such as mayonnaise, garlic butter, avocado spread, and cheese. Asia Pacific is projected to expand at the highest CAGR of 4.3% in 2018. Increase in preference for chocolate based spread due to its taste is a prime factor spurring the growth of the market in this region. China, Japan, and India are the major countries that are adopting the western culture and natural food spreads, thus increasing the growth of the market. Increase in the launch of foreign brands in developing countries such as India and China is boosting the growth of the food spread market. For instance, India is increasing its count of food outlets, which use spreads in most of their products such as Chicago Pizza, Burger King, Carls Jr, Dunkin Doughnuts, and Chilis. Spreads Market Share insights The industry is dominated by leading players such as Andros Group, Ferrero, Hero, The Hershey Company, Hormel Foods, JM Smucker, B&G Foods, Bernard Michaud, Capilano Honey, and Centura Foods. Strategic initiatives taken by the major players to gain competitive advantage in the market include product expansion, mergers and acquisitions, and product innovation. For instance, JM Smucker launched honey and fruit spread with natural ingredients in order to expand its product range.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Spreads Market Research ReportThis report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, this market research report has segmented the global spreads market report on the basis of product type, distribution channel, and region:
Product Type Outlook (Revenue, USD Million, 2019 - 2030)
- Fruit Spreads
- Chocolates & Nuts
Distribution Channel Outlook (Revenue, USD Million, 2019 - 2030)
- Hypermarket & Supermarket
- Convenience Store
- Specialty Store
Table of Contents Chapter 1. Methodology and Scope 1.1. Market Segmentation & Scope 1.2. Market Definition 1.3. Information Procurement 1.3.1. Purchased Database 1.3.2. GVR’s Internal Database 1.3.3. Secondary Sources & Third-Party Perspectives 1.3.4. Primary Research 1.4. Information Analysis 1.4.1. Data Analysis Models 1.5. Market Formulation & Data Visualization 1. | read more...