Global Food Spread Market 2019 - 2024: —
Global food spread market is forecasted to reach USD 28.9 billion by 2024 growing at a CAGR of 3.5% during the forecast period (2019 - 2024).
- Sweet spreads are an integral part of every breakfast and this has led to their steady growth. The rising health consciousness among consumers has given way to new low calorie spreads. Food spreads comprise of a variety of products, such as jams, jellies, fruit and nut-based spreads, honey, syrups, and chocolate-based spreads.
- United States is one of the largest consumers of sweet spreads; and Asia-Pacific, by virtue of its sheer population, is second in terms of consumer base. A consumer shift has been observed in the past few years of the traditional meal-to-snack food, which is negatively affecting the food spread market, thereby restraining its growth.
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Scope of the Report
Food spreads are used in various conventional breakfast items, such as bread, fast food items and much more. By type, the market has been segmented into five types, namely, honey, chocolate-spreads, fruit-based spreads, nut- and seed-based spreads and others.
Key Market Trends
Fruit-based spreads segment has the largest market share
There is an increasing demand for food products containing high fruit content. Innovation in terms of improving the flavor and nutritional value of fruit spreads are much needed to boost the growth of the fruit-based spreads market. The fruit concentration in the spreads can vary from 30% to 60%. They are used in baked salad products, dressings, snacks, dessert glaze, breakfast syrups, cake icing, smoothies, etc. The largest consumption of jams, jellies, and marmalades in Europe is in France, accounting for 36% of the total European consumption. Other major countries consuming fruit spreads are Germany, the United Kingdom, Italy, and Spain. In Asian countries, like Japan, jams, fruit jellies, and marmalades are the most popular types of spreads.
Europe Holds the Major Share in Food Spreads Market
The popularity of food spreads can be attributed to their prevalence in traditional breakfast, in Europe and North America. In recent years, the spread market has developed further, with the launch of new innovative flavors, such as figs, ginger, and exotic fruits. According to the current trend, consumers prefer premium-quality products that do not contain artificial ingredients. They are demanding better-for-you products that are easy to prepare and appetizing at the same time. The vendors are strategizing by this requirement and rolling out healthier and indulgent offerings. The global market for food spread is dominated by Europe followed by North America and Asia-Pacific.
JM Smucker Co., Hormel Foods Corp., Ferrero Group, Sioux Honey Association, Kewpie Corp., Land O' Lakes Inc., Unilever Group, Premier Foods PLC, Capilano Honey, and ConAgra Foods Inc., are the major players in the global market. These ten companies collectively hold 67.5% of market share currently. JM Smucker Co., Land O' Lakes Inc., and Unilever Group are the current market leaders.
Companies also play a vital role in the growth of raw material, and help small farmers. HUL is a leading company, and the first to implement a WEF led Public Private Partnership (PPP) in Maharashtra, for farm gate sourcing of sustainable raw material from small holder farmers, for the reputed brand Kissan. This helped them gain competitive advantage with increased market penetration.
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Major Points from Table of Content:
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porters Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Product Type
5.1.2 Chocolate-Based Spreads
5.1.3 Nut- and Seed-Based Spreads
5.1.4 Fruit Based Spreads
5.2 By Distribution Channel
6 COMPETITIVE LANDSCAPE
6.1 Major Strategy by key Players
6.2 Market Share Analysis
6.3 Most Active Companies
6.4 Company Profiles
6.4.1 J.M. Smucker Company
6.4.2 Kraft Heinz Co.
6.4.4 Conagra Foods Inc.
6.4.5 Sioux Honey Association
6.4.6 National Grape Co-operative Association(Welsch)
6.4.7 B&G Foods
6.4.8 Ferrero Group
6.4.9 The Hershey Company
6.4.10 Freedom Foods Group Ltd
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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