The global spreads market is estimated to be valued at ~US$ 23 Bn by the end of 2019, with a healthy growth projection at 5% CAGR through 2028. The premiumization trend has increased the demand for spreads all across the globe, fueling the consumer perception for high-quality and value-added products that promise improved health benefits. Consumers are willing to pay premium price for products offering obvious health benefits – the only prerequisite being the promise of a unique offering that meets their basic dietary and health needs, along with a sensory indulgence.
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Chocolate-based Spreads and Honey Spreads to Gain Traction
- Chocolate spreads are anticipated to witness maximum growth opportunity over the forecast period with a significant CAGR growth. Nutella, offered by Ferrero S.p.A, is one of the most popular chocolate spread brands among consumers.
- Honey’s recognized health halo includes numerous health benefits. Increasing demographics of health- and wellness-conscious consumers are providing strong market prospects for honey spreads over the forecast period.
- Consumers have started embracing nut-based spreads as a healthier alternative to conventional spreads as these are high in protein, provide an instant energy boost, and mainly satisfy their hunger requirements instantly. Besides, consumers are using nut- and seed-based spreads as a healthy ingredient in smoothies, cake toppings, ice-cream toppings, and other breakfast products, which is another factor boosting the demand for the nut-based spreads among consumers.
- Market growth of jams and preserve spreads is likely to be hampered by the rising awareness among consumers regarding the sugar level present in these products. Consumers are more aware and educated about the negative health effects of high sugar consumption and related health risks and diseases such as obesity and diabetes. Prevailing health concerns are expected to remain especially high among millennials and baby boomers, which is anticipated to affect the demand for jams and preserves over the forecast period.
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The Trend of ‘Organic’ Continues to Influence New Launches
- Manufactures and big players participating in the global spreads market are continuously updating their inventories with new product lines and launching innovative spread products to cater to the changing consumer eating habits and demands. Continuous product launches are anticipated to proliferate the growth of the spreads market over the forecast period.
- For instance, in 2018, VEGO Good Food GmbH, launched Vego Chocolate spread in the United Kingdom market to cater to the growing demand for dairy-free, vegan products. The chocolate spread offered by the company is made using raw cane sugar, sunflower oil, hazelnuts, cocoa powder, lecithins (sunflower), shea butter, and extracted vanilla.
- In 2016, MacFarms, LLC, a manufacturer of Macadamia and its products, launched the smooth edition of Australia’s first choc-macadamia spread Macabella.
- The organic segment in the global spreads market is anticipated to witness lucrative growth over the forecast year owing to the increasing consumer demand for healthier and organic products. Manufacturers of spreads are thus, updating their inventories with organic products to cater to the changing consumer trends and altering consumption patterns. Besides, manufacturers are avoiding the use of genetically-modified food products attributing to the growing consumer concerns towards the health adversities of genetically-modified food products.
Spreads Market: Competitive Strategies
- The growing health and wellness trend among consumers, and the rising prevalence of lifestyle-related diseases and other health risks due to improper dietary intake and insufficient nutrition, are escalating the demand for low-calorie, low-fat, and healthy spreads over the forecast years.
- Expansion Approach: Strengthening partnerships in high growth regions and expanding product offerings across the global market through acquisitions and joint ventures.
- Product Innovation and Launches: Strengthening research and development capabilities to offer new and innovative products and flavors for different categories of spreads.
Europe and North America Leading the Way in Spreads Market
Due to the increasing health consciousness and the ability to spend on premium and specialty food products, North America and Europe are prominent regions in the spreads market. Besides, the concentration of big players in these regions is providing strong prospects for spreads in these regions.
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APEJ (Asia Pacific excluding Japan) is expected to register a prominent growth rate for the spreads market over the forecast period. The region is anticipated to have growing demand for nut-based and chocolate-based spreads due to increasing per capita spending of the consumers. Besides, the increasing health consciousness among consumers is giving rise to honey-based spreads in the region.
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