Global Food Spread Market - Growth, Trends and Forecasts (2018 - 2023) Hershey's launched two new chocolate spreads. The spreads come in chocolate almond and chocolate hazelnut variants. It also launched three products aiming to spread 'Happiness and Goodness'. Hershey’s Spreads are available in two flavor variants, Cocoa and Cocoa with Almond. White Chocolate, 'healthy' version of Nutella, has been launched in Lidl. The healthy alternative has no added sugar, no palm oil and with added protein.
Global food spread market is expected to register a CAGR of 3.5% during the forecast period, 2018 to 2023. 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.
Consumer Preference for Clean Label Solutions
A majority of consumers in the developed countries are looking for food spreads without any artificial preservatives or additives, as the continuous use of artificial additives gradually leads to long-term adverse health effects. The purpose of adding flavoring agents, preservatives, and sweeteners is to develop different product varieties with extended shelf-life. Natural additives are comparatively costlier, and they do not sustain product quality over extended periods. However, several large manufacturers have introduced spreads/buttery spreads with no artificial preservatives and flavor addition. Unilever has transformed its existing butter spread portfolio toward real/natural products with plant-based oil, salt, water, and no artificial additives. The aim of clean labels is to drive the sustainability of the product and provide great taste. The leader in food spreads, J M Smucker has expanded its spread product range with the launch of honey and fruit spread with natural ingredients. The honey spread market is a growing market in the North America and Europe in terms of clean labelling.
Honey is the Fastest Growing Segment
The different categories of spreads are divided depending on the base ingredient, such as chocolate, fruit and nuts. These ingredient-based spreads have varied rheological properties. The honey spread market is expected to record the highest CAGR of 5.68%, as many consumers are using honey as a natural alternative of sugar-based spreads. The associated health benefits of honey, such as antimicrobial and immunity boosting properties, have positioned it with significant market share of 20.04%, among the spreads segment. Taste and health benefits are the major factors affecting the market shares of different types of food spreads in the market.
The fruit-based spreads market has the largest share, generating a revenue of USD 7366.82 million in 2016, due to the largest variety of products such as 34.10%. This segment is expected to record a CAGR of 2.2%. Food spreads with reduced sugar, calories and fats are increasing in demand, owing to the increasing cases of lifestyle-related diseases around the globe.
North American Demand for Spreads is on a High
Europe holds the largest share of the global food spread market 29.45%, followed by North America, which is projected to witness the fastest growth. The popularity of food spreads can be attributed to their prevalence in traditional breakfast, in Europe and North America. In the recent years, the food spread market has developed further, with the launch of new innovative flavors, such as figs, ginger, and exotic fruits.Major PLAYERS: J.M. SMUCKER, KRAFT FOODS, UNILEVER GROUP, CONAGRA FOODS INC, SIOUX HONEY ASSOC., NATIONAL GRAPE CO-OPERATIVE INC, B & G FOODS INC., FERRERO GROUP, HERSHEY CO., FREEDOM FOODS, NATURE FOOD CHOCOLATIER, NESTLE, HORMEL FOODS, THE HAIN CELESTIAL GROUP, ANDROS FOODS NORTH AMERICA and LAND O’LAKES INC., amongst others.Reasons to Purchase this Report
- Analyzing outlook of the market with the recent trends and Porter’s five forces analysis.
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- Market segmentation analysis, including qualitative and quantitative research, incorporating the impact of economic and non-economic aspects.
- Country-level analysis, integrating the demand and supply forces that are influencing the growth of the market.
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