Global food spread market
The global food spreads market was valued USD 19.43 billion in 2014. 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. The major market players in this industry are Unilever Group, Wellness Foods Ltd., Premier Foods Plc, Ferrero Group, and Andros SAS.
The rising demand for healthier and convenient products such as nut based spreads is driving the market. The industry is highly competitive with private label products competing with major brands, in terms of pricing and product innovation. Apart from the well-established brands, there has been a significant rise in the number of country-specific local brands offering similar products at a more competitive price.
The 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 market leader in food spreads, J M Smucker has expanded its spread product range with the launch of honey and fruit spread with natural ingredients. However, high calorie in sweet spread such as fruits based spread is a major restraint for the food spread market. There is a high competition among intra food spread products in the food spread market. Nuts allergen among consumers is another restraining factor for the peanut based food spread market.
The market for food spreads is segmented into honey, chocolate spreads, fruit Based Spreads (Jams and Preserves), nuts and seed based spread, and some other types who have niche market. 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 fruit-based spreads segment has the largest market, generating a revenue of USD 7,690.14 million in 2016, due to the largest variety of products. This segment is expected to record a CAGR of 3.48%.
Manufacturers of chocolate-based spreads have focused on portability in recent years. Ferrero USA Inc. started this trend with Breadsticks in 2012, and Nutella & Go. with Pretzel Sticks in early 2015. Hershey launched Reese’s Spreads in November 2014, and went portable in 2015 with Reese’s Spreads Snacksters with Graham Dippers.
North America holds the largest share of the market (42.32%), followed by Asia-Pacific, which is projected to witness the fastest CAGR of 6.07%. The US spreads market is worth USD 3.1 billion in 2016 and is expected to witness a relatively stable growth despite the economic recession. Food spreads comprise of a variety of products like jams, jellies, fruit and nut-based spreads, honey, syrup and chocolate-based spreads.
The UK food spreads market witnessed sales increase by 5% in value terms through 2016, while experiencing a smaller growth in volume terms of 2%.The sales for peanut butter in UK have increased by 25% while jam sales have remained stagnant in the last four years. Around 7.7% of consumers have switched from jam to peanut butter. The UK sweet spread sales account for USD 437.26 million. The food spread market, aided by apt promotion and marketing, has promising scope in the developing markets of 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. Market expansions, agreements, partnerships, and acquisitions are some of the other approaches followed frequently by these companies in the food spread industry.
JM Smucker Co has introduced the new Smucker's® Fruit & Honey(TM) fruit spreads. Available in four flavors and with no preservatives
Report on the Global Food Spread Market, covers the following:
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