(MENAFN – GetNews) According to report published by Grand View Research, the 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 global spreads market size is anticipated to reach USD 34.0 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.1% over the forecast period. Use of these products in the western countries as an essential breakfast ingredient is fueling the growth of the market. Increasing demand for natural and healthy spreads and consumer preferences for artisan bakery products are further accelerating the growth of the food spread market across the globe.
Consumer inclination towards a healthy lifestyle is increasing the demand for healthy and low calorie spreads. Traditional sweet pastes have artificial sweeteners and flavors, which leads to long term health issues. Companies are launching new products with clean labels by using natural and healthy ingredients to provide the consumers a healthy alternative. 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.
Germany, U.K., and America consume pancakes and waffles, which are topped with fruit jams such as blueberry and strawberry jam, honey, chocolate, and butter in order to give the dish a refreshing flavor. Europe held the largest share of 45.2% in 2018. Large consumer base and presence of major market players are the prime factors contributing to the food spread market growth in this region. Consumption of pastes in countries like Germany and U.K. is very high as compared to other countries of the world.
In 2018, fruit spreads was the largest product type, accounting for more than 30.0% share of the global revenue. The market for fruit spreads has different varieties available in terms of flavor and texture. For instance, the preserves range of Smucker’s comprises pieces of fruits and seeds and has unique flavors such as peach mango, boysenberry, apricot-pineapple, and blueberry.
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. Product expansion, mergers and acquisitions, and product innovation are the popular strategic initiatives taken by companies. For instance, JM Smucker launched honey and fruit pastes with natural ingredients in order to expand its product range.
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Key Takeaways from the report:
- The global spreads market is expected to expand at a CAGR of 3.1% from 2019 to 2025
- In 2018, fruit spreads was the largest product type, accounting for more than 30.0% share of the overall revenue
- Europe led the global market and held a share of 45.2% in 2018.
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Grand View Research has segmented the global spreads market on the basis of product type, distribution channel, and region:
Spreads Product Type Outlook (Revenue, USD Million, 2015 – 2025)
- Butter/Cheese
- Fruit Spreads
- Chocolates & Nuts
- Others
Spreads Distribution Channel Outlook (Revenue, USD Million, 2015 – 2025)
- Hypermarket & Supermarket
- Convenience Store
- Specialty Store
- Online
Spreads Regional Outlook (Revenue, USD Million, 2015 – 2025)
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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