The Worldwide Food Spread Industry is Expected to Reach $40 Billion by 2026

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Apr 01, 2022, 09:00 ET

DUBLIN, April 1, 2022 /PRNewswire/ -- The "Food Spread Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.

The global food spread market is projected to grow at a CAGR of 5.46% to reach US$40.365 billion by 2026, from US$27.822 billion in 2019.

A spread or a dip is food that is commonly consumed by spreading it with a knife, onto foods such as bread and crackers.peanut butter, chocolate spread, jams,and jellies are commonly used breakfast spreads worldwide. These are available in a variety of flavors and textures. The increasing demand for food spread can be attributed to the changes in dietary conditions of people due to the rising health consciousness and busy lifestyle. In their fast-paced lives, consumers are looking for quick and healthy morning meal replacements. These foods provide convenience in addition to providing health benefits. The latest trend in the food spread market is low calorie, organic, and natural spread and to cater to this demand, companies are substituting artificial ingredients with organic and healthy ingredients. UK- based humous and dips brand Moorish launched its new product, Moorish Chocolate Spread Desert Houmous, marketed as a healthier alternative for chocolate spread fans. There is an increasing demand for vegan spreads as well. The growth of the marketcan also be attributed to preserves and gourmet jams becoming popular gift items.

Food spreads are common among people of developed countries such as North America and Europe. In counties such as Germany, U.K., and the U.S., due to their traditional breakfast cultures chocolate spreads, peanut butter, cheese, jam, and honey have always been a significant part of breakfast. For instance, pancakes and waffles are the most popular breakfast meal in North America and are offered in a variety of flavors with fruit jams such as blueberry, strawberry, and pineapple jam, honey, chocolate, and butter to enhance the flavor. Germany prefers its toast with cheese and jam, and Spain consumes an extensive amount of tomato spread on their pizza, toast, and pasta.

Developing nations such as India and China are also catching up due to the adoption of modern living conditions and rising disposable income emanating the demand for food spread promoting the growth of the global food spread market in the forecast period and beyond.In India, raw and unprocessed organic honey is becoming popular due to its health benefits such as immunity-boosting and antimicrobial properties and the inclination of consumers towards organic ingredients. Recently, Dabur launched new products under its brand Dabur honey including organic honey.

Global food spread regional market

By region, due to their traditional breakfast cultures, food spreads are a popular commodity in western countries. Food brands are taking a more organic approach to show their commitment to ecological issues and to avoid any consumer backlash against their products.

Growth Factors

Increasing demand for ready-to-eat breakfast

The increasing demand for food spread can be attributed to the need for quick and healthy morning meal replacement to fit into the busy schedule. These are easy-to-make food items that require no cooking. Due to the availability of a variety of flavors, consumers can enjoy a different spread every morning.

Change in dietary needs

Consumers are growing health-conscious, which drives the demand for low-calorie alternatives, especially organic and natural food spreads up. Natural and organic ingredients extend the shelf-life of the products. There has been an increasing demand for vegan spreads as well. Netherland-based dairy-free firm Upfield launched new chocolate spread under its vegan brand Violife.

Restraints

Decrease in demand for bread.

Bread is a complementary product commonly used with food spreads. Due to the shift of consumers' breakfast preference from bread to cereal, there has been a fall in demand for bread which can hamper the growth of the food spread market.

Long-term health issues from artificial sweeteners

Commercially produced food spreads contain artificial sweeteners and preservatives that can cause long-term health issues from regular use. Therefore, consumers are opting for healthy and low-calorie spreads.

Impact of COVID-19 on the Food Spread Market

The Covid-19 pandemic negatively affected the supply chain of food spreads due to the nationwide lockdown restrictions, posing challenges for manufacturers. Although grocery stores and online stores were allowed to operate, with stocked up pantries and restricted movement consumers were unlikely to go out to buy frequently. There was also a limitation to only sell essential commodities which negatively affected the revenue.

Key Topics Covered:

1. Introduction

2. Research Methodology

3. Executive Summary

4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. The threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis

5. Food Spread Market Analysis, by Product Type
5.1 Introduction
5.2 Jams
5.3 Jellies
5.4 Butter
5.5 Honey
5.6 Chocolate spread

6. Food Spread Market Analysis, by Distribution Channel
6.1. Introduction
6.2. Online
6.3. Offline
6.4. Super Markets
6.5. Hyper Markets
6.6. Others

7. Food Spread Market Analysis, by Geography

8. Competitive Intelligence
8.1. Competitive Benchmarking and Analysis
8.2. Recent Investment and Deals
8.3. Strategies of Key Players

9. Company Profiles
9.1. The J.M. Smucker Company
9.2. The Kraft Heinz Company
9.3. Conagra Brands
9.4. Sioux Honey Association Co-op
9.5. B&G Foods, Inc.
9.6. Ferrero International
9.7. The Hershey Company
9.8. Freedom Nutritional Products Group
9.9. Nestle
9.10. Nature Food Company

For more information about this report visit https://www.researchandmarkets.com/r/bkeoby