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The global food spreads market is expanding due to evolving dietary preferences and increased demand for western foods. Food spreads have been an integral part of breakfast predominantly in the western markets and, its demand is gradually increasing across the globe. Food spreads involve products such as honey, chocolate spreads and, nut spreads. The growing demand for indulgent products is fuelling the development of innovative products in food spreads.
The demand for food spreads is prominent in developing regions on account of discretionary spending patterns. The manufacturers are developing innovative and healthier spreads due to the rising trend of consuming plant-based and clean label products. For instance, in December 2017, Ferrero launched a healthier version of Nutella with white chocolate, in Portugal. This Nutella has no added sugar and no palm oil.
Key Market Driver -
Promising Demand for Food Spreads in Developing Regions
Key Market Restraint -
High Cost of Raw Materials
The global food spreads market is expected to witness robust growth due to increasing demand for innovative spreads in developing countries. The companies are focused on developing such novel products to cater to this demand. For instance, in August 2019, Licious, an Indian meat food brand, launched its first meat-based food spread to cater to the transforming consumption patterns in India.
The increasing cost of raw materials such as fruits, sugar and, cocoa is expected to impede the growth of the market. The awareness of adverse health effects resulting from regular consumption of sugar and fats is also expected to hinder the growth of the food spread market.
The key players operating in the global food spreads market are The JM Smucker Company, Conagra Brands, Inc., Unilever PLC, Kraft Foods Group, Inc., Sioux Honey Association, The Hershey Co., Ferrero SpA, B&G Foods, Inc., Lindt Chocolate and, Nestlé S.A.
The global food spreads market is segmented by type, distribution channel and, geography. The prominent types of food spreads are honey spreads, fruit-based spreads, chocolate-based spreads, nut-based spreads, and others which include dairy-based spreads and meat-based spreads. Honey-based spreads are expected to witness the highest growth due to health benefits associated with honey. The manufacturing companies are focused on launching honey-based spreads. For instance, in August 2018, Bumbleberry Farm launched a new line of honey cream spreads in the U.K. Hypermarkets/supermarkets, are expected to witness substantial growth because of the presentation, availability of a wide variety on the shelves, and easy accessibility to consumers in these stores.
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North America and Europe are expected to witness the promising growth of the food spreads market. The development of healthy food spreads by manufacturing companies is expected to fuel the growth of the market in these regions owing to the increasing trend of consumption of clean label products. For instance, In June 2016, Conagra Brands, Inc. discontinued the use of partially hydrogenated oils in all of its spreads. Asia Pacific is expected to witness the promising growth of food spreads market due to discretionary spending patterns in developing countries.
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