Food Spreads Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Abstract

The food spread market is projected to register a CAGR of 3.5% during the forecast period (2021-2026).

The market was positively impacted by COVID-19 in 2020. The global pandemic has shown an impact on the proper functioning of the food spread industry in various regions. The consumption of nutritious and healthy spreads, which are free from additives and preservatives, gluten, and trans-fat, increased, as consumers were becoming health conscious and were preferring natural or low-sugar and sugar-free spreads.

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 a variety of products, such as jams, jellies, fruit and nut-based spreads, honey, syrups, and chocolate-based spreads.

The 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 the consumer base. A consumer shift has been observed in the past few years of the traditional meal-to-snack food, which is negatively affecting the food spread market, thereby restraining its growth.

There is an increasing demand for food products containing high fruit content. Innovations in terms of improving the flavor and nutritional value of fruit spreads are much needed to boost the growth of the fruit-based spreads market. The fruit concentration in the spreads can vary from 30% to 60%. They are used in baked salad products, dressings, snacks, dessert glaze, breakfast syrups, cake icing, smoothies, etc. The largest consumption of jams, jellies, and marmalades in Europe is in France, accounting for 36% of the total European consumption. Other major countries consuming fruit spreads are Germany, the United Kingdom, Italy, and Spain. In Asian countries, like Japan, jams, fruit jellies, and marmalades are the most popular types of spreads.

The popularity of food spreads can be attributed to their prevalence in traditional breakfast in Europe. In recent years, the spread market has developed further, with the launch of new innovative flavors, such as figs, ginger, and exotic fruits. According to the current trend, European consumers prefer premium-quality products that do not contain artificial ingredients. They are demanding better-for-you products that are easy to prepare and appetizing at the same time. Vendors are strategizing by this requirement and rolling out healthier and indulgent offerings in the region. The consumption levels of food spreads are affected by increased consumer awareness due to extensive marketing and the consumer engagement strategies adopted by most manufacturers. The global market for food spread is dominated by Europe, followed by North America and Asia-Pacific.

JM Smucker Co., Hormel Foods Corp., Ferrero Group, Sioux Honey Association, Kewpie Corp., Land O' Lakes Inc., and Unilever Group are some of the major players in the global market.

Companies also play a vital role in the growth of raw materials and help small farmers. Unilever, which is one of the leading companies in the food spreads market in India, was first to implement a WEF-led Public-Private Partnership (PPP) in Maharashtra (India) for farm gate sourcing of sustainable raw material from smallholder farmers, for the reputed fruit-based food spreads brand Kissan. This helped them gain a competitive advantage with increased market penetration.

• The market estimate (ME) sheet in Excel format
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• 3 months of analyst support

Content
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Honey
5.1.2 Chocolate-based Spreads
5.1.3 Nut- and Seed-based Spreads
5.1.4 Fruit-based Spreads
5.1.5 Other Product Types
5.2 By Distribution Channel
5.2.1 Hypermarkets/Supermarkets
5.2.2 Convenience Stores
5.2.3 Online Retail Stores
5.2.4 Other Distribution Channels
5.3 By Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.1.4 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Spain
5.3.2.5 Italy
5.3.2.6 Russia
5.3.2.7 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 Rest of Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle-East and Africa

6 COMPETITIVE LANDSCAPE
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 J.M. Smucker Company
6.4.2 Kraft Heinz Co.
6.4.3 Unilever Plc
6.4.4 Conagra Brands Inc.
6.4.5 Nestle SA
6.4.6 Hormel Foods LLC
6.4.7 National Grape Co-operative Association (Welsch)
6.4.8 The Hershey Company
6.4.9 Sioux Honey Association
6.4.10 B&G Foods

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

8 IMPACT OF COVID-19 ON THE MARKET