Spreads Market will Register 6.3% CAGR As Leading Brands Focus on Flavor Innovations
As per Future Market Insights (FMI), the global spreads market will grow at 6.3% CAGR between 2021 and 2031. Increasing focus on healthy eating will emerge as a chief growth driver.
A recent market study published by Future Market Insights on the Spreads market offers glo...
Awareness regarding consumption is presently moving to the idea of deep-rooted transparency in product labelling. Advent of latest technologies has provided consumers accessibility to smart labels, through which, they can track the journey of the products and compare their individual qualities.
Consumers are nowadays asking food companies to increase the transparency of their products, going beyond free-from status, ingredients, and nutritional levels. The buyers want to understand the background of the products – from where and how the ingredients were sourced, right till the end product. In the food and beverages industry, trust and transparency have become major challenges, as there aren't any strict regulations and guidelines laid down by governments regarding clean labeling.
Companies have started using clean labeling as a catchword for promotional and marketing purposes, and have taken advantage of this to sell their products as clean label products. This trend is visible in spreads market. Higher focus on deriving ingredients from natural resources and flavor innovations will drive growth in the spreads market.
Key Takeaways from the Spreads Market Study:
- In terms of value, the nut based spreads segment is expected to remain dominant in the global Spreads market over the forecast period. This segment is expected to account for a value share of 26.0% by 2031 end.
- In terms of value, household/retail spreads segment is expected to remain dominant in the global spreads market throughout the forecast period, with a value share of more than 59% by end of 2031.
- In terms of value, conventional spreads segment is expected to remain dominant in the global spreads market throughout the forecast period, with a value share of over 90% by 2031.
- The U.S. spreads market will account for over 77% of sales in North America.
- Demand for spreads in the U.K. will grow by 5.1% CAGR between 2021 and 2031.
“Due to the increasing health consciousness and the ability to spend on premium and specialty food products, North America and Europe have emerged as dominant regions in the spreads market. Besides this, the concentration of big players in these regions is creating strong prospects for spreads sales through 2031” said a lead analyst at FMI.
Who is Winning?
Big players operating in the global spreads market are investing and capitalizing on packaging trends and packaging innovations. They are trying to improve and innovative new packaging solutions to differentiate their products on retail shelves. Manufactures are offering convenient and easy-to-use packaging for their spreads to ensure consumer convenience.
They are using a wide range of packaging formats, which include cans, jars, spout tubes, squeeze pouches, and others to provide consumers with easy, versatile, and flexible packaging solutions. Besides this, manufacturers are adopting packaging solutions, which help them extend the shelf life of the spreads even at extreme conditions and during longer distribution channels.
Some of the leading companies offering spreads are Nestlé S.A., The Kraft Heinz Company, Conagra Brands, Inc., Pioneer Food Group Ltd, The Hershey Company, Strauss Group Ltd., The J. M. Smucker Company, Hormel Foods Corporation, General Mills Inc., Atlantic Grupa d.d., Dr. Oetker GmbH, Ferrero S.p.A. and others.
About Food Market Division at FMI
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from across the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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