Asia-Pacific Food Spread Market - Growth, Trends, and Forecast (2019 - 2024)

The Asia-Pacific Food Spread Market is segmented by Product Type (Nut- and Seed-based Spreads, Fruit-based Spread, Honey, Chocolate-based Spread, and Other Product Types), Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Specialist Retailers, Online Retail Stores, and Other Distribution Channels), and Geography.

Market Snapshot

Snapshot
Study Period:

2016-2024

Base Year:

2018

CAGR% (2019-2024):

2.75%

Key Players:

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Market Overview

The Asia-Pacific food spread market is estimated to be valued at USD 4.6 billion by 2024, recording a CAGR of 2.75%, during the forecast period (2019 - 2024).

  • Consumption trends pertaining to food spreads vary widely across regions and. Owing to the rapidly changing dynamics of food security, providing sufficient, safe, and nutritious food remains a serious challenge in the Asia-Pacific region.
  • Owing to the diversity of the region, the food spread market has enjoyed a significant growth. This growth can also be attributed to the rapid changes, in terms of economic development, in Asia-Pacific.
  • Common convenience food products, like bread, which requires spreads and add-ons to increase the palatability, are driving the food spread market in Asia-Pacific.

Scope of the Report

Scope of the market includes food spreads, segmented by product type as nut- and seed-based spreads, fruit-based spread, honey, chocolate-based spread, and other product types. By distribution channel, the market is segmented into supermarkets/hypermarkets, convenience stores, specialist retailers, online retail stores, and other distribution channels. Additionally, the market is segmented by geography.

Product Type
Nut- and Seed-based Spreads
Fruit-based Spread
Honey
Chocolate-based Spread
Other Product Types
Distribution Channel
Supermarkets/Hypermarkets
Convenience Stores
Specialist Retailers
Online Retail Stores
Other Distribution Channels
Geography
Asia-Pacific
China
Japan
India
Australia
Rest of Asia-Pacific

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Key Market Trends

High Demand for Nut- and Seed-based Spreads

The popularity of peanut butter in the market has paved way for various nut-based butters, such as those based on almonds, cashews, walnuts, and hazelnuts. Nut-based butter and spreads have become popular products among consumers, because of the health benefits offered by these products and their ease of use as a breakfast accompaniments. Thus, there is a rising preference for nut-based spreads among the Japanese consumers. Although fruit-based spreads are leading the Japanese market, the nut-based spreads are expected to register healthy growth. Meanwhile, manufacturers are employing various methods to increase their shares in the Chinese food spread market. High consumption of peanut butter has been observed in Hong Kong and Taiwan, while in the Rest of China, the market for peanut butter is still a little weak.

trend2

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China is the Largest Market Segment

Westernization, as a cultural movement, has augmented the demand for processed foods, in India and China. Additionally, there is an increased consumption of bread in the region, as bread is viewed as convenient and healthy. Hence, the food spread market in China is expected to benefit from this trend during the forecast period. China’s population is entering the middle-income group, as more of them are becoming employed. This is leading the consumers to prefer convenient food, and in turn, spending more on processed food. In China, the consumption of almond butter is increasing at a healthy rate, as it is mostly used in the preparation of several desserts. In addition, the manufacturers are employing various techniques to innovate their food spread products in the market. 

trend1

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Competitive Landscape

New product launches, market expansions, partnerships, and acquisitions are the preferred strategic approaches adopted by most companies involved in the Asia-Pacific food spread market. Major players in the market are Cremica Agro Foods Limited, Ferrero Group, Unilever PLC, and The Hershey Company. 

Major Players

  1. Cremica Agro Foods Limited
  2. Ferrero Group
  3. Unilever PLC
  4. The Hershey Company
  5. The J.M. Smucker Company

* Complete list of players covered available in the table of contents below

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Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

    1. 3.1 Market Overview

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Product Type

      1. 5.1.1 Nut- and Seed-based Spreads

      2. 5.1.2 Fruit-based Spread

      3. 5.1.3 Honey

      4. 5.1.4 Chocolate-based Spread

      5. 5.1.5 Other Product Types

    2. 5.2 Distribution Channel

      1. 5.2.1 Supermarkets/Hypermarkets

      2. 5.2.2 Convenience Stores

      3. 5.2.3 Specialist Retailers

      4. 5.2.4 Online Retail Stores

      5. 5.2.5 Other Distribution Channels

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 Japan

        3. 5.3.1.3 India

        4. 5.3.1.4 Australia

        5. 5.3.1.5 Rest of Asia-Pacific

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Most Active Companies

    2. 6.2 Most Adopted Strategies

    3. 6.3 Market Share Analysis

    4. 6.4 Company Profiles

      1. 6.4.1 Cremica Agro Foods Limited

      2. 6.4.2 Ferrero Group

      3. 6.4.3 Podravka d.d.

      4. 6.4.4 Unilever PLC

      5. 6.4.5 The Hershey Company

      6. 6.4.6 Capilano Honey Ltd

      7. 6.4.7 Nestle SA

      8. 6.4.8 Sioux Honey Association

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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