Market Trends of Asia-Pacific Food Spread Industry
This section covers the major market trends shaping the APAC Food Spreads Market according to our research experts:
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.
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.
