Food Spreads Market Size
|2018 - 2029
|Market Size (2024)
|USD 31.47 Billion
|Market Size (2029)
|USD 37.23 Billion
|CAGR (2024 - 2029)
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
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Food Spreads Market Analysis
The Food Spreads Market size is estimated at USD 31.47 billion in 2024, and is expected to reach USD 37.23 billion by 2029, growing at a CAGR of 3.42% during the forecast period (2024-2029).
Sweet spreads are an integral part of every breakfast, leading to the steady growth of the spread market. Different types and flavors of spreads are available in the market, driving consumers to purchase the products. The rising health consciousness among consumers has given way to new low-calorie spreads. Due to these varieties of flavors, the demand for spreads among children is more. The increasing trend of plant-based and vegan food drives the market players to innovate new products.
Additionally, clean-label products are expected to drive the market over the medium term owing to consumers' awareness of the nutrients present in products. The market players are launching their products in distribution channels like supermarkets and e-commerce websites. Due to this, consumers are getting more options for brands and flavors. The use of spreads is also growing in the bakery and confectionary sectors. Therefore, market players are launching products accordingly. For instance, in March 2021, Nestlé Italia launched a spread version of its Baci Perugina chocolate brand. The company launched Creme Baci, a gluten-free and palm oil-free sweet chocolate spread with crunchy hazelnut grains. Creme Baci would be available in both large-scale retail distribution and e-commerce channels and in select pastry shops in Italy.
Food Spreads Market Trends
This section covers the major market trends shaping the Food Spreads Market according to our research experts:
Increase in Demand for Organic and Natural Food Spreads
The food spreads market is growing in the market, owing to busy lifestyles and lack of time. Consumers prefer food spreads for breakfast over bread in the morning. Various flavoring agents, preservatives, and sweeteners are added to different products to extend their shelf-life. Demand for honey as food spreads is increasing in the market owing to its natural source, health benefits, and innovations in honey making. Market players are introducing new honey jars with no artificial sweeteners and minimal processing, gaining consumer attention. For instance, in December 2022, Conscious Food, a pioneer of organic food products in India, launched new raw unprocessed Himalayan multiflora, honey. The product is unfiltered and unpasteurized, containing honey's natural taste and nutritional benefits.
Furthermore, the increasing demand for low-calorie, plant-based, sugar-free products is driving consumers to produce innovative spreads to cater the consumer requirement. Additionally, the trend of vegan food is growing, so the market players are introducing vegan spaces. For instance, in July 2021, the Italian healthy food brand Fabulous launched its first vegan chocolate spread. The product is made from organic hazelnuts, cocoa, and chickpeas.
North America Holds the Major Share
The popularity of food spreads can be attributed to their prevalence in traditional breakfasts in North America. In recent years, the spread market has developed further, with the launch of new innovative flavors, such as nuts and exotic fruits. According to the current trend, North American consumers prefer premium-quality products that do not contain artificial ingredients and with nutritional claims. 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 government policies also lead to the creation of healthy food spreads in the region. The consumption levels of food spreads are affected by increased consumer awareness due to extensive marketing and consumer engagement strategies adopted by most manufacturers. In December 2021, Superfoodio a plant-based snacks startup announced the launch of revolutionary on-the-go peanut butter buttons product line in the market with four different flavors of butter such as Coco Crunch, Original, Original Plus, and PBJ.
Food Spreads Industry Overview
Unilever PLC, The Hershey Company, Ferrero International S.A. (Nutella), Conagra Brands Inc. (Dunken Hines), Hormel Foods LLC, and The J M Smucker Company (Jif, Smucker's) are some of the major players in the global market. These companies provide a range of food spreads, including natural and conventional choices for consumers. Mergers and acquisitions between companies are helping the market to grow at a faster rate. Product innovations and increasing demand for vegan spreads are one of the drivers for the market. Market players are focused on consumer demand, innovating products by considering the food trends and changing the food habits of consumers. In April 2022, a Marico brand Saffola launched Saffola Peanut Butter. Jaggery substitutes refined sugar in Saffola Peanut Butter. It provides 31% of the RDA for protein and includes no refined sugar. It is available in two variants: "Crunchy' and "Creamy."
Food Spreads Market Leaders
The J. M. Smucker Company
Ferrero International S.A.
The Hershey Company
Hormel Foods LLC
*Disclaimer: Major Players sorted in no particular order
Food Spreads Market News
- In November 2022, Ingenuity Brands's Brainiac Foods introduced Almond Butter Spreads formulated with nutrients to support brain health. Brainiac Foods Almond Brain Butter is available in single-serve, squeezable packets and contains 6 to 7 grams of protein, 155 mg of omega-3 fatty acids, and 55 mg of choline. Honey almond and chocolate almond are two flavors.
- In March 2022, Hershey's India Pvt. Ltd., a part of The Hershey Company, launched the "Crunchy Cookie" chocolate spread. The product contains cocoa and crisped cookies. The product aims to expand its offerings to millennials and gen Z consumers.
- In March 2022, B&G Foods introduced Cinnamon Toast Crunch Creamy Cinnamon Spread. Cinnadust combines cinnamon and sugar with sweet notes of vanilla, caramel, and graham to flavor baked goods, toast, coffee, pastries, ice cream, and more.
Food Spreads Market Report - Table of Contents
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 Product Type
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 Distribution Channel
5.2.2 Convenience Stores
5.2.3 Online Retail Stores
5.2.4 Other Distribution Channels
5.3.1 North America
18.104.22.168 United States
22.214.171.124 Rest of North America
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
184.108.40.206 Rest of Asia-Pacific
5.3.4 South America
220.127.116.11 Rest of South America
5.3.5 Middle-East and Africa
18.104.22.168 Saudi Arabia
22.214.171.124 South Africa
126.96.36.199 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 The J. M. Smucker Company
6.3.2 The Kraft Heinz Company
6.3.3 Unilever PLC
6.3.4 Conagra Brands Inc.
6.3.5 Nestlé S.A.
6.3.6 Hormel Foods LLC
6.3.7 Ferrero International S.A.
6.3.8 Premier Foods Group Services Limited
6.3.9 Sioux Honey Association Co-op
6.3.10 B&G Foods, Inc.
6.3.11 Ingenuity Brands
6.3.12 The Hershey Company
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Food Spreads Market Research FAQs
How big is the Food Spreads Market?
The Food Spreads Market size is expected to reach USD 31.47 billion in 2024 and grow at a CAGR of 3.42% to reach USD 37.23 billion by 2029.
What is the current Food Spreads Market size?
In 2024, the Food Spreads Market size is expected to reach USD 31.47 billion.
Who are the key players in Food Spreads Market?
The J. M. Smucker Company, Unilever PLC, Ferrero International S.A., The Hershey Company and Hormel Foods LLC are the major companies operating in the Food Spreads Market.
Which is the fastest growing region in Food Spreads Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Food Spreads Market?
In 2024, the North America accounts for the largest market share in Food Spreads Market.
What years does this Food Spreads Market cover, and what was the market size in 2023?
In 2023, the Food Spreads Market size was estimated at USD 30.43 billion. The report covers the Food Spreads Market historical market size for years: 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Food Spreads Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Food Spread Industry Report
Statistics for the 2024 Food Spread market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Food Spread analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.