Peanut butter has led the way for other nut-based spreads like almond, cashew, macadamia nut, coconut, and walnut to enter the industry and offer a wider variety of spreads for consumers. The nut spreads industry has witnessed a growth of around 10% from 2014 to 2016. By 2023, the sales are likely to hit 6.9 billion USD.
The sales for peanut butter in UK have increased by 25% while jam sales have remained stagnant in the last 4 years. Around 7.7% of consumers have switched from jam to peanut butter. The nut spread sales is largely dependent on the sales of bread. Peanut butter and chocolate spreads are displacing jam and marmalade as the most popular breakfast spreads. Product innovation is the key driving factor for new brands which are providing a stiff competition to the already established ones in the spreads market.
Food 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. The major market players in this industry are Unilever Group, Wellness Foods Ltd., Premier Foods Plc, Ferrero Group, and Andros SAS.
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