Market Snapshot
| Study Period: | 2016 -2027 |
| Base Year: | 2021 |
| Fastest Growing Market: | Asia Pacific |
| Largest Market: | North America |
| CAGR: | 7.1 % |
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Market Overview
The nut-based spread market is projected to register a CAGR of 7.1% during the forecast period (2022 - 2027).
The demand for nut-based products belonging to the categories such as snacks, dairy, bakery, and confectionery during the pandemic has affected the nut products supply chain. But a decent growth was expected in the market as many key players carried out sales through online channels. Supply chain sectors in the nut products market are fuelling themselves to cater to the demand for nuts and their value-added products. Disruptions in the supply chain during the COVID-19 lockdown across countries were challenging for the market.
The increasing consumer health awareness and the rising disposable income across regions have encouraged people to opt for high-quality nut products. Consumer preferences for convenience products with health and wellness claims have led to high demand for nut products. The increase in no health consciousness and awareness has led to a change in the consumption pattern. Additionally, nut-based products are also being used for various purposes.
Scope of the Report
The nut-based spread market is segmented by product type into peanut-based spreads, almond-based spreads, walnut-based spreads, cashew-based spreads, hazelnut-based spreads, and other product types. Others include coconut and macadamia nut, pecan, and pistachio-based butter and spreads. By distribution channel, the market is fragmented into hypermarket/supermarkets, convenience stores, specialist retailers, online retail, and other channels. By geography, it is divided into North America, Asia Pacific, Middle East & Africa, Europe, and South America. The report offers the market size and forecasts for the nut-based spread market in value (USD million) for all the above segments.
| By Product Type | |
| Peanut Based Spreads | |
| Almond Based Spreads | |
| Walnut Based Spreads | |
| Cashew Based Spreads | |
| Hazelnut Based Spreads | |
| Others |
| By Distribution Channel | |
| Supermarkets/Hypermarkets | |
| Convenience Stores | |
| Specialist Retailers | |
| Online Retail Stores | |
| Other Distribution Channels |
| Geography | |||||||||
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Key Market Trends
Hazelnut Spreads is the Fastest Growing Segment
Hazelnut spreads are the second-largest segment, with only almond spreads ahead of it. Hazelnuts also contribute to chocolate and other nut-based spreads. Consumers seeking various healthy options of spreads are also boosting the hazelnut market. Consumers who follow plant-based diets are the major users of nut-based spreads. The major players use this opportunity to produce protein-rich spreads from plant sources. The high sugar content of the hazelnut chocolate spreads has negatively impacted the market as the consumers are becoming more health-conscious and are looking for low sugar substitutes. Consumers majorly drive hazelnut-based products with heart diseases as hazelnut, an antioxidant-rich product, is linked to a reduced risk of developing heart disease. Besides, the rich hazelnut flavor of the nut spread is another factor for its high demand.
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North America is the Largest Market Share
The North American spreads market is well-established, and the production of nut-based spreads in the region is self-sufficient. Nut-based spreads were established in the North American market at the initial stages of the product introduction and are a part of the American breakfast. The United States is the largest market in North America and accounts for around 30% of the region's share. Increasing demand for low-fat spreads is a major factor driving the nut-based spreads in North America. Major brands such as Nutella dominate the market, with innovations such as spreads made with natural ingredients, i.e., free from additives like artificial sugars, gelling agents, etc.
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Competitive Landscape
The nut-based spread market is highly fragmented and competitive with various players. The companies are making themselves more competitive by strengthening their distribution systems, entering partnerships, acquisitions, new regions, expanding product range, etc. Some of the major players operating in the market are JM Smucker’s, Kraft Foods Group, ConAgra Foods Inc., and Hormel Foods Corporation dominate the market.
Recent Developments
· In January 2021, The J. M. Smucker Company SJM is on track to boost assortment strength. Along these lines, the company’s iconic brand — Jif — unveiled plans to launch Jif Natural Squeeze Creamy Peanut Butter Spread. The new product innovation under the Jif brand will be available on the digital platform and at specific retailers.
· In July 2020, Kraft Peanut Butter launched its new Kraft Hazelnut Spread - a delicious, rich, and chocolatey spread made with no palm oil and low in saturated fat.
· In September 2019, Conagra brands inc launched plant-based oil spread under the Earth balance brand. These oil spreads are vegan, lactose-free, and non-GMO.
Table of Contents
1. INTRODUCTION
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 By Product Type
5.1.1 Peanut Based Spreads
5.1.2 Almond Based Spreads
5.1.3 Walnut Based Spreads
5.1.4 Cashew Based Spreads
5.1.5 Hazelnut Based Spreads
5.1.6 Others
5.2 By Distribution Channel
5.2.1 Supermarkets/Hypermarkets
5.2.2 Convenience Stores
5.2.3 Specialist Retailers
5.2.4 Online Retail Stores
5.2.5 Other Distribution Channels
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.1.4 Rest of North America
5.3.2 Europe
5.3.2.1 Spain
5.3.2.2 United Kingdom
5.3.2.3 Germany
5.3.2.4 France
5.3.2.5 Italy
5.3.2.6 Russia
5.3.2.7 Rest of Europe
5.3.3 Asia Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 Rest of Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 South Africa
5.3.5.2 United Arab Emirates
5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 The J.M. Smucker Company
6.4.2 The Kraft Heinz Company
6.4.3 Hormel Foods Corporation
6.4.4 Conagra Foods Inc.
6.4.5 Ferrero International
6.4.6 Nestle SA
6.4.7 The Hershey Company
6.4.8 Andros group
6.4.9 The Pilsbury Co.
6.4.10 Welch foods Inc.
*List Not Exhaustive7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID 19 ON THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Nut Based Spread Market market is studied from 2016 - 2027.
What is the growth rate of Nut Based Spread Market?
The Nut Based Spread Market is growing at a CAGR of 7.1% over the next 5 years.
Which region has highest growth rate in Nut Based Spread Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Nut Based Spread Market?
North America holds highest share in 2021.
Who are the key players in Nut Based Spread Market?
The J.M. Smucker Company, The Kraft Heinz Company, Conagra Brands, Inc., Ferrero International, Nestle SA are the major companies operating in Nut Based Spread Market.
