Market Size of South America Nut-based Spread Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.90 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
South America Nut-based Spread market Analysis
South America Nut-based Spread market is projected to register a CAGR of 6.9% during the forecast period, 2022-2027.
The South America nut-based spread market is driven by the rising consumer preference to replace jams with healthier versions of spreads such as peanut butter and almond spreads. Additionally, peanut butter due to its cost-effectiveness has become the most popular product and is being widely purchased in the region. The key reason peanut butter is cheaper than almond and other types of nut butter is that peanut butter is made from a cheaper raw material. Even though jams and jellies may provide some benefits, they're high-sugar products, and consuming too much sugar may lead to weight gain, cavities, heart disease, and type 2 diabetes. The rising health consciousness among consumers has been driving the market for a few years. As nut-based spreads are low-calorie foods health-conscious consumers are preferring them over jams and dairy-based spreads.
Further, consumers are focused on low-sugar diets due to the increasing rates of obesity and Type-2 diabetes. The governments have introduced measures to restrict sugar intakes, such as front-of-pack warning labels in Chile, Peru, and Uruguay which is expected to increase the consumption of low-calorie foods like nut spreads. For instance, in March 2020, the Colombian government and the Colombian food industry agreed on visual warning nutrition labels that will become mandatory on unhealthy food and drink products sold in the country. Therefore, this factor is expected to increase the consumption of low-calorie foods like nut-based spreads.
