Spreads Market Estimated to Expand at a Robust CAGR by 2025

by Susan Hill Business Consultant

The global spreads market size is anticipated to reach USD 34.0 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.1% over the forecast period. Use of these products in the western countries as an essential breakfast ingredient is fueling the growth of the market. Increasing demand for natural and healthy spreads and consumer preferences for artisan bakery products are further accelerating the growth of the food spread market across the globe.

Consumer inclination towards a healthy lifestyle is increasing the demand for healthy and low-calorie spreads. Traditional sweet pastes have artificial sweeteners and flavors, which leads to long term health issues. Companies are launching new products with clean labels by using natural and healthy ingredients to provide the consumers a healthy alternative. For instance, a healthy version of Nutella made up of white chocolate has been launched in Lidl with added protein and no palm oil. Unilever updated its butter range by introducing natural products with plant-based oil, water, salt, and no artificial ingredients.

In 2018, fruit spreads was the largest product type, accounting for more than 30.0% share of the global revenue. The market for fruit spreads has different varieties available in terms of flavor and texture. For instance, the preserves range of Smucker’s comprises pieces of fruits and seeds and has unique flavors such as peach mango, boysenberry, apricot-pineapple, and blueberry.

The industry is dominated by leading players such as Andros Group, Ferrero, Hero, The Hershey Company, Hormel Foods, JM Smucker, B&G Foods, Bernard Michaud, Capilano Honey, and Centura Foods. Product expansion, mergers and acquisitions, and product innovation are the popular strategic initiatives taken by companies. For instance, JM Smucker launched honey and fruit pastes with natural ingredients in order to expand its product range.

Further key findings from the report suggest:

The global spreads market is expected to expand at a CAGR of 3.1% from 2019 to 2025
In 2018, fruit spreads was the largest product type, accounting for more than 30.0% share of the overall revenue
Europe led the global market and held a share of 45.2% in 2018.

Access full research report on global spreads market:
www.grandviewresearch.com/industry-analysis/spreads-market