The spreads market value is expected to total USD 29.9 Billion in 2023, according to Future Market Insights (FMI). The overall market value is expected to reach USD 53.2 Billion by 2033, growing at a CAGR of 5.9% from 2023 to 2033.
The rising demand for sauces and condiments made of natural ingredients will emerge as a chief growth driver. Besides this, surging demand for gourmet jams, preserves, and artisan bakery products is expected to result in high sales in the market.
With demand expected to grow considerably, the spreads industry is expected to represent more than 21% of the sauces and condiments market in 2023.
| Attribute | Details |
|---|---|
| Spreads Market Value (2023) | USD 29.9 Billion |
| Spreads Market Forecast Value (2033) | USD 53.2 Billion |
| Spreads Market CAGR (2023 to 2033) | 5.9% |
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The spreads market size grew at a CAGR of 4.8% between 2018 and 2022. Forecasts for growth remain optimistic, with the market predicted to grow at a CAGR of 5.9% between 2023 and 2033.
Spreads are no longer considered to just be a breakfast option that is had with bread. Though it is becoming saturated as a companion product for bread during breakfast time, these are increasingly used to facilitate convenience in preparing other dishes. It is widely used at dining events, office lunches, and leisure snacking times, apart from conventional breakfast.
For instance, peanut butter spread can be used as a cake filling and with cold dishes for lunch or dinner. Chocolate-based food spreads can be used in smoothies and puddings, and savory spreads can be used in pizza and pasta. Honey can be taken as a tonic mixed with warm water throughout the day. The versatility of spreads is thus, expected to drive growth over the forecast period.
| Historical CAGR (2017 to 2022) | 4.8% |
|---|---|
| Forecast CAGR (2023 to 2033) | 5.9% |
Consumers are getting attracted to lip-smacking food products available in the global food and beverages market. Flavor inspiration is influencing the food and beverages market, as consumers explore more of the world through the lusciousness of their cuisines. Flavor inspiration is one of the major growth factors driving spreads market.
Spreads are made with a variety of ingredients, which impart their taste, texture, and aroma. Due to the full availability of a different range of flavors, it is popping up in grocery store aisles and slowly becoming the most preferred go-to convenience food option.
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The present consumer consumption pattern of food and beverages, showcases consumers’ growing health consciousness and increasing health awareness. Consumers are getting more attracted to food products that are healthier. Thus, nut- and seed-based spreads are finding a place on the shelves of consumers rapidly.
They have started embracing nut-based spreads as a healthier alternative to conventional spreads as these are high in protein, provide an instant energy boost, and mainly satisfy the hunger requirements of consumers instantly.
Besides, consumers are using a nut and seed-based spreads as healthy ingredients in smoothies, cake toppings, ice-cream toppings, and other breakfast products, which is another factor boosting the demand for nut-based spreads among consumers.
There are several multinational, regional, and local players operating in the business, wanting to strengthen their presence in their respective pockets of sales. Excellence in the business depends on the capabilities of manufacturers to bring in innovative flavor and ingredient options in conventional spreads.
Thus, to have an upper edge over the competitors, manufacturers are coming up with healthy ingredients, exotic flavors, smart labeling, and attractive packaging. Manufacturers are using raw materials such as macadamia, yeast extract, hummus, cashew, and others to provide a wider range of products to consumers.
Besides, manufacturers are describing their products with intelligent labels such as 100% pure, all-natural ingredients, no preservatives/additives, pure-state wholefood spreads, allergen free, and 99.9% organic, among others.
The use of intelligent labeling is providing a strong opportunity for the market players as they are targeting health-conscious and aware consumers of today. Besides, players wanting to debut in the spreads industry are anticipated to update their portfolio with innovative and smarter ingredients, catchy labeling, and attractive packaging to set their footprint in the mature market.
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| Country | USA |
|---|---|
| CAGR (2023 to 2033) | 5.1% |
| Market Size (2033) | USD 10.4 Billion |
| Country | United Kingdom |
|---|---|
| CAGR (2023 to 2033) | 4.5% |
| Market Size (2033) | USD 2.6 Billion |
| Country | China |
|---|---|
| CAGR (2023 to 2033) | 5.4% |
| Market Size (2033) | USD 3.8 Billion |
| Country | Japan |
|---|---|
| CAGR (2023 to 2033) | 4.2% |
| Market Size (2033) | USD 1.3 Billion |
| Country | South Korea |
|---|---|
| CAGR (2023 to 2033) | 6.5% |
| Market Size (2033) | USD 422 Million |
| Attributes | Details |
|---|---|
| Market Size (2033) | USD 10.4 Billion |
| Market Absolute Dollar Growth (USD Billion/Billion) | USD 4.1 Billion |
Due to increasing health consciousness and the ability to spend on premium and specialty food products, the USA is among the prominent countries in the market. The USA has the largest regional market share of spreads. Along with the shift towards healthier spread offerings, the country is witnessing growing demand due to increasing online penetration. The USA spreads market is projected to register a CAGR of 5.1%, during the forecast period.
The USA spread market is highly competitive with private-label products competing with major brands, in terms of pricing and product innovation. Apart from the well-established brands, there has been a significant rise in the number of country-specific local brands offering similar products at a more competitive price. The availability of regional products at a convenient price is creating competition in the USA market.
Private label brands, such as Smuckers, Welch’s, and Polaner, are some of the most popular jam and jelly products consumed in the United States.
| Historical CAGR (2017 to 2022) | 4.4% |
|---|---|
| Forecast CAGR (2023 to 2033) | 5.1% |
| Attributes | Details |
|---|---|
| Market Size (2033) | USD 2.6 Billion |
| Market Absolute Dollar Growth (USD Billion/Billion) | USD 922.6 Million |
In Europe, the United Kingdom together holds a market share of more than 16% in 2023. To augment the consumers' interest, new sweet spread products are being launched in the United Kingdom market. The new launches emphasize premium qualities and eco-awareness attributes, such as vegetarian and environment-friendly packaging.
Another important factor affecting the growth of the United Kingdom spread market is the revived interest in baking at home; one-fifth of British consumers have been estimated to use spreads in various baking operations, other than during breakfast.
In terms of health and wellness, sweet spreads face a challenge as they are not inherently healthy products, due to the high amounts of sugar that they contain. One exception is honey, which is still favored, due to health-oriented claims, including anti-bacterial properties.
| Historical CAGR (2017 to 2022) | 3.8% |
|---|---|
| Forecast CAGR (2023 to 2033) | 4.5% |
According to the latest report, the market of France is estimated to be valued at more than USD 550 Million in the year 2023.
There has been increasing demand for premium spreads in France due to the increasing health and wellness-conscious population. The concept of premiumization is persuading manufacturers in the spreads market to go beyond pricing to include incredible quality and a grander experience. Premiumization has fueled consumer perception of high-quality and value-added products with quality ingredients that promise improved health benefits in France.
Consumers are willing to pay a premium price for products offering obvious health benefits. The only prerequisite is the promise of a unique offering that meets their basic dietary and health needs, along with offering a sensory indulgence.
According to the latest report, the market of India is estimated to be more than 31% of the Asia Pacific Excluding Japan market in the year 2023.
Significant income growth in emerging markets such as India is fostering the disposable incomes of consumers, especially of the middle-class population. This, in turn, is intensifying consumer spending on premium products such as spreads. The increasing purchasing power of consumers is anticipated to uplift the Indian market over the upcoming years.
| Attributes | Details |
|---|---|
| Market Size (2033) | USD 422 Million |
| Market Absolute Dollar Growth (USD Billion/Billion) | USD 196.7 Million |
The South Korea spreads market is projected to grow at the fastest speed of 6.5% CAGR over the forecast period. By 2033 end, the country is estimated to attain a market value of USD 422 Million. The demand for spreads is escalating in the country owing to extended working hours, which leaves Koreans with less time to prepare fresh meals. Additional factors like the high standards of living and inflating disposable incomes in the nation are bolstering the demand for spreads.
Demand for convenience foods like spreads is also rising as residents are now increasingly opting for single-person households that promote independent living. Additionally, due to an independent living being so prevalent in South Korea, the trend of Honbap, meaning eating alone, is also emerging. This is contributing to the demand for food ingredients that fasten and shorten the meal preparation time.
| Historical CAGR (2017 to 2022) | 7.2% |
|---|---|
| Forecast CAGR (2023 to 2033) | 6.5% |
| Attributes | Details |
|---|---|
| Market Size (2033) | USD 1.3 Billion |
| Market Absolute Dollar Growth (USD Billion/Billion) | USD 429.9 Million |
According to FMI’s analysis, Japan is forecast to grow at a CAGR of 4.2%. Japan is among the top ten spreads industries in the world based on retail sales. Most of the spreads that are consumed in Japan come from Japanese firms such as Kewpie Corp and Sonton Food Industry, due to Japanese support of local producers.
The most popular types of spreads in Japan are jams, fruit jellies, and marmalades. As well, Japanese consumers are becoming more health conscious which explains the growing preference for vegetable - and fruit-based spreads.
| Historical CAGR (2017 to 2022) | 3.8% |
|---|---|
| Forecast CAGR (2023 to 2033) | 4.2% |
| Taxonomy | Product Type |
|---|---|
| Top Segment | Honey Based Spreads |
| Forecast CAGR | 6.2% |
| Taxonomy | Nature |
|---|---|
| Top Segment | Conventional |
| Forecast CAGR | 5.5% |
The organic spread market is estimated to account for more than 9.4% of the market share in 2023. The demand for organic food products has shown considerable growth globally in the past few years.
Growing consumer awareness regarding the health benefits of organic products and strong support from local companies for the development of such products are key factors driving the demand for organic food products.
The organic segment in the global spreads industry is anticipated to have lucrative growth over the forecast years owing to the increasing consumer demand for healthier and organic products.
According to FMI’s analysis, the honey-based spreads segment is dominating in product type and the demand is forecast to grow at a CAGR of 6.2%. Honey is accompanied by its health halo image and the immense health benefits it provides. Increasing demographics of health and wellness-conscious consumers are providing strong market prospects over the forecast period.
In recent years, recommendations from physicians and dietary experts and several media reports have contributed to strengthening the image of honey as a healthy antioxidant-rich alternative to refined sugar.
This has resulted in the growing demand for honey over the forecast period. However, there are reported cases of counterfeit products and adulterated honey products, which have made consumers more conscious and aware. This is leading to the growing consumer inclination towards more reputable or trusted brands, especially organic brands. Thus, providing strong market prospects for organic honey.
| Historical CAGR (2017 to 2022) | 5% |
|---|---|
| Forecast CAGR (2023 to 2033) | 6.2% |
The commercial end use of spreads holds a market share of more than 40.4% in 2023. The increasing demand for value-added bakery and confectionery products that offer nutritional benefits is leading to the growing demand. Chocolate and nut-based spreads are gaining popularity among bakery and confectionery artisans and craftsmen.
Chocolate and nut-based spreads are used in cakes, waffles, confectioneries, doughnuts, and others, to provide consumers with flavorful food options and state-of-the-art taste profiles. Besides, the growth prospects for bakery and confectioneries shops and stores in different regions are anticipated to boost the market scale in the forecast period.
According to FMI’s analysis, online retailers are forecast to grow at a CAGR of more than 7.6%. The spreads supply chain has already been established with decent transportation facilities that optimize the flow of products. Existing supply models have benefitted food spreads to reach customers directly without any hurdles. Most spreads are supplied in packages, which are effective in storage and transportation.
Besides, online sales through e-Commerce have strengthened the market and flourished the sales of spreads due to a better medium. Traditional methods are also being used for sales, but through e-Commerce websites, any company/person sitting in any part of the world can buy spreads from suppliers.
Through e-Commerce websites, a buyer gets a wide range of products and choices in terms of quality, quantity, and transportation medium. The robust supply chain is thus enabling manufacturers to cater to larger consumer demands in a shorter duration of time.
Big players and key manufacturers of the spreads market are continuously updating their inventories with new product lines and launching innovative spread products to cater to the changing consumer eating habits and demands. Continuous product launches are anticipated to proliferate the growth of the spreads market over the forecast period.
List encompassing key players operating in the spreads market:
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD Billion for Value |
| Key Countries Covered | USA, Canada, Germany, United Kingdom, France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, and South Africa |
| Key Segments Covered | Product Type, End Use, Nature, Distribution Channel, and Region |
| Key Companies Profiled | Nestlé S.A.; The Kraft Heinz Company; Conagra Brands, Inc.; Pioneer Food Group Ltd; The Hershey Company; Strauss Group Ltd.; The J. M. Smucker Company; Hormel Foods Corporation; General Mills Inc.; Atlantic Grupa d.d.; Dr. Oetker GmbH; Ferrero S.p.A.; Others |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities, and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The global market of spreads is projected to reach a valuation of USD 53.2 Billion by 2033.
Nestlé S.A. and The Kraft Heinz Company are the top players in the spreads market.
The USA is expected to dominate the spreads market throughout the forecast period.
The global market of spreads is projected to grow at a CAGR of 5.9%.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Jam & Preserve Spreads 5.2. Nut-Based Spreads 5.2.1. Peanut Butter 5.2.2. Almond Spreads 5.2.3. Cashew Spreads 5.2.4. Walnut Spreads 5.2.5. Macadamia Spreads 5.3. Chocolate Spreads 5.4. Savory Spreads 5.5. Honey-Based Spreads 6. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By End Use 6.1. Household/Retail 6.2. Commercial 7. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Nature 7.1. Organic 7.2. Conventional 8. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Distribution Channel 8.1. B2B 8.2. B2C 8.2.1. Store-Based Retailing 8.2.2. Online Retailing 9. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. Asia Pacific Excluding Japan 9.5. Japan 9.6. Oceania 9.7. Middle East and Africa (MEA) 10. North America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 12. Europe Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 13. Asia Pacific Excluding Japan Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 14. Japan Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 15. Oceania Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 16. MEA Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 17. Key Countries Market Analysis 18. Market Structure Analysis 19. Competition Analysis 19.1. Nestlé S.A. 19.2. The Kraft Heinz Company 19.3. Conagra Brands, Inc. 19.4. Pioneer Food Group Ltd 19.5. The Hershey Company 19.6. Strauss Group Ltd. 19.7. The J. M. Smucker Company 19.8. Hormel Foods Corporation 19.9. General Mills Inc. 19.10. Atlantic Grupa d.d. 19.11. Dr. Oetker GmbH 19.12. Ferrero S.p.A. 20. Assumptions & Acronyms Used 21. Research Methodology
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Spreads Market
