The global food spreads market is likely to foresee substantial growth owing to increasing demand for the variety food spreads across the globe. Fortune Business Insights, in its latest report, titled “Food Spreads Market Size, Share & Industry Analysis, By Type (Honey, Fruit-based spreads, Chocolate-based spreadsNut-based spreads, Others), By Distribution Channel (Hypermarkets/Supermarkets, Convenience Stores, Specialty Retail Stores, Online Retail Stores, Food Service, Others) Others and Regional Forecast, 2019-2026.”, predicts that the evolving taste of consumers will have a major say in the growth of the market during the forecast period.
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List of the Companies Proliferating in the Market:
The JM Smucker Company
Kraft Foods Group, Inc.
Sioux Honey Association
The Hershey Co.
B&G Foods, Inc.
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Spreads are primarily added to the food to enhance the flavour, which satiate the human craving for a scrumptious food. Typically, food spreads consist of cheese and butter toppings. However, with evolving consumer taste there have been several food spreads to choose from that include salad dressings, fruit toppings, and jellies, among others. Today, rising trend of fitness among the people globally has propelled the manufacturers to develop innovative food spreads that are healthy and nutritious to cater to the growing demand. Furthermore, growing demand for indulgence in spreads such as honey, nut spreads, and chocolate spreads is expected to be the driving factors for the market growth during the projected horizon.
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What does the Market Report Include?
The market report includes a detailed assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Furthermore, the report provides comprehensive research into the regional developments of the market, affecting the market growth during the forecast period. Moreover, the report includes information sourced from advice of expert professionals from the industry by our research analyst using several research methodologies for the market. The competitive landscape offers further detailed insights into the strategies such as product launches, partnerships, merger and acquisitions, and collaborations adopted by the companies to maintain market stronghold between 2019 and 2026.
Product Innovation to Aid Growth
Evolving consumer taste along with high disposable income among the population in developing economies has given rise to innovation in product by the manufacturers during the forecast period. People preferring healthier options has led the companies to develop healthier options of the spreads. For instance, back in September 2017, Ferrero introduced a healthier option of its world-renowned Nutella in Portugal. Consisting white chocolate, this nutritious version had no added sugar and pam oil. Furthermore, adapting to the changing taste of the consumer and thereby customizing the product that will suit their taste by the companies is anticipated to drive the market growth in the forthcoming years. For instance, in August 2019, Licious, an India-based meat brand, announced its launch of a meat-based spread to cater to the highly transforming consumption patterns among the population.
Production of Healthy Food Spreads in Europe to Promote Growth
Among the regions, Europe is anticipated to rise during the forecast period. This is ascribable to factors such as increasing production of healthy spreads to cater to the growing demand for healthy food products. North America, on the other hand, will witness substantial growth during the forecast period. This is attributable to factors such as increasing awareness among the population regarding adverse effect of sugar and oily products. Furthermore, availability of several spreads such as cheese, butter, jellies, and preserves, among others will positively affect the market in Europe during the projected horizon. The market in Asia-Pacific is likely to gain momentum owing to evolving consumer taste and increasing demand for healthy food products between 2019 and 2020.
Conagra Brand Launching New Product Line to Surge Demand
In September 2019, Conagra Brands, Inc., the U.S. packaged foods provider, unveiled its new plant-based oil spreads under its brand, Earth Balance. The spreads, according to the company, are wholly vegan along with being lactose-free and non-GMO. As per the market report, the companies operating in the market are striving to gain maximum market share and outshine their rivals in the fiercely competitive market. They are doing so by adopting strategies such as merger and acquisition, collaboration, novel product launches, and product expansion during the projected horizon.
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