Segments - Asia Pacific Food Spread Market by Product Types (Chocolate-based Spread, Fruit-based Spread, Honey, Nut- and Seed-based Spreads, and Others), Distribution Channels (Convenience Stores, Online Retail Stores, Specialist Retailers, Supermarkets/Hypermarkets, and Others), and Geography (India, Japan, China, Australia, and Rest of Asia Pacific) - Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
The Asia Pacific food spread market size was valued at USD 4.24 Billion in 2022 and is likely to reach USD 5.41 Billion by 2031, expanding at a CAGR of 2.75% during 2023 – 2031. The growth of the market is attributed to the growing demand for natural and nutritious spreads, as well as consumers’ inclination for artisan bakery items.
Food spreads have become an important portion of breakfast. The demand for low-calorie food spreads have grown due to increase in health awareness among customers. Numerous brands in the business are offering chocolate-based spreads so that these food spreads can be used as dips.
Sweet spreads, such as sticks, jams and nut butter, perform a fundamental part in the regular diet of people. They are commonly utilized in baked wheat items, containing bagels, bread, doughnuts, and toasts, as a piece of breakfast or snack. Moderate utilization of sweet spreads helps in diminishing the danger of cardiovascular sicknesses, and providing nutrients, minerals, amino acids, and different supplements. These spreads have increased their application in various food & desserts, including cakes, flapjacks, frozen yogurts, plunges, salad dressings, pudding, and smoothies.
Rising demand in the food & beverage industry is expected to drive the market growth.
Growing health consciousness among consumers is anticipated to spur the growth of market.
Increasing demand for preserves and gourmet jams, which are considered luxury commodities and are mostly used for gifting, is positively influence the growth of the market.
Artificial sweeteners and flavors are used in sweet spreads, which can hinder the growth of the market.
Fall in bread sales due to rising preference for cereals can hamper the growth of the market.
High cost of raw materials such as cocoa, sugar, and fruits can create challenges for the market.
Experimentations with new flavors and ingredients are estimated to create lucrative opportunities during the projected timeline.
The Asia Pacific food spread market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Asia Pacific Food Spread Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2022 |
Historic Data |
2016–2021 |
Forecast Period |
2023–2031 |
Segmentation |
Product Types (Chocolate-based Spread, Fruit-based Spread, Honey, Nut- and Seed-based Spreads, and Others), Distribution Channels (Convenience Stores, Online Retail Stores, Specialist Retailers, Supermarkets/Hypermarkets, and Others) |
Geographical Scope |
India, Japan, China, Australia, and Rest of Asia Pacific |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report |
Cremica Agro Foods Limited; Unilever PLC; The J.M. Smucker Company; Ferrero Group; and The Hershey Company |
In terms of product types, the market is categorized as chocolate-based spread, fruit-based spread, honey, nut- & seed-based spreads, and others. The nut & seed-based spreads segment is projected to expand at a considerable CAGR during the forecast period due to rising preference for peanut butter has led to availability of different nut-based butters, such as those based on cashews, hazelnuts, almonds, and walnuts. Nut-based butter and spreads have become general products between consumers, owing to their health benefits and easy accessibility.
On the basis of distribution channels, the Asia Pacific food spread market is classified as convenience stores, online retail stores, specialist retailers, supermarkets/hypermarkets, and others. The supermarkets/hypermarkets segment is expected to constitute a key share of the market during the projected period, as supermarkets & hypermarkets deliver high reflectivity and smart variety of spread products to customers. This allows them to realize new variation and recognize the tags and distinguish better between products. Moreover, supermarket chains are often visited stores for buying grocery products.
Based on geography, the Asia Pacific food spread market is segregated into India, Japan, China, Australia, and Rest of Asia Pacific. China is expected to constitute a key share of the market during the projected period due to westernization, which has increased the demand for processed foods. Increased ingesting of bread in the country is propelling the country’s market growth.
The Asia Pacific food spread market is segmented on the basis of
The key players competing in the Asia Pacific food spread market are Cremica Agro Foods Limited; Unilever PLC; The J.M. Smucker Company; Ferrero Group; and The Hershey Company.