Market Overview
Asia-Pacific food spread market is forecasted to reach USD 4.6 billion by 2024 growing at a CAGR of 2.75% during the forecast period (2019 - 2024).
Scope of the Report
Scope of the market includes Asia-Pacific food spread segmented by product type as nut- and seed-based spread, fruit-based spread, honey, chocolate-based spread, and others. By distribution channel, the market is segmented as supermarkets/hypermarkets, convenience stores, specialist retailers, online retail stores, and other distribution channels.
Key Market Trends
High Demand of Nut- and Seed-based Spread
The popularity of peanut butter in the market has paved the way for various nut-based butter, such as almond, cashew, walnut, and hazelnut. Nut-based butter and spreads have become popular products among consumers because of its health benefits and ease of use as a breakfast accompaniment. Thus, this results in a growing preference for nut-based spreads by Japanese consumers. The fruit-based spreads are leading the Japanese market, while the nut-based spreads are expected to register healthy growth. Manufacturers employ various methods to increase their shares in the Chinese food spread market. Hong Kong and Taiwan are known for high consumption of peanut butter, while the peanut butter market is a little weak in the rest of China.
China is the Largest Market Segment
Westernization, as a cultural movement, has augmented the demand for processed foods, in India and China. There is an increased consumption of bread in the region, as bread is viewed as both convenient and healthy. Hence, the food spread market in China is expected to benefit from this trend during the forecast period. China’s population is entering the middle-income group as they are becoming more employed. This is leading consumers to prefer convenient food and thus spending more on processed food. Consumers of China tend to like almond butter more than peanut butter. Almond butter consumption is also growing at a healthy rate in China which is mostly used in the preparation of several desserts. The manufacturers are employing various techniques to innovate their food spread products.
Competitive Landscape
New product launches, market expansion, partnerships, and acquisitions are the preferred strategic approaches adopted by most companies involved in the Asia-Pacific food spread business. Major players of the market are Cremica Agro Foods Limited, Ferrero Group, Unilever PLC and The Hershey Company.
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Asia-Pacific food spread market is forecasted to reach USD 4.6 billion by 2024 growing at a CAGR of 2.75% during the forecast period (2019 - 2024).
- Consumption trends of food spreads vary widely between regions and are not identical throughout. Owing to the rapidly changing dynamics of food security, providing sufficient, safe, and nutritious food remains a serious challenge in Asia-Pacific.
- Owing to the diversity of the region, the food spread market has enjoyed a significant growth, which can be attributed to the rapid changes in terms of economic development in Asia-Pacific.
- Common convenience food products, like bread, which requires spreads and add-ons to increase the palatability, are driving the food spread market in Asia-Pacific.
Scope of the Report
Scope of the market includes Asia-Pacific food spread segmented by product type as nut- and seed-based spread, fruit-based spread, honey, chocolate-based spread, and others. By distribution channel, the market is segmented as supermarkets/hypermarkets, convenience stores, specialist retailers, online retail stores, and other distribution channels.
Key Market Trends
High Demand of Nut- and Seed-based Spread
The popularity of peanut butter in the market has paved the way for various nut-based butter, such as almond, cashew, walnut, and hazelnut. Nut-based butter and spreads have become popular products among consumers because of its health benefits and ease of use as a breakfast accompaniment. Thus, this results in a growing preference for nut-based spreads by Japanese consumers. The fruit-based spreads are leading the Japanese market, while the nut-based spreads are expected to register healthy growth. Manufacturers employ various methods to increase their shares in the Chinese food spread market. Hong Kong and Taiwan are known for high consumption of peanut butter, while the peanut butter market is a little weak in the rest of China.
China is the Largest Market Segment
Westernization, as a cultural movement, has augmented the demand for processed foods, in India and China. There is an increased consumption of bread in the region, as bread is viewed as both convenient and healthy. Hence, the food spread market in China is expected to benefit from this trend during the forecast period. China’s population is entering the middle-income group as they are becoming more employed. This is leading consumers to prefer convenient food and thus spending more on processed food. Consumers of China tend to like almond butter more than peanut butter. Almond butter consumption is also growing at a healthy rate in China which is mostly used in the preparation of several desserts. The manufacturers are employing various techniques to innovate their food spread products.
Competitive Landscape
New product launches, market expansion, partnerships, and acquisitions are the preferred strategic approaches adopted by most companies involved in the Asia-Pacific food spread business. Major players of the market are Cremica Agro Foods Limited, Ferrero Group, Unilever PLC and The Hershey Company.
This product will be delivered within 2 business days.
Table of Contents
1 INTRODUCTION
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Cremica Agro Foods Limited
- Ferrero Group
- Podravka d.d.
- Unilever PLC
- The Hershey Company
- Capilano Honey Ltd.
- Nestle SA
- Sioux Honey Assoc.
Methodology
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