Dips and Spreads Global Market Report 2024

The dips and spreads market size has grown strongly in recent years. It will grow from $98.02 billion in 2023 to $103.86 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historical period can be credited to the prevalence of diverse culinary offerings, the rise of convenience and snacking culture, the integration of ethnic foods, trends in social gatherings, and increased awareness of ingredient quality.

The dips and spreads market size is expected to see strong growth in the next few years. It will grow to $132.1 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The anticipated growth in the forecast period can be linked to the adoption of functional ingredients, the influence of technology-driven distribution, the clean label movement, and the preference for convenience. Key trends expected in the forecast period include the implementation of zero-waste initiatives, the emergence of plant-based spreads, the popularity of customization and DIY kits, interactive consumer experiences, and the incorporation of global fusion blends.

The anticipated growth in the dips and spreads market is expected to be driven by the expanding food and beverage industry. This industry encompasses a diverse range of enterprises involved in the manufacturing, processing, packaging, transportation, and service of food and beverages. With varied customer preferences and tastes, there is a growing demand for convenient, ready-to-eat items that enhance the flavor of meals and snacks within the thriving food and beverage sector. For instance, in March 2021, based on data from Statistics Canada and farm credit Canada (FCC), food and beverage manufacturing sales witnessed a 3.5% year-over-year (YoY) increase in 2020, reaching $122.9 billion from $118.7 billion. Additionally, a report by the Food and Drink Federation in July 2022 revealed that the processed food and beverage industry achieved a turnover of $119.63 billion (£112bn) in 2021, marking a 3.4% increase since 2020 and accounting for 20% of the total UK manufacturing. Hence, the growing food and beverage industry is poised to be a key driver for the dips and spreads market.

The dynamic expansion of the chocolate industry is expected to contribute significantly to the growth of the dips and spreads market. The chocolate industry encompasses various activities related to the production, processing, distribution, and sale of chocolate and chocolate-related products. Dips and spreads play a crucial role in enhancing the taste and texture of confectionery items, creating visually appealing contrasts. For example, data from the Center for the Promotion of Imports from developing countries, published in December 2022, indicated a substantial increase in global cocoa bean grinding activities, totaling an estimated 4,973 thousand tons in the cocoa year 2020–2021, marking a 5.7% rise over 2019–2020. Therefore, the rapid growth of the chocolate industry is expected to be a driving force behind the expansion of the dips and spreads market.

Product innovations are emerging as a prominent trend in the dips and spread market, with companies actively introducing new offerings to maintain their market positions. For instance, in May 2023, The Kraft Heinz manufacturer, a US-based food company, unveiled HEINZ REMIX, a groundbreaking customizable and IoT-enabled digital sauce dispenser device. This innovation allows customers to personalize their taste combinations, offering over 200 condiment pairings tailored for food-service clients. The product, featuring a free-standing design and touchscreen operation, empowers customers to select from various bases and customize their choices with enhancers at their preferred intensity level.

Major companies in the dips and spread market are dedicated to creating novel solutions to reinforce their market presence. In August 2022, Nature Nate’s Honey Co., a US-based natural honey producer, introduced Whipped Honey in Original, Cinnamon, and Maple flavors. The Original Whipped Honey enhances charcuterie and cheese boards or serves as a topping for toast. Cinnamon Whipped Honey complements fruits and sweetens coffee, while Maple Whipped Honey offers a convenient natural substitute for maple syrup on pancakes and waffles.

In June 2021, The Hershey Company, a US-based chocolate manufacturer, completed the acquisition of Lily's Sweets LLC for $425 million. This strategic move aims to integrate Lily's popular low-sugar products into Hershey's comprehensive better-for-you snacking strategy, enhancing its existing portfolio of iconic BFY (Better For You) offerings. Lily's Sweets LLC, based in the US, specializes in confectionery products, including spreads.

Major companies operating in the dips and spreads market report are Nestlé SA, PepsiCo Inc.(Frito-Lay), Tyson Foods Inc., Coca Cola Co., Mars Inc., Mondelez International, Kraft Heinz Company, General Mills, Kellogg Company, Hormel Foods Corp., Conagra Brands Inc., Kerry Group, Campbell Soup Company, McCormick and Company Inc., Britannia Industries Limited, Sandridge Food Corporation, AVT Gavia Foods Pvt. Ltd., Frontera Foods Inc., Arizona Spice Company LLC, Desert Pepper Trading Company, Cornitos, Greendot Health Foods Pvt. Ltd., Wingreens Farms Pvt. Ltd., Veeba Food Services Private Limited, Sabra Dipping Company LLC, Salsalito.

North America was the largest region in the dips and spreads market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the dips and spreads market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the dips and spreads market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary varieties of dips and spreads encompass chipotle, tomato, corn, black bean, jalapeno, and mayonnaise, among others. Chipotle, a smoked and dried chili pepper, finds widespread use in Mexican and Mexican-inspired recipes. These condiments cater to both household and food-service industrial applications, available for purchase through various distribution channels, both online and offline.

The dips and spreads market research report is one of a series of new reports that provides dips and spreads market statistics, including dips and spreads industry global market size, regional shares, competitors with dips and spreads market share, detailed dips and spreads market segments, market trends and opportunities, and any further data you may need to thrive in the dips and spreads industry. This dips and spreads market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The dips and spreads market consists of sales of peanut butter, hummus, mayonnaise, pesto, cheese spreads, and fruit spreads. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.