Plant-Based Spreads Market

Plant Based Spreads Market Report, By Type (Lard, Margarine, Nut Butters, Legume-based Spreads, Veggie Pâtés, Pestos, Guacamole, Hummus, Vegan Cream Cheese, Vegan Herring Salad, Jam and Others), By Distribution Channel (Hypermarket and Supermarket, Convenience Store, Specialty Store and Online Channel) and Regions 2024-2032

Market Overview:

"The global plant based spreads markеt size reached US$ 702.6 million in 2023. Looking forward, Reports and Insights expects the market to reach US$ 1,118.3 million in 2032, exhibiting a growth rate (CAGR) of 5.3% during 2024-2032. "

Report Attributes

Details

Base Year

2023

Forecast Years

2024-2032

Historical Years

2021-2023

Market Growth Rate (2024-2032)

5.3%

Plant-basеd sprеads arе food products craftеd from plant-dеrivеd ingredients likе nuts and sееds and fruits, and vegetables. Thеsе sprеads sеrvе as substitutes for conventional dairy-basеd options such as buttеr or crеam chееsе. Availablе in a variety of flavors and tеxturеs, they catеr to consumеrs sееking healthier, cruеlty-frее, and еnvironmеntally sustainablе altеrnativеs. Plant basеd sprеads arе vеrsatilе, enhancing thе flavor of toast, crackеrs, sandwichеs, and еvеn used in cooking and baking. Thеy arе particularly favorеd by vеgans, vеgеtarians, and individuals aiming to dеcrеasе thеir consumption of animal dеrivеd products

The market for plant based spreads is expanding rapidly due to heightened consumer consciousness regarding health and environmental issues. As more individuals embrace vegan and vegetarian lifestyles, there is a growing need for alternatives to conventional dairy spreads. Manufacturers are experimenting with various plant-based components to develop spreads that not only replicate the flavor and consistency of dairy spreads but also provide added health advantages. This market growth is also propelled by the widespread availability of these products in mainstream retail stores, appealing to a broader range of consumers beyond those following specific dietary regimens.

Plant Based Spreads Market Report, By Type (Lard, Margarine, Nut Butters, Legume-based Spreads, Veggie Pâtés, Pestos, Guacamole, Hummus, Vegan Cream Cheese, Vegan Herring Salad, Jam and Others), By Distribution Channel (Hypermarket and Supermarket, Convenience Store, Specialty Store and Online Channel) and Regions 2024-2032

Plant Based Spreads Market Trends and Drivers:

The plant based spreads market is experiencing notable growth, propelled by a rising consumer preference for healthier and more sustainable food choices. Key drivers include increased awareness of the health benefits of plant-based diets, concerns for animal welfare, and a focus on environmental sustainability. Moreover, the market is being driven by innovative product offerings, such as new flavors and ingredients, as well as enhanced distribution networks.

The plant based spreads market growth is influenced by several factors which include changing consumer preferences for healthier and more sustainable food options, increasing concerns about the environmental impact of animal agriculture, and the growing popularity of vegan and vegetarian lifestyles. Additionally, the market is benefiting from the availability of a wide range of plant based spreads with innovative flavors and textures, which are attracting a broader consumer base.

Plant Based Spreads Market Restraining Factors:

Several factors could restrain the growth of the plant based spreads market. These include the higher cost of plant based spreads compared to traditional spreads, limited availability and accessibility in certain regions, and the perception of plant based spreads as less flavorful or satisfying. Additionally, competition from other spread alternatives, such as nut butters or dairy-based spreads, could also pose a challenge to market growth.

Plant Based Spreads Market Opportunities:

The plant based spreads market offers significant opportunities for growth and innovation. One such opportunity is the creation of new and unique plant-based spread products that align with evolving consumer preferences, such as organic, non-GMO, or functional spreads with added health benefits. Expanding distribution through online retail and specialty stores can help reach a wider audience. Moreover, collaborating with foodservice providers and restaurants to incorporate plant based spreads into their menus can further stimulate market expansion.

Plant Based Spreads Market Segmentation:

Plant Based Spreads Market Report, By Type (Lard, Margarine, Nut Butters, Legume-based Spreads, Veggie Pâtés, Pestos, Guacamole, Hummus, Vegan Cream Cheese, Vegan Herring Salad, Jam and Others), By Distribution Channel (Hypermarket and Supermarket, Convenience Store, Specialty Store and Online Channel) and Regions 2024-2032

By Type

  • Lard
  • Margarine
  • Nut Butters
  • Legume-based spreads
  • Veggie Pâtés
  • Pestos
  • Guacamole
  • Hummus
  • Vegan Cream Cheese
  • Vegan Herring Salad
  • Jam
  • Others

On the basis of type, the nut butters segment is expected to hold the largest market share, accounting for a significant portion of the global plant based spreads market in 2023 Nut butters are currently the dominant player. Nut butters like peanut butter, almond butter, and cashew butter are favored for their rich flavor, creamy texture, and nutritional value. They are versatile, used as spreads on bread or crackers, and incorporated into various recipes. The perception of nut butters as a healthier alternative to traditional spreads has also contributed to their popularity and dominance in the market.

By Source

  • Pulses
  • Vegetable Oils
  • Nuts
  • Seeds
  • Grains

Nuts stand out as the dominant source in the plant based spreads market. Spreads derived from nuts, like peanut butter, almond butter, and cashew butter, are favored for their rich taste, creamy consistency, and nutritional value. Nuts are versatile, used in a variety of spreads, and are often considered a healthier choice compared to traditional spreads. These factors contribute to the widespread popularity and dominance of nut-based spreads in the market.

By Distribution Channel

  • Hypermarket and Supermarket
  • Convenience Store
  • Specialty Store
  • Online Channel

Hypermarkets and supermarkets are leading distribution channel sub-segments in plant based spreads market. These large retail stores provide a wide array of plant based spreads, making them easily available to consumers. Moreover, they frequently offer promotions and discounts on these products, boosting sales. The convenience and diverse selection offered by these stores make them the preferred choice for purchasing plant based spreads.

By Region

Plant Based Spreads Market Report, By Type (Lard, Margarine, Nut Butters, Legume-based Spreads, Veggie Pâtés, Pestos, Guacamole, Hummus, Vegan Cream Cheese, Vegan Herring Salad, Jam and Others), By Distribution Channel (Hypermarket and Supermarket, Convenience Store, Specialty Store and Online Channel) and Regions 2024-2032

North America

  • United States
  • Canada

Europe

  • Germany
  • United Kingdom
  • France
  • Italy
  • Spain
  • Russia
  • Poland
  • Benelux
  • Nordic
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • South Korea
  • ASEAN
  • Australia New Zealand
  • Rest of Asia Pacific

Latin America

  • Brazil
  • Mexico
  • Argentina

Middle East Africa

  • Saudi Arabia
  • South Africa
  • United Arab Emirates
  • Israel
  • Rest of MEA

Europe leads the plant based spreads market, driven by the increasing adoption of vegan lifestyles in many countries. Additionally, rising awareness of the environmental, ethical, and health impacts of diets is expected to further fuel market growth in the region. North America is also projected to experience significant growth in the plant based spreads market, fueled by a large number of people embracing vegan lifestyles due to the growing prevalence of food allergies and lactose intolerance. Furthermore, the presence of major key players is expected to drive market growth in the region in the future.

Leading Plant Based Spreads Providers & Competitive Landscape:

The plant based spreads market is fiercely competitive, with numerous key players striving for market dominance and actively pursuing strategic initiatives. These companies prioritize product innovation, technological advancements, and the expansion of their product portfolios to maintain a competitive advantage. They consistently invest in research and development to improve their product offerings and meet the changing needs of customers, focusing on factors such as efficiency, performance, and sustainability.

These companies include:

  • Follow Your Heart
  • DAIYA FOODS INC.
  • Meridian Group.
  • Amy's Kitchen Inc.
  • B&G Foods Inc.
  • Litehouse Inc.
  • Red Duck Foods, Inc.
  • Majestic Garlic
  • Bear Pond Farm
  • KENSINGTON SONS
  • KATE HILL
  • WayFare Health Foods
  • Good Foods Group LLC
  • Galaxy Nutritional Foods, Inc.
  • Frito-Lay North America, Inc.

Plant Based Spreads Recent News and Development

  • January 2024: Upfield, in partnership with Footprint, MCC, Pagès Group, and Emsur, introduced a plastic-free, oil-resistant paper tub for its plant-based butters and spreads. This initiative aims to eliminate more than 25,000 tons of plastic waste annually.
  • July 2023: Philadelphia, a brand that has defined the standard for cream cheese for over 150 years, is launched its first-ever plant-based spread nationwide. As more than half of consumers seek to incorporate more plant-based products into their diets, Philadelphia is introducing a new creamy, spreadable option that promises a delightful sensory experience for fans across the country.

Plant Based Spreads Market Research Scope

Report Metric

Report Details

Market size available for the years  

2021-2023

Base Year

2023

Forecast Period   

2024-2032

Compound Annual Growth Rate (CAGR)

5.3%

Segment covered

Type, source, distributional channel, and regions.

Regions Covered

North America: The U.S. Canada

Latin America: Brazil, Mexico, Argentina, Rest of Latin America

Asia Pacific: China, India, Japan, Australia New Zealand, ASEAN, Rest of Asia Pacific

Europe: Germany, The U.K., France, Spain, Italy, Russia, Poland, BENELUX, NORDIC, & Rest of Europe

The Middle East Africa: Saudi Arabia, United Arab Emirates, South Africa, Egypt, Israel, and Rest of MEA

Fastest Growing Country in Europe

Germany

Largest Market

North America

Key Players

Follow Your Heart, DAIYA FOODS INC., Meridian Group., Amy's Kitchen Inc, BG Foods Inc., Litehouse Inc., Red Duck Foods, Inc., Majestic Garlic, Bear Pond Farm, KENSINGTON SONS, KATE HILL, WayFare Health Foods, Good Foods Group LLC, Galaxy Nutritional Foods, Inc. and Frito-Lay North America, Inc.



Frequently Asked Question

At what CAGR will the plant based spreads market expand?

The market is anticipated to rise at 5.3% through 2032.


What are some key factors driving revenue growth of the plant based spreads market?

Some key factors driving plant based spreads market revenue growth include innovation and product development, marketing and consumer education, widening distribution channels, health and wellness trends, and increasing demand for plant-based products.


What are some major challenges faced by companies in the plant based spreads market?

Companies face challenges such as regulatory and labeling issues, price and accessibility, consumer awareness and education, ingredient sourcing and taste and texture.


How is the competitive landscape in the plant based spreads market?

The market is competitive, with key players focusing on technological advancements, product innovation, and strategic partnerships. Factors such as product quality, reliability, after-sales services, and customization capabilities play a significant role in determining competitiveness.


Who are the leading key players in plant based spreads market?

The leading key players in the plant based spreads market are Follow Your Heart, DAIYA FOODS INC., Meridian Group., Amy's Kitchen Inc, B&G Foods Inc., Litehouse Inc., Red Duck Foods, Inc., Majestic Garlic, Bear Pond Farm, KENSINGTON & SONS, KATE HILL, WayFare Health Foods, Good Foods Group LLC, Galaxy Nutritional Foods, Inc. and Frito-Lay North America, Inc.


How is plant based spreads market segmented on the basis of type?

Based on type, the plant based spreads market is segmented as lard, margarine, nut butters, legume-based spreads, veggie pâtés, pestos, guacamole, hummus, vegan cream cheese, vegan herring salad, jam and others.


Are plant based spreads vegan?

Most plant based spreads are considered vegan because they are crafted without any animal-derived ingredients.


Are plant based spreads suitable for people with allergies?

The allergen content of plant based spreads varies depending on the specific product. Some plant based spreads may contain allergens such as nuts or soy. If you have allergies, it's crucial to review the ingredients list carefully before consuming plant based spreads.


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