The global honey spread market size was valued at USD 3.59 billion in 2021. The market is expected to grow from USD 3.70 billion in 2022 to USD 5.18 billion by 2029, exhibiting a CAGR of 4.93% during the forecast period.
This information is provided by Fortune Business Insights, in its report, titled, “Honey Spread Market, 2022-2029.”
List of Key Players Mentioned in the Report:
- Hive & Wellness Australia Pty Ltd. (Australia)
- M. Smucker (U.S.)
- Land O’ Lakes (S.)
- Mellona (Cyprus)
- Dabur Ltd. (India)
- Honey-Butter Products Co., Inc. (U.S.)
- The Kraft Heinz Company (U.S.)
- Alpalair Wellness Private Limited (India)
- Alberta Honey Producers Cooperative Limited (Canada)
- Comvita Limited (New Zealand)
Source Link :
https://www.fortunebusinessinsights.com/honey-spread-market-106693
Report Coverage:
The report offers valuable insights obtained by thorough study done by our researchers. An extensive research was conducted to provide the estimated size of the honey spread market. The data used to project the shares for multiple segments at the country, regional, and global levels is obtained from in-depth interviews with numerous stakeholders. Furthermore, we have gained access to several global and regional paid databases to deliver precise information to make business investment decisions simple.
Segmentation:
Mixed Honey Spread Segment Holds Prime Share owing to Extended Ingestion of Healthy Food Spreads
The mixed honey spread segment is anticipated to hold a primary share in the market owing to the rising consumer demand for products with varied flavor profiles. The latest trend in the market is a fluctuation from the regular honey butter to other varieties, involving tangy, chocolaty, and nutty, among other flavors.
Drivers and Restraints:
Rising Disposition of Consumers towards a Healthy Lifestyle to Drive Market Growth
Consumers’ fondness for healthy and low-calorie spreads is being swayed by their inclination toward a healthy lifestyle. Individuals who treasure health and wellness are broadly consuming honey based spreads as a natural product as a substitute of sugar based spreads. Their chemical components’ nutritional value unquestionably progresses health and body working. Numerous surveys from the National Library of Medicine have also shown that the active compounds in honey has excellent antioxidant, antimicrobial, anti-inflammatory, and anti-allergic characteristics.
However, duplicity of honey is a surging concern; with low-cost production and global distribution opening the door to unprincipled producers, the honey spread market is also being severely affected.
Hypermarkets/Supermarkets to Lead among Distribution Channels
Hypermarkets/Supermarkets are predicted to be the dominating distribution channels owing to consumers’ increasing inclination and dependence on these mass merchandisers for grocery consumptions.
In terms of geography, the market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Regional Insights:
North America to Dominate Backed by Popularity of Food Spreads in Region
North America held the largest honey spread market share and stood at USD 1.46 billion in 2021. The occurrence of food spreads in traditional breakfast in North America can be accredited to their fondness.
Asia Pacific observed considerable honey spread market growth owing to the region’s diversity. This growth can also be credited to the quick fluctuations in regard to financial advancement.
The European market for honey spread is estimated to grow in the forecast period due to the growing trend toward healthier living, modifications in the food processing industry, and increasing income in Central and Eastern European nations.
Competitive Landscape:
Radical Product Launch Declarations by Prime Players to Spur Market Growth
The fundamental players adopt numerous strategies to bolster their position in the market as dominating companies. One such crucial strategy is acquiring companies to bolster the brand value among users. Another vital strategy is periodically launching innovative products with a methodical review of the market and its target audience.
Key Industry Development:
April 2022: Dr. Oetker, one of India’s quickest-developing mayo, spreads, and condiments manufacturers, unveiled all-Natural Peanut Butter sweetened with natural honey. The product has elevated nutritional value with a goodness of 91% roasted peanuts.
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