Plant-based Spreads Market Driven by Growing Health Awareness and Rising Demand for Vegan Alternatives
InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Plant-based Spreads Market – (By Type of Spreads (Lard, Margarine, Nut Butters, Legume-based spreads, Veggie Pâtés, Pestos, Guacamole, Hummus, Vegan Cream Cheese, Vegan Herring Salad, Jam, Others), By Source of Spreads (Pulses, Vegetable Oils, Nuts, Seeds, Grains), By Distribution Channel of Spreads (Hypermarket and Supermarket, Convenience Store, Specialty Store, Online Channel)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
According to the latest research by InsightAce Analytic, the Global Plant-based Spreads Market is valued at US$ 468.1 Mn in 2023, and it is expected to reach US$ 704.3 Mn by 2031, with a CAGR of 5.44% during the forecast period of 2024-2031.
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Spreads are typically thick due to their composition, which includes fats, vegetable oils, and butter. These products are commonly used as accompaniments to a variety of foods, including bakery items, bread, and crackers. In recent years, spreads have gained increasing popularity as a breakfast option, particularly when paired with bread. Vegan spreads, also referred to as butter alternatives, are formulated without traditional dairy butter, which is derived from milk or cream. Instead, these alternatives utilize vegetable, coconut, or sunflower oils, offering a plant-based substitute to animal-derived butterfat.
The market for plant-based spreads is experiencing substantial growth, driven by rising consumer demand for healthier and more sustainable food choices. Key factors contributing to this market expansion include increasing awareness of the health and environmental benefits of plant-based products, a growing preference for vegan and vegetarian diets, and continuous innovations in flavor profiles and textures. Despite these positive trends, the market faces several challenges, including competition from traditional spreads, production costs, availability of raw materials, regulatory requirements, and consumer perception. Nevertheless, the plant-based spreads market continues to gain popularity and broader acceptance, supported by the influence of social media, celebrity endorsements, and the increasing availability of diverse plant-based spread options tailored to evolving consumer preferences.
List of Prominent Players in the Plant-based Spreads Market:
Galaxy Nutritional Foods, Inc.
Frito-Lay North America, Inc.
The growth of the plant-based spreads market is primarily driven by increasing consumer awareness of the health and environmental advantages of plant-based diets, along with a rising demand for vegan and vegetarian alternatives. Concerns regarding animal welfare and the expanding range of available plant-based ingredients further support the market's expansion. Additionally, the growing consumer preference for clean labeling and natural products, coupled with ongoing innovations in flavor profiles and textures, is fostering market development. The influence of social media, celebrity endorsements, and the expansion of distribution networks also significantly contribute to the increasing popularity and sales of plant-based spreads.
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The plant-based spreads market encounters several challenges, including significant competition from traditional dairy-based spreads, higher production costs associated with plant-based ingredients, and the limited availability of certain raw materials. Additionally, continuous product innovation is necessary to address evolving consumer preferences. Regulatory hurdles related to labeling, health claims, and food safety standards further complicate the market landscape. Distribution challenges, such as limited shelf space in retail stores, along with consumer skepticism about the taste and texture of plant-based alternatives compared to conventional spreads, also present barriers. Furthermore, fluctuations in raw material prices and disruptions in global supply chains may impact the market's growth trajectory.
The North American market for plant-based spreads is anticipated to capture a significant share of overall revenue, driven by the increasing prevalence of lactose intolerance, which is prompting consumers to switch to vegan alternatives such as plant-based butter, cheese, and yogurt. This trend is further supported by non-vegan consumers adopting plant-based products for their perceived health benefits. The Asia-Pacific region is expected to experience the highest growth rate during the forecast period, fueled by the growing acceptance of Western dietary habits and a rising recognition of the health benefits associated with vegan food products in the region.
In Mar 2024, Daiya has announced the release of their new Dairy-Free Cheese Shreds designed exclusively for foodservice operators. Building upon the popularity of its exclusive ingredient, Daiya Oat Cream™ blend, which was introduced in retail stores last December, these inventive shreds guarantee a cheese-like melt that achieves a similar browning effect. This makes them ideal for foodservice operators and restaurateurs seeking to enhance their plant-based menu options.
In May 2021, Philadelphia, the renowned cream cheese brand under The Kraft Heinz Company, is expanding its plant-based cream cheese line, introducing its first plant-based spread nationwide, marking a new era for the iconic brand.
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Segmentation of Plant-based Spreads Market-
By Distribution Channel of Spreads:
Hypermarket and Supermarket
Rest of Middle East and Africa
View Overview Report: https://www.insightaceanalytic.com/report/plant-based-spreads-market/2571
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