Global Fortified Breakfast Spreads Market is expected to Showcase Rampant Growth Over 2027
Market Analysis
The global fortified
breakfast spread market is predicted to have notable growth at a whopping 7.3%
CAGR over the estimated period (2016-2023). Simply put, breakfast spreads are
soft spreadable dairy processed, nut and fruit spreads that are applied on
bread, toast, doughnuts and bagels and eaten during breakfast. Fortification is
a process to add micronutrients in the breakfast spreads that people all over
the world and in various age groups consume. The fortified breakfast spreads
provide additional nutrients that comprises of different forms of vitamins and
essential trace elements. In the Western countries spread is a vital part of
breakfast and this trend is gradually expanding towards other countries too.
Toast is indeed a staple in most breakfast programs but the good news is it is
no longer a choice amid butter or jams on your toast. Today breakfast spreads
are available in different varieties including peanut spread, chocolate spread,
almond spread, nut based, fruit based, dairy based and much more which means
there are enough choices to satiate your taste buds and make your breakfast
time interesting. Generally, spreads are available in canned packages and
bottles but lately squeeze containers too are available that are highly favored
as these are flexible.
There are many factors
that is driving the growth of the fortified breakfast spread market. Some of
these factors as per the Market Research Future (MRFR) report include
advancement in food technology, availability of new and innovative flavors,
rising urbanization and globalization, enhancement of livelihood especially in
developing economies, strong initiative undertaken by WHO, demand for
convenience products by consumers for fulfilling daily nutrition intake owing
to busy and hectic work life, growing consumer awareness, rising need for
healthy food, improved packaging technology, new product launch in various
beverage and food exhibitions for product awareness and demand for fortified
breakfast spreads having low carb amid health conscious people. On the
contrary, factors such as increasing popularity of cereals, fall in bread sales
and utilization of synthetic chemicals namely stabilizing agent and thickening
agent that may result in adverse health worries is likely to obstruct the
growth of the fortified breakfast spread market over the estimated period.
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Market Segmentation
Market Research Future
report offers an all-inclusive segmental analysis of the fortified breakfast
spread market on the basis of source, nutrients and distribution channel.
Based on source, it is
segmented into dairy based, nut based, fruit based and others. Of these, the
fruit based segment will have the largest share in the market over the
estimated period owing to increasing health awareness while the nut based
segment is anticipated to expand at the highest CAGR.
Based on nutrients,
the fortified breakfast spread market is segmented into prebiotics and
probiotics, proteins, minerals, vitamins and others.
Based on distribution
channel, it is segmented into non-store based and store based. Of these, the
store based segment will lead the fortified breakfast spread market over the
estimated period while the non-store based segment will have the highest growth
owing to the increasing popularity of the online stores.
Regional Analysis
Based on region, the fortified
breakfast spread market covers growth opportunities and latest trends
across North America, Europe, Asia Pacific and Rest of the World. Of these,
North America will reign the fortified breakfast spread market followed by
Europe and Asia Pacific respectively. Increasing disposable income in the
APAC region, hectic lifestyle, rising health awareness and changing consumption
pattern are projected to boost the growth of fortified breakfast spread market.
Besides, the increasing need for on-the-go products and increasing working
class population particularly in India and China will propel market growth.
Competitive Analysis
The fortified
breakfast spread market is fragmented and highly competitive due to the
existence of many local and multinational players. This market is experiencing
a lot of mergers and expansions. The leading manufacturers are striving in
attaining innovation in line with the interest of the consumers. Hence,
experiments with new ingredients and flavors are done through the market
players.
Key Players
Leading players
profiled in the global fortified breakfast spread market include Kraft Foods
Group, Inc. (U.S.), Daiya Foods Inc. (Canada), Andros SAS (France), Ferrero
Group (Italy), Premier Foods Plc (U.K.), Wellness Foods Ltd. (U.K.), and
Unilever Group (U.K.).
Dec 2018- Barilla,
leading Italian manufacturer will soon launch its chocolate and hazelnut spread
under the brand, Pan di Stelle. The packaging will be completely recyclable for
reducing the utilization of plastic and environmental impact. The spread has
cookie crumbs to offer that special texture and is also palm oil free.
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NOTE: Our Team of
Researchers are Studying Covid19 and its Impact on Various Industry Verticals
and wherever required we will be considering Covid19 Footprints for Better
Analysis of Market and Industries. Cordially get in Touch for More Details.
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