Asia-Pacific Spreads Market Outlook, 2028

Asia-Pacific Spreads Market Outlook, 2028

In recent years, the Asia-Pacific spreads market has grown substantially. The significant increase in the consumption of bakery and snack items Changing lifestyles and breakfast habits have aided the expansion of the Asia-Pacific spreads market. Furthermore, the growing popularity of packaged foods and their availability in retail chains is one of the factors promoting the expansion of the spreads market. The Asia-Pacific region has a diverse range of culinary traditions and preferences. Each country in the region has its own distinct flavour profiles and components. This variety creates demand for a diverse selection of spreads that cater to various palates and regional preferences. Furthermore, with Asia-Pacific's fast urbanisation and rising number of dual-income homes, there is a growing demand for easy and time-saving food products. Jams, jellies, and nut butters are quick and easy breakfast or snack options for busy people and families. Many spreads in the Asia-Pacific market include traditional Asian ingredients, adding to their distinctiveness. Spreads such as miso paste, red bean paste, and pandan kaya are popular in Asian countries and offer a distinct taste and cultural appeal. Peanut butter is a widely popular spread in the Asia-Pacific region. Other nut butters, such as almond butter and cashew butter, are also gaining popularity. These spreads are used in sandwiches, baked goods, and as a topping for fruits or toast. Furthermore, Chocolate spreads like Nutella have gained immense popularity in the Asia-Pacific region. They are used as a topping for bread, pancakes, and waffles, or enjoyed straight from the jar. These spreads appeal to both children and adults alike. Kaya is a coconut jam spread popular in Southeast Asia, especially in Singapore and Malaysia. It is made from coconut milk, sugar, and eggs, infused with pandan leaf for fragrance. Kaya is often enjoyed on toast or used as a filling in pastries.

According to the research report, “Asia-Pacific Spreads Market Outlook, 2028, published by Bonafide Research, the market is expected to grow at 8.38% CAGR from 2023 to 2028. Economic growth and rising disposable income levels in many countries within the Asia-Pacific region have led to changing consumption patterns. As people's purchasing power increases, they are more willing to spend on premium and value-added food products, including spreads with unique flavors and high-quality ingredients. The Asia-Pacific region is seeing an increase in demand for plant-based and vegan spreads. Environmental concerns, ethical issues, and health consciousness are driving this trend. Plant-based spreads such as almond, cashew, and coconut are becoming more popular as alternatives to traditional animal-based spreads. Agriculture and farming contribute significantly to the production of components used in spreads. This industry grows crops such as nuts, fruits, and cereals, which are used as major ingredients in spreads. The efficiency and sustainability of the sector have an impact on the availability, quality, and pricing of these ingredients. Confectionery is closely related to the creation of sweet spreads such as chocolate spreads and fruit preserves. Confectionery firms frequently provide a diverse range of sweet items, including spreads, and contribute to the creation of novel flavours, textures, and packaging styles. Spreads with functional and nutritional value are becoming increasingly popular. To improve their health and well-being, consumers are looking for spreads that are fortified with nutrients such as protein, fibre, omega-3 fatty acids, or superfoods. Spreads with useful ingredients like chia seeds, flaxseeds, or probiotics are becoming increasingly popular. Furthermore, social media platforms are playing an important role in generating trends and affecting consumer preferences. Food influencers, bloggers, and online communities share their experiences, recipes, and suggestions to raise awareness and demand for specific spreads. Brands are actively connecting with customers on social media channels in order to advertise their products and obtain feedback.

Based on product type, the market is divided into spreadable fats (butter, margarine & cheese), fruit jam & preserve spreads, nut Based spreads, chocolate spreads, savory spreads, and honey based spreads. Among them the market is dominated by spreadable fats with significant market share. The chocolate spreads are expected to grow with maximum CAGR of the market during the forecast period. The Asia-Pacific region has witnessed a significant increase in chocolate consumption in recent years. This can be attributed to factors such as rising disposable income, changing lifestyles, and increased exposure to global food trends. The popularity of chocolate as a flavor and ingredient has created a strong demand for chocolate spreads. Furthermore, consumer tastes and preferences are evolving, and there is a growing demand for indulgent and flavorful food products. Chocolate spreads offer a delicious and versatile option that can be used on toast, pancakes, waffles, or as a filling in pastries and desserts. The versatility and indulgent nature of chocolate spreads make them appealing to consumers seeking new taste experiences. Based on end use market is bifurcated into household and commercial. The commercial end use segment is growing significantly in the market of spreads in Asia-Pacific. The Asia-Pacific region has been experiencing rapid growth in the foodservice industry, including restaurants, cafes, hotels, and quick-service chains. These establishments often use spreads as ingredients or accompaniments for various dishes, such as sandwiches, burgers, pastries, and desserts. The increasing number of foodservice outlets contributes to the higher demand for spreads in the commercial segment. Urbanization and changing lifestyles have led to an increase in dining out and ordering food for delivery or takeaway. As more people opt for ready-to-eat meals or food from commercial establishments, the demand for spreads in the commercial sector rises. Spreads are convenient and versatile ingredients that enhance the taste and appeal of many prepared foods.

China is the largest consumer of spreads in Asia-Pacific, followed by Japan and India. China is one of the largest populations in the world, with over 1.4 billion people. The sheer size of the population creates a massive consumer base, leading to higher consumption of various food products, including spreads. Furthermore, Breakfast is considered an important meal in Chinese culture, and consumers are increasingly looking for quick and convenient options. Spreads offer an easy and versatile breakfast solution when paired with bread, toast, or crackers. The convenience and simplicity of spreads align with the breakfast culture in China, driving their consumption. India is expected to register highest growth rate of the market of spreads in Asia-Pacific. India is witnessing rapid urbanization, with more people residing in cities and towns. Urban areas generally exhibit higher consumption patterns and demand for processed and convenience food products, including spreads. As lifestyles change and urbanization continues, consumer preferences are shifting towards convenience foods. This trend has led to an increased consumption of spreads as a quick and easy option for meals and snacks.

The nature of the spreads includes conventional and organic/ plant based. The organic/ plant based spreads are gaining popularity in the Asia-Pacific region. Consumers in the Asia-Pacific region are becoming more health-conscious and are actively seeking out healthier food options. Organic and plant-based spreads are often perceived as healthier alternatives to conventional spreads due to their natural ingredients, reduced or no additives, and absence of artificial flavors or preservatives. They align with the growing preference for clean, natural, and minimally processed foods. Many consumers in the Asia-Pacific region follow vegetarian, vegan, or plant-based diets for various reasons, including ethical, cultural, and health considerations. Organic and plant-based spreads cater to these dietary preferences, providing options that are free from animal products, including dairy or meat-based ingredients. Food allergies and intolerances are a growing concern for consumers. Organic and plant-based spreads often provide allergen-friendly options by avoiding common allergens such as dairy, eggs, and nuts. This makes them suitable for individuals with specific dietary restrictions or allergies, increasing their appeal and market demand. Organic and plant-based spreads have improved significantly in terms of taste, texture, and flavor variety. Manufacturers have invested in developing delicious alternatives that rival traditional spreads in terms of sensory experience. These spreads now offer a wide range of flavors, including chocolate, fruit, nut, and seed-based options, appealing to diverse consumer preferences.

Major companies present in the market:
The Kraft Heinz Company, The Hershey Company, Ferrero SpA , Unilever PLC, Nestlé S.A., Hormel Foods Corporation, Mondelēz International, Inc., General Mills, Inc., Conagra Brands, Inc, Andros , Dr. Oetker , Lotus Bakeries , The Hain Celestial Group, Inc.

Considered in this report
• Geography: Asia-Pacific
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• Asia-Pacific Spreads market with its value and forecast along with its segments
• Country-wise Spreads market analysis
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Countries Covered in the report:
• China
• Japan
• India
• Australia
• South Korea

By Product Type
• Spreadable Fats (Butter, Margarine & Cheese)
• Fruit Jam & Preserve Spreads
• Nut Based Spreads
• Chocolate Spreads
• Savory Spreads
• Honey Based Spreads

By End-Use
• Household
• Commercial

By Nature
• Conventional
• Organic / Plant Based

By Distribution Channel
• Hypermarket & Supermarket
• Convenience Store
• Online
• Others (Foodservice & Direct Sales)

The approach of the report
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Spreads industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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