Latin America Nut based spreads Market was worth USD 920 million in 2016 and estimated to be growing at a CAGR of 6.9%, to reach USD 960 million by 2021.
Peanut butter has led the way for other nut-based spreads like almond, cashew, macadamia nut, coconut and walnut to enter the industry and offer a wider variety of spreads for consumers.
Around 7.7% of consumers have switched from jam to peanut butter. The nut spread sales is largely dependent on the sales of bread.
Peanut butter and chocolate spreads are displacing jam and marmalade as the most popular breakfast spreads.
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The Latin America Nut based spreads market is driven by the rising consumer preference to replace jams by nut based spreads. The rising health consciousness among consumers has further given way to low calorie spreads.
The latest trend of food spreads becoming an integral part of every breakfast has led to a steady growth of the market.
The Latin America Nut based spreads market is segmented on the basis of product type and by region. On the basis of product type, the market is segmented into peanut based spreads, almond based spreads, walnut based spreads, cashews based spreads and others.
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Latin America market region includes countries such as Brazil, Mexico, Argentina, and remaining countries of South America. The huge rise in spending in the Nut based spreads market has increased the demand in the market.
Brazil is one of the largest markets in this region followed by Mexico, Argentina, and Columbia. The availability of large customer base with rising disposable incomes is set to drive the market in the foreseeable future.
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The major players operating in the Latin America Nut based spreads drinks industry include J.M. Smucker, Kraft Foods, Unilever Group, ConAgra foods Inc., Sioux Honey Association, B & G Foods, Ferrero Group, Nestle, Hershey Co and Welch Foods Inc.
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