Asia Pacific Nut Based Spreads Market By Product Type (Peanut Based, Almond Based, Walnut Based, Cashews Based)
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Asia Pacific Nut based spreads Market was worth USD 980 million in 2016 and estimated to be growing at a CAGR of 9.2%, to reach USD 1.52 billion 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.
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Peanut butter and chocolate spreads are displacing jam and marmalade as the most popular breakfast spreads.
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The growth of the Asia Pacific Nut based spreads Market is mainly 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 Asia Pacific 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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Peanut Based Spreads
Almond Based Spreads
Walnut Based Spreads
Cashews Based Spreads
Y-o-Y Growth Analysis, By Product Type
Market Attractiveness Analysis, By Product Type
Market Share Analysis, By Product Type
The Asia Pacific region is geographically segmented into China, India, Japan, South Korea, and Australia. Asia Pacific is predicted to grow with the highest CAGR during the forecast period.
Factors such as growing consumption coupled with the rapid growth in distribution channels are anticipated to lead the growth of the market in this region.
The major players operating in the Asia Pacific nut based spreads market 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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