The size of the Europe nut-based spreads market is expected to be worth USD 2.55 billion in 2024 and grow at a CAGR of 6.67% from 2024 to 2032 to achieve USD 4.28 billion by 2032.
Nut-based spreads are quickly replacing the traditional jams and marmalades due to their health offerings. Peanut butter has driven the path for other nut-based spreads like almond, cashew, macadamia nut, coconut, hazelnut and walnut to enter the business and offer a more extensive range of spreads for purchasers. Around 7.7% of customers have changed from jam to peanut spread in Europe as per the latest reports. The nut spread sales to a great extent subject to the sales of bread. Peanut butter and chocolate spreads are overcoming jam and jelly as the most famous breakfast spreads.
The Europe Nut based spreads market is driven because the buyers are inclining towards it to replace jams by nut-based spreads. The rising wellbeing awareness among purchasers has additionally offered approach to low calorie spreads. The most recent pattern of food spreads turning into an essential part of each morning meal has prompted a consistent development of the market. The nut-based spreads are becoming typical in every household in the European nations like France, Germany, etc. The growing awareness related to the health benefits of various nut-based spreads like walnuts, hazelnuts, almonds, etc., is playing a crucial role in the development of the regional market. The rising consumer disposable income coupled with the well-established retail sector is supporting the sales in the European nut-based spreads market. On the contrary, the side effects like different types of allergies associated with these nuts are supposed to hamper the expansion of this industry to some extent. Also, the high sugar content in some of these spreads is likely to limit the business growth in future. Nonetheless, the market is predicted to witness considerable growth rate in the next few years.
As the impacts of COVID-19 are being felt across the globe, the associated companies in the food and beverage sector are facing issues like reduced usage and disruptions in supply chain and distributions. The increasing work from home trend has been affecting the operations of the end-users like hotels, restaurants, quick services restaurants and others in the European nations. Europe is among the worst hit list of the COVID-19 with the initial outbreak in the countries like Italy, UK, Germany, etc. The strict lockdown conditions implemented in these nations to curb the spread of coronavirus has impacted the overall sales in the F&B associated industries, such as nut-based spreads market.
However, the demand for nut-based spreads has augmented as soon as the lockdown conditions has been lifted. The continuing trend of work from home has boosted the usage of different types of spreads. Also, the rising consumer understanding about the health advantages offered by nut-based spreads compared traditional jams and marmalades is acting positively for the nut-based spreads market in the European nations. On the whole, the market for these spreads is likely to expand with considerable growth rate in the coming irrespective the COVID-19 impacts.
Of these, although peanut based spreads are more common, the demand for other variants like almond based spreads and hazelnut-based spreads is expanding in the European nations. The growing vegan population is primarily driving the demand in these segments across the area.
Starting at 2018, Europe holds the second largest portion in the worldwide nut-based spreads market share. The fast development in utilization is set to additionally lift the market boom in Europe. The increasing population and their demands for nutritious product range is likely to propel the growth in the European market in the foreseen years. The major contribution to this local market can be accounted from nations like Germany, UK, and others. France, Italy, etc., are estimated to develop with a considerable compound annual growth rate in the following years.
Major Key Players in the Europe Nut Based Spreads Market are JM Smucker, Kraft Foods, Unilever Group, Conagra Foods Inc, Sioux Honey Association, B&G Foods, Ferraro Group Nestle, Hershey Co, Welch Foods Inc
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