Market Size of South America Nut-based Spread Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.90 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South America Nut-based Spread market Analysis
South America Nut-based Spread market is projected to register a CAGR of 6.9% during the forecast period, 2022-2027.
The South America nut-based spread market is driven by the rising consumer preference to replace jams with healthier versions of spreads such as peanut butter and almond spreads. Additionally, peanut butter due to its cost-effectiveness has become the most popular product and is being widely purchased in the region. The key reason peanut butter is cheaper than almond and other types of nut butter is that peanut butter is made from a cheaper raw material. Even though jams and jellies may provide some benefits, they're high-sugar products, and consuming too much sugar may lead to weight gain, cavities, heart disease, and type 2 diabetes. The rising health consciousness among consumers has been driving the market for a few years. As nut-based spreads are low-calorie foods health-conscious consumers are preferring them over jams and dairy-based spreads.
Further, consumers are focused on low-sugar diets due to the increasing rates of obesity and Type-2 diabetes. The governments have introduced measures to restrict sugar intakes, such as front-of-pack warning labels in Chile, Peru, and Uruguay which is expected to increase the consumption of low-calorie foods like nut spreads. For instance, in March 2020, the Colombian government and the Colombian food industry agreed on visual warning nutrition labels that will become mandatory on unhealthy food and drink products sold in the country. Therefore, this factor is expected to increase the consumption of low-calorie foods like nut-based spreads.
South America Nut-based Spread market Industry Segmentation
Nut-based spreads are breakfast spreads prepared by grinding nuts and tree nuts such as cashew nuts, peanuts, almonds, hazelnuts, etc., into a grounded paste. Nut-based spreads are high in protein, essential fatty acids, and carbohydrates and hence are ideal for breakfast. The South America nut-based market is segmented by product type, distribution channel, and geography. Based on the product type, the market is segmented into peanut-based, almond-based, walnut-based, and other product types. By distribution channel, the market is segmented into hypermarket/supermarkets, convenience stores, online retail, and other distribution channels. Based on geography, the market is segmented into Brazil, Argentina, and the Rest of South America. The report offers market size and forecasts for the South America nut-based spread market in value (USD million) for all the above segments.
| By Product Type | |
| Peanut Based | |
| Almond Based | |
| Walnut Based | |
| Other Types |
| By Distibution Channel | |
| Hypermarket/Supermarket | |
| Convenience Stores | |
| Online Retail | |
| Other Distribution Channels |
| By Geography | |
| Brazil | |
| Argentina | |
| Mexico | |
| Rest of South America |
South America Nut-based Spread Market Size Summary
The South America nut-based spread market is experiencing significant growth, driven by a shift in consumer preferences towards healthier alternatives to traditional jams and jellies. This trend is largely attributed to the increasing health consciousness among consumers, who are opting for low-calorie options like peanut butter and almond spreads due to their nutritional benefits and lower sugar content. Peanut butter, in particular, has gained popularity due to its cost-effectiveness, as it is made from more affordable raw materials compared to other nut butters. The rising awareness of the health risks associated with high-sugar diets, such as obesity and type 2 diabetes, has further propelled the demand for nut-based spreads. Government initiatives in countries like Chile, Peru, and Uruguay, which include front-of-pack warning labels to curb sugar intake, are expected to bolster the consumption of these low-calorie foods.
The market is characterized by a diverse range of applications, with nut-based spreads being used not only as sandwich fillers but also as dips, toppings, and ingredients in baking and cooking. The appealing flavors, spreadability, and health-promoting ingredients of nut spreads have made them a staple in many South American households, particularly in Brazil, where there is a growing trend towards plant-based and functional foods. The demand for nut-based spreads is further supported by the increasing number of vegetarians and health-conscious consumers in the region. Major players in the market are expanding their product offerings and enhancing distribution networks to capture a larger market share. Companies like JM Smucker's, Kraft Foods Group, Post Holdings, Ferrero International, and Hormel Foods Corporation are leading the charge, introducing innovative products tailored to local tastes and preferences.
South America Nut-based Spread Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Force Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Product Type
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2.1.1 Peanut Based
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2.1.2 Almond Based
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2.1.3 Walnut Based
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2.1.4 Other Types
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2.2 By Distibution Channel
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2.2.1 Hypermarket/Supermarket
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2.2.2 Convenience Stores
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2.2.3 Online Retail
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2.2.4 Other Distribution Channels
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2.3 By Geography
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2.3.1 Brazil
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2.3.2 Argentina
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2.3.3 Mexico
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2.3.4 Rest of South America
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South America Nut-based Spread Market Size FAQs
What is the current South America Nut-based Spread Market size?
The South America Nut-based Spread Market is projected to register a CAGR of 6.90% during the forecast period (2024-2029)
Who are the key players in South America Nut-based Spread Market?
The J.M. Smucker Company, The Kraft Heinz Company, Ferrero International, Post Holdings and Hormel Foods Corporation. are the major companies operating in the South America Nut-based Spread Market.
