Dairy Spreads Industry, Size, Share, Growth, Trends, and Forecast 2020 – 2024
Posted by Market Research Future on January 21st, 2020
The processed food industry is growing worldwide due to changing consumer preferences and increasing purchasing power. A variety of dairy spreads have been introduced by companies with different characteristics and forms to cater to the demand for enhanced flavor and texture. This is expected to drive the demand for dairy spreads among consumers across the world.
The global dairy spreads market has been segmented by type, packaging type, distribution channel, and region.
Based on type, the global dairy spreads market has been segmented into cheese, butter, and others. The cheese segment is projected to be the largest during the forecast period. The demand for cheese spreads with various spices and seasonings is driven by the immense popularity of cheese flavor. The segment is also expected to register the highest growth rate during the review period owing to the growth of the food & beverage industry worldwide.
The global dairy spreads market has been segregated, by packaging type, into tubs, tubes/pouches, and others. The tubs segment is projected to gain the majority share, in terms of revenue, of the global dairy spreads market. The segment is expected to maintain its dominance during the forecast period and grow at the fastest pace due to the convenience offered by tubs/cups in consumption and application of dairy spreads.
By distribution channel, the global Dairy Spreads Industry market has been segmented into store-based and non-store-based. The store-based segment has further been divided into supermarkets and hypermarkets, convenience stores, and others. The store-based segment is projected to account for the larger market share due to the widespread availability of dairy spreads in supermarkets and hypermarkets. Moreover, there is a higher preference for store-based channels as they provide a one-stop shopping experience. However, the non-store-based segment is projected to register the higher CAGR due to the increasing adoption of e-commerce in food & beverage retail.
The global dairy spreads market has been segmented, on the basis of region, into North America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to dominate the global dairy spreads market owing to the large-scale production of processed foods in the region. Dairy spreads are used in various cuisines to enhance taste, texture, flavor, and appeal. The US and Canada are major consumers of processed and RTE food products, which, in turn, boosts the demand for dairy spreads in these markets.
The market in Asia-Pacific is expected to be the fastest-growing due to the expanding food & beverage industry and changing consumer eating patterns in the region.
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