South America Nut-based Spread market Size
| 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 |
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 Trends
This section covers the major market trends shaping the South America Nut-based Spread market according to our research experts:
Increasing Inclination towards Healthy Breakfast
Although nut spreads have several applications, making sandwiches is the most popular one. Other applications include serving as vegetable dips or toppings for edible crackers. In addition, there are several uses of nut spreads in both baking and cooking. Due to its flavor, good nutritional qualities, and suitability for eating either alone or in conjunction with a range of other foods, nut spread is widely accepted by South American consumers. Additionally, the nutrient content and health-promoting ingredients in nut spreads are influencing consumers to incorporate them into a regular breakfast. For instance, tree nuts are rich in macro and micronutrients, phytochemicals, tocopherols, and phenolic compounds. Product features like softness, spreadability, and attractive flavors increase its appeal to wider consumers. Moreover, major players in the region are launching products with the local essence to attract potential consumers. For instance, in July 2022, Power1One, one of the leading peanut products brands in Brazil, launched peanut butter, inspired by the classic American peanut butter recipe.
Brazil is The Leading Market
The demand for plant-based food has grown significantly in recent years as Brazilians are becoming more aware of the benefits of a vegetarian diet. According to World Bank data, in 2020, Brazil accounted for an 8% share of vegetarians worldwide and most vegetarians include middle or upper-class urban dwellers, from the central and southern parts of the country. A vegetarian diet can positively affect the environment, which is one of the major reasons boosting the per capita spending on nut-based spreads in the region. Additionally, increased health consciousness among consumers has led to the demand for functional foods like nut-based spreads. Nut spreads include healthy components and provide many health benefits. For instance, nut butter is loaded with heart-healthy monounsaturated fats which help in increasing HDL cholesterol, the good kind while keeping LDL cholesterol, the bad kind in check. Brazil accounted for the largest market share in the South America nut-based spreads market as the rising millennials and the middle-class population is mostly preferring such products owing to their health benefits. The three major trends affecting the Brazilian market are sugar reduction, healthy food, and the rise of protein and fiber content in food.
South America Nut-based Spread market Industry Overview
The South America nut-based spread market is highly fragmented and competitive with various players. The companies are making themselves more competitive by strengthening their distribution systems, entering partnerships, acquisitions, expanding product range, etc. Advanced distribution networks and manufacturing expertise give an upper edge to the manufacturers to expand their range of products. Some of the major players operating in the market are JM Smucker's, Kraft Foods Group, Post Holdings, Ferrero International, and Hormel Foods Corporation dominate the market.
South America Nut-based Spread market Leaders
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The J.M. Smucker Company
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The Kraft Heinz Company
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Ferrero International
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Post Holdings
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Hormel Foods Corporation.
*Disclaimer: Major Players sorted in no particular order
South America Nut-based Spread market News
- In July 2022, Power1One, one of Brazil's leading peanut butter and products brands, announced the launch of peanut butter in Brazil and claimed that they have created that product using a local formula to conquer the Brazilian palate and show that the Brazilian version is even tastier than the similar American version.
- In December 2020, PBfit, a powdered peanut butter maker expanded its reach in the nut butter product segment with the launch of two new spreads namely PBfit Protein Peanut Butter and Almond Butter Spread.
- In June 2020, the makers of SKIPPY peanut butter announced the launch of three new products, providing consumers with even more ways to add high-protein, plant-based functional foods to their diets. The three new products are squeeze peanut butter and peanut butter spreads, no sugar added peanut butter spreads, and added protein peanut butter. These products are now available on online websites in South America.
South America Nut-based Spread market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Force Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Peanut Based
5.1.2 Almond Based
5.1.3 Walnut Based
5.1.4 Other Types
5.2 By Distibution Channel
5.2.1 Hypermarket/Supermarket
5.2.2 Convenience Stores
5.2.3 Online Retail
5.2.4 Other Distribution Channels
5.3 By Geography
5.3.1 Brazil
5.3.2 Argentina
5.3.3 Mexico
5.3.4 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 The J.M. Smucker Company
6.3.2 The Kraft Heinz Company
6.3.3 Post Holdings
6.3.4 Ferrero International
6.3.5 Hormel Foods Corporation.
6.3.6 SKIPPY
6.3.7 Hersheyland
6.3.8 PBfit
6.3.9 Justin's
6.3.10 Professor Nutz
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MARKET
9. DISCLAIMER
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 Research 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.
What years does this South America Nut-based Spread Market cover?
The report covers the South America Nut-based Spread Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the South America Nut-based Spread Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
South America Nut-based Spread Industry Report
Statistics for the 2024 South America Nut-based Spread market market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. South America Nut-based Spread market analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
