Market Trends of South America Nut-based Spread Industry
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.
