The global Edible Oils and Fats Market Size reached USD 120.5 billion in 2022 and is expected to witness a Compound Annual Growth Rate (CAGR) of 4.29% from 2023 to 2030, reaching USD 161.69 billion. The market growth is attributed to rising demand in emerging markets such as India, Indonesia, and Argentina, which has led to an expansion of the cooking oils and fats industry. Additionally, increasing consumer disposable income and a busy lifestyle have resulted in a surge in demand for processed and convenience meals, contributing to the market's expansion. These factors, among others, are driving the growth of the edible oils and fats market.
Fortified Breakfast Spreads Market-Overview
Fortified spreads are spreadable ingredients commonly used for breakfast and are spread on bagels and bread. Several minerals and vitamins are present in the enriched spreads. As a result, improved health consciousness and desire for convenience products support market expansion. By 2030, the market is estimated to gain a 7.30% CAGR.
The fortified breakfast spreads market is largely driven by healthier foods and changing lifestyles. The need for nutritious and pleasant daily consumption products is expected to create new opportunities for major stakeholders. On the other hand, the availability of alternatives may restrict the expansion of the fortified breakfast spreads market.
Segmental Analysis
Based on the distribution channel, the Fortified Breakfast Spreads Market Outlook comprises of non-store based and store-based. The fortified breakfast spreads market comprises vitamins, probiotics, minerals, prebiotics, and proteins based on nutrients. Based on the source, the fortified breakfast spreads market comprises of nut-based, fruit-based, and dairy-based.
Detailed Regional Analysis
During the projection period, the North American region will lead the Fortified Breakfast Spreads Market Insights. The changing lifestyle pattern and popularity of ready-to-eat foods boost market development in this region. On the other hand, the Asia-Pacific region is projected to develop at the best rate during the forecast period. Expanding demand for ready-to-eat foods, changing lifestyles, and tight schedules will be the primary factors of the greatest growth in the next years. Europe is also forecasted to have the second-largest fortified breakfast spreads market share. The widespread usage of breakfast or food spreads contributes greatly to the attractiveness of morning foods. In addition, the development of novel flavors such as exotic fruits such as figs is increasing future growth. Finally, the use of fortified spreads is growing in other places.
Competitive Analysis
The industry is anticipated to boost as new products are introduced that focus on satisfying the evolving requirements of their respective client bases. Governments worldwide are committing their support for market-friendly changes. The improving trade relations are projected to increase the international market in the coming years. The use of the internet for sales and marketing is expected to expand the market's prospects during the forecast period. Global contagion has provided businesses with a new mandate about the purchasing process and a rapid acceleration of digital transformation. The market's development is projected to be hindered shortly due to a shortage of critical resources. The function of mergers and applications is expected to become critical in maintaining development speed in the coming era. Fresh business models and perceptions are present in current core operations and support functions in the forecast term. It is projected that implementing comprehensive research techniques to examine the market's future development will aid in market development.
The noteworthy players of fortified breakfast spread market are Wellness Foods Ltd. (UK), Conagra Brands Inc. (US), Premier Foods Plc (UK), Unilever Group (UK), Kraft Foods Group (US), Andros SAS (France), Daiya Foods Inc. (Canada), Ferrero Group (Italy), J.M. Smucker Company (US) and others.
Industry Updates:
Sep 2021 Chobani, best known for its Greek-style yogurt and coffee creamers, has expanded into the peanut butter market with Chobani Ends Child Hunger Peanut Butter Flavored Nutrient Spreads release. The peanut butter-flavored spreads will be available in various flavors and sizes. Additional infant-friendly spreads with nut and fruit infusions will be available at most major supermarkets across the country and online. The particular line is designed to lessen the choking risk associated with the American Academy of Pediatrics recommendation for early peanut introduction. According to Chobani, the firm will donate 100 percent of its peanut spread profits to Edesia for the creation of Plumpy'Nut®, their fortified peanut butter that is delivered throughout the world to 60 nations to nourish children suffering from acute malnutrition.
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