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Future Market Insights Notes Plant-Based Spreads to Reach 667M Value in Market Research Report

Future Market Insights Notes Plant-Based Spreads to Reach 667M Value in Market Research Report


WORLDWIDE
Thursday, July 21st, 2022

Health-conscious consumers across the globe are on the lookout for better-for-you options to boost their eating habits. As this shift occurs, a recent report from Future Market Insights (FMI) predicts sales of plant-based spreads to reach $667 million by 2032, a compound annual growth rate of 5.4 percent over the course of the decade.

“The growing focus on the consumption of plant-based products in developed regions such as Europe and North America is likely to open lucrative opportunities for market players in the long run,” the lead analyst at FMI commented in a release.

Among the companies faced with the biggest development opportunities are plant-based food firms, the release went on to say. Despite supply chain disruptions, panic purchasing, and storage, these businesses have the potential for growth due to the shelf-stable nature of vegan spreads and dips and their extended shelf-life, allowing shoppers to stock up without fear of spoilage.

Future Market Insights predicts sales of plant-based spreads to reach $667 million by 2032, a compound annual growth rate of 5.4 percent over the course of the decade

This consumer trend became more evident as the COVID-19 pandemic began, as shoppers decreased their time in stores, but also began stocking up on food and packaged products.

As the growth of the plant-based spreads segment continues, some key takeaways from Future Market Insights include:

  • North America is expected to have 38 percent plant-based spreads market share
  • The United States holds 65 percent plant-based spreads market share in the North American market
  • Europe is expected to have a 31 percent plant-based spreads market share

With competition in the sector heating up, companies worldwide are trying to stay ahead of the game by proposing a variety of methods and concepts to boost sales. This includes focusing on increasing production capacity in addition to research and innovation to create new products.

What new offerings will come from this rise in demand? Stick with Deli Market News for answers.

Future Market Insights
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