Latin America Nut Based Spreads Market

Latin America Nut Based Spreads Market Growth and Forecast (2022 - 2027):

The Latin America Nut Based Spreads Market was worth USD 1.06 Billion in 2021 and estimated to be growing at a CAGR of 6.9%, to reach USD 1.48 Billion by 2026.

Market Overview:

Peanut butter has led the way for other nut-based spreads like almond, cashew, macadamia nut, coconut and walnut to enter the industry and offer a wider variety of spreads for consumers.

Around 7.7% of consumers have switched from jam to peanut butter. The nut spread sales is largely dependent on the sales of bread. Peanut butter and chocolate spreads are displacing jam and marmalade as the most popular breakfast spreads.

Drivers:

The Latin America Nut based spreads market is driven by the rising consumer preference to replace jams by nut based spreads. The rising health consciousness among consumers has further given way to low calorie spreads. The latest trend of food spreads becoming an integral part of every breakfast has led to a steady growth of the market.

Latin America Nut Based Spreads Market Segmentation Analysis:

The Latin America Nut based spreads market is segmented on the basis of product type and by region. On the basis of product type, the market is segmented into peanut based spreads, almond based spreads, walnut based spreads, cashews based spreads and others.

Region Analysis:

Geographically the Latin America Nut Based Spreads Market is segmented into Brazil, Mexico, Argentina, Chile and Rest of Latin America. The huge rise in spending in the Nut based spreads market has increased the demand in the market. Brazil is one of the largest markets in this region followed by Mexico, Argentina, and Columbia. The availability of large customer base with rising disposable incomes is set to drive the market in the foreseeable future.

Key Players in the Market:

Major Key Players in the Latin America Nut Based Spreads Market are

• J.M. Smucker
• Kraft Foods
• Unilever Group
• ConAgra foods Inc
• Sioux Honey Association
• B & G Foods
• Ferrero Group
• Nestle
• Hershey Co
• Welch Foods Inc