Middle East And Africa Nut Based Spreads Market

Middle East and Africa Nut based Spreads Market Growth and Forecast (2023 - 2028):

The Middle East and Africa Nut based Spreads Market was worth USD 0.83 Billion in 2022 and estimated to be growing at a CAGR of 5.6%, to reach USD 1.09 Billion by 2028.

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 Middle East and Africa Nut based spreads market is driven by 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.

Middle East and Africa Nut based Spreads Market Segmentation Analysis:

The Middle East and Africa 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 Middle East and Africa Nut Based Spreads Market is segmented into KSA, UAE, Israel, rest of GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan and Rest of MEA. The market is growing slowly because of many problems the region faces, in terms of battles and also, the unstable economy. However, rising demand among the populace with dispensable incomes and the anticipated growth of demand, are set to help the growth of the market.

Key Players in the Market:

Major Key Players in the MEA 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