Market Scenario and key Restraints:
“Breakfast spreads” is nothing but soft spreadable fruit, nut, and dairy processed spreads generally eaten with bread, bagel and usually for breakfast. Fortification involves the process of adding micronutrients to the fortified breakfast spreads which are generally consumed by the different age group consumers. These fortified products offers extra micronutrients which includes essential trace elements & different vitamins.
Key players are also focusing on new product launch in the developing nations in order to acquire new consumer volume base. Also, the manufactures are launching their new products in various food & beverages exhibitions to create awareness of their products which in turn will accelerate the sales of these products in the near future. These factors will play a key role in supporting fortified breakfast spreads market and so the market will grow at of CAGR of 7.3% during the forecast period.
With the growing consumer awareness & their increasing demand for healthy & convenience food, the demand for fortified breakfast spreads will drive the market growth from 2016 to 2023. Also, with the growth of food advancement in food technology and packaging technology combined with the innovation and introduction of new flavored fortified breakfast spreads has also boosted the sales of these products.
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Key Players:
The key players profiled in the fortified breakfast spreads market are as Unilever Group (U.K.), Wellness Foods Ltd. (U.K.), Premier Foods Plc (U.k.), Ferrero Group (Italy), Andros SAS (France), Daiya Foods Inc. (Canada), Kraft Foods Group, Inc. (U.S.)
Downstream market analysis:
Globalization and urbanization are major driving force for this market, furthermore popularity of healthy and low carb fortified breakfast spreads are also encouraging the growth of the market. Fortified breakfast spreads such as nut based will be the highest growing segment and fruit based will dominate the market during the forecast period. Moreover, fortified breakfast spreads are mainly bought from supermarket and convenience stores and so store based distribution channel will dominate the market. However, busy lifestyle of people is supporting the sales of these products through online stores which will change the future of overall retail network of breakfast spreads.
Regional Analysis:
The global fortified breakfast spreads market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). Among this North American region has major market share followed by Europe. Urbanization and rising disposable income in Asia Pacific region is driving the demand for fortified breakfast spreads in that particular region. Rising number of health cognizant people and the growing demand for healthy food especially in China and India will be the crucial factor underlining the market growth.
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