Market Scope
Market Research Future (MRFR) studied the global fortified breakfast spreads market 2021 for the review period till 2023. As per MRFR study, the expansion of the global market can be at 7.3% CAGR over the study period. By 2023, the fortified breakfast spreads market is expected to garner a decent revenue.
Key Players of Market
Andros SAS (France), Kraft Foods Group, Inc. (U.S.), Ferrero Group (Italy), Daiya Foods Inc. (Canada), Wellness Foods Ltd. (U.K.), Premier Foods Plc (U.K.), and Unilever Group (U.K.) among others are some reputed companies in the worldwide market of fortified breakfast spreads that are profiled by MRFR.
Drivers and Restrains Impacting Market
The growing demand for breakfast spreads among people due to its benefits, such as; convenience, can support the expansion of the market. The availability of soft spreadable dairy processed breakfast spread with nut and fruit that enhance taste of toast, doughnuts, bread, bagels, and food stuff eaten during breakfast can favor the growth of fortified breakfast spread due to their higher nutritional value.
The process of fortification is defined as the process in which micronutrients are added to, in this case, breakfast spreads, for making them suitable for various age groups to consume. Fortified breakfast spreads offer additional nutrients that impart different type of nutrients, such as; essential trace elements and vitamins, to people for maintaining a healthy diet. In Western regions, spread is a crucial part of breakfast and it is emerging as a trend in eastern countries as well. The gradual rise in the preference of fortified breakfast spreads among a larger group of people can favor the market growth in the years ahead.
Toast is staple in most of the breakfast menu across the globe and the demand for different type of spreads over only butter and jams with toast can support the expansion of fortified breakfast spreads market size. The availability of variety of breakfast spreads including chocolate spread, peanut spread, fruit based, almond spread, dairy based, and nut based among others can promote the market. Moreover, the availability of several solution of spread for breakfast to meet the upscaling demand for people can support the rise of the market in the years to come. The surge in sales of fortified breakfast spread in bottles and canned packages and the effective packaging solutions that support easy of handling fortified spreads can also benefit the market rise.
Advancement in food technology, rising in urbanization, increase in globalization, availability of new and innovative flavors, enhancement of livelihood across developing economies, rise in demand for convenience products by end-users to meet daily nutrition need amidst busy and hectic work life, strong initiative undertaken by WHO, spreading consumer awareness, improved packaging technology, rising need for healthy food, and new product launch are some other growth drivers of the fortified breakfast spreads market. The growing popularity of such products among health-conscious people can improve the momentum of the fortified breakfast market in the years to come. On the contrary, causes, such as; fall in sales of bread and increasing popularity of cereals are likely to hinder the global market in the review period.
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Fortified Breakfast Spreads Market Analysis by Segment
The segment study of the global fortified breakfast spreads market revenue are based on distribution channel, source, and nutrients.
The source-based segments of the fortified breakfast spreads market are fruit based, dairy based, and nut based among others. The segment of fruit-based is expected to hold the largest share of the worldwide market in the review tenure. The surge in awareness about health benefits of nuts is expected to explain the rise of nut-based segment at a healthy CAGR by 2023.
The nutrients-based segments of the fortified breakfast spreads market share are minerals, prebiotics and probiotics, vitamins, and proteins among others.
The distribution channel-based segments of the fortified breakfast spread market are store based, following non-store based. The surge in sales online can benefit the market.
Regional Analysis of Fortified Breakfast Market
By region, the market of fortified breakfast spread is studied for understanding growth opportunities and current trends across key regions; Asia Pacific, North America, Europe, and the Rest of the World. In North America, the fortified breakfast spreads market size can thrive, following the market in Europe and APAC. The rise in disposable income, hectic lifestyle, and increase in health awareness are observed to impact the consumption pattern of people that influence the fortified breakfast spread in different regions.
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