According to the report titled ‘Global Spreads Market Size study, by Type (Butter/Cheese, Fruit Spreads, Chocolates & Nuts and Others), by Distribution Channel (Hypermarket & Supermarket, Convenience Store, Specialty Store and Online) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global spreads market was valued at USD 29.23 billion in 2020 and is expected to grow at a rate of 3.1%, thus amassing USD 36.19 billion over 2021-2027.
 

Increasing demand for ready-to-eat meals such as packaged foods and instant foods is propelling the growth of global spreads market. To this effect, Statista stated that the ready-to-eat industry is poised to grow from USD 433 billion in 2019 to USD 585 billion in 2025.
 

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Another key driving force is the soaring number of new product launches with unique flavors. Citing an instance, Chobani, in association with Edesia Nutrition, introduced peanut butter flavored spreads in September 2021.
 

Moreover, booming food & beverage business, burgeoning demand for nutritious food products, and increasing consumer preferences for gourmet bakery items are creating lucrative growth opportunities for the worldwide spreads industry.
 

However, over the projection period of 2021-2027, emergence of affordable substitutes may stifle market growth.
 

As per type, the market is bifurcated into chocolates & nuts, butter/cheese, fruit spreads, and others. In terms of distribution channels, the market is divided into convenience stores, hypermarkets & supermarkets, and specialty stores. 
 

Regionally speaking, owing to rising demand for bakery and confectionery items as well as greater fast-food consumption, Europe accounted for major market share in the recent past.
 

Meanwhile, with rapid expansion of chocolate business, a wide consumer base, and launch of innovative products in the area, Asia Pacific is reported to witness a significant CAGR over the projection period 2021-2027.
 

The competitive landscape of global spreads market is defined by companies such as Bernard Michaud S.A., Andros SNC, The Hershey Company, Food Hero, Capilano Honey, Ferrero S.p.A., JM Smucker Company, Centura Foods Ltd., Hormel Foods Corp., and B&G Foods among others.