Key regions: Canada, Philippines, China, Spain, India
The Spreads Market in South America is seeing modest growth, influenced by factors such as increasing consumer preference for healthier food options, growing awareness of the benefits of spreads, and the convenience of online shopping. The market is driven by sub-markets such as Jams & Marmalades, Chocolate Spreads, and Peanut Butter, which cater to different consumer preferences. However, the market's overall growth rate remains minimal due to challenges such as fluctuating commodity prices and the impact of the COVID-19 pandemic on supply chains.
Customer preferences: In South America, there is a growing trend towards healthier living, leading to an increased demand for natural and organic spreads and sweeteners. This is driven by a shift in consumer preferences towards clean label and sustainable products. Additionally, there is a rising interest in plant-based diets, which has fueled the popularity of alternative spreads made from nuts and seeds. This aligns with the region's cultural appreciation for traditional ingredients and a focus on holistic well-being.
Trends in the market: In South America, there has been a significant increase in demand for healthier and natural spreads and sweeteners in The Food market. This trend is attributed to rising health consciousness and a growing emphasis on clean label products. As a result, there has been a surge in the use of natural sweeteners such as stevia and honey, as well as the production of spreads made with natural ingredients like nuts, seeds, and fruits. This trend is expected to continue, providing opportunities for industry players to tap into the growing demand for healthier options. Additionally, there is a potential for collaborations and partnerships between local and international companies to expand their presence in the market and cater to the evolving consumer preferences.
Local special circumstances: In South America, the Spreads & Sweeteners Market within The Food market is heavily influenced by cultural preferences and dietary habits. For example, in Brazil, the consumption of sweet spreads is higher compared to other countries due to the popularity of traditional desserts and baked goods. In contrast, in countries like Peru and Chile, the preference for savory spreads, such as avocado and cheese, is higher. Additionally, regulatory policies on food labeling and ingredients also vary among countries, affecting the availability and demand for certain spreads and sweeteners.
Underlying macroeconomic factors: The Spreads & Sweeteners Market within The Food market in South America is influenced by macroeconomic factors such as consumer spending, trade policies, and government regulations. Countries with a stable economy and favorable trade policies are experiencing higher growth in the Spreads Market. Additionally, the increasing demand for healthier alternatives to traditional spreads and sweeteners due to rising health concerns is driving market growth. This trend is further fueled by the growing awareness and adoption of plant-based and natural sweeteners, as well as the increasing popularity of specialty spreads such as nut and seed butters.
Data coverage:
The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).Modeling approach:
Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.
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