Overview and Scope
Dips and spreads are condiments that are produced by combining a range of ingredients to provide taste or texture to a number of cuisines. Dips and spreads are condiments used to flavor various finger foods, such as crackers, fresh vegetables, breads, shellfish, dumplings, and others.
Sizing and Forecast
The dips and spreads market size has grown strongly in recent years. It will grow from $98.02 billion in 2023 to $103.86 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to culinary diversity, convenience and snacking culture, ethnic food integration, social gathering trends, ingredient quality awareness.
The dips and spreads market size is expected to see strong growth in the next few years. It will grow to $132.1 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to functional ingredients, tech-driven distribution, clean label movement, convenience preferences. Major trends in the forecast period include zero-waste initiatives, plant-based spreads, customization and diy kits, interactive consumer experiences, global fusion blends.
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Segmentation & Regional Insights
The dips and spreads market covered in this report is segmented –
1) By Type: Chipotle, Tomato, Corn, Black Bean, Jalapeno, Mayonnaise, Other Types
2) By Application: Household, Foodservice Industry
3) By Distribution Channel: Online, Offline
North America was the largest region in the dips and spreads market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the dips and spreads market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing food and beverage industry is expected to propel the growth of the dips and spreads market going forward. The food and beverage sector includes many enterprises involved in food and beverage manufacturing, processing, packaging, transportation, and service. With customer preferences and tastes varying, there is an increasing desire for convenient, ready-to-eat items that enhance the flavor of meals and snacks in the growing food and beverage business. For instance, in March 2021, according to Statistics Canada and farm credit Canada (FCC), food and beverage manufacturing sales increased 3.5% year-over-year (YoY) in 2020 from $118.7 billion to $122.9 billion. Furthermore, in July 2022, according to a report published by the Food and Drink Federation, a UK-based organization that represents and consults food and drink manufacturers, the processed food and beverage industry had a turnover of $112.15 billion (£105bn) in 2020 and a turnover of $119.63 (£112bn) in 2021, it has increased by 3.4% since 2020, and accounting for 20% of the total UK manufacturing. Therefore, the growing food and beverage industry will drive the dips and spreads market.
Key Industry Players
Major companies operating in the dips and spreads market report are Nestlé SA, PepsiCo Inc.(Frito-Lay), Tyson Foods Inc., Coca Cola Co., Mars Inc., Mondelez International, Kraft Heinz Company, General Mills, Kellogg Company, Hormel Foods Corp., Conagra Brands Inc., Kerry Group, Campbell Soup Company, McCormick and Company Inc., Britannia Industries Limited, Sandridge Food Corporation, AVT Gavia Foods Pvt. Ltd., Frontera Foods Inc., Arizona Spice Company LLC, Desert Pepper Trading Company, Cornitos, Greendot Health Foods Pvt. Ltd., Wingreens Farms Pvt. Ltd., Veeba Food Services Private Limited, Sabra Dipping Company LLC, Salsalito
The dips and spreads market report table of contents includes:
1. Executive Summary
2. Dips and Spreads Market Characteristics
3. Dips and Spreads Market Trends And Strategies
4. Dips and Spreads Market – Macro Economic Scenario
5. Global Dips and Spreads Market Size and Growth
…
32. Global Dips and Spreads Market Competitive Benchmarking
33. Global Dips and Spreads Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Dips and Spreads Market
35. Dips and Spreads Market Future Outlook and Potential Analysis
36. Appendix
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