The Dips and Spreads Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Dips and Spreads Global Market Report 2024, 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.
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.
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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
Product innovations are a key trend gaining popularity in the dips and spread market. Companies operating in the dips and spreads market are developing new products to sustain their position in the market. For instance, in May 2023, The Kraft Heinz manufacturer, a US-based food company, launched HEINZ REMIX, the first customizable and IoT-enabled digital sauce dispenser device to debut, allowing customers to customize their own taste combinations, with more than 200 condiment pairings developed for food-service clients. The product is free-standing and touchscreen-operated, allowing customers to choose from various bases before personalizing with a few enhancers at their desired intensity level.
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 analysis
5. Dips and SpreadsMarket Size And Growth
6.Dips and Spreads Segmentation
7. Dips and SpreadsRegional And Country Analysis
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27.Dips and Spreads Competitive Landscape And Company Profiles
28.Dips and Spreads Key Mergers And Acquisitions
29.Dips and Spreads Future Outlook and Potential Analysis
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