“Global Dips and Spreads Market to reach a market value of USD 136 Billion by 2031 growing at a CAGR of 5.3%”
The Global Dips and Spreads Market size is expected to reach $136 billion by 2031, rising at a market growth of 5.3% CAGR during the forecast period. In the year 2023, the market attained a volume of 5,430.8 kilo tonnes, experiencing a growth of 21.1% (2020-2023).
The Asia-Pacific region is culturally diverse, encompassing various culinary traditions and flavors. Local preferences for sauces, dips, and spreads are integral to many Asian cuisines, such as soy-based sauces in East Asia, spicy dips in South Asia, and coconut-based spreads in Southeast Asia. This cultural diversity drives demand for various dips and spreads that cater to specific regional tastes and preferences. Thus, the Asia Pacific region acquired 35% revenue share in the market 2023. In terms of volume the Asia Pacific region is expected to consume 3,611.4 kilo tonnes of dips and spreads by 2031.
Modern consumers, especially those with busy schedules, prioritize convenience when choosing food options. It offers ready-to-eat solutions that require minimal preparation. They can be quickly paired with various foods such as vegetables, crackers, bread, and chips, providing instant snacks or meal enhancements.
Additionally, as the food industry expands, there is greater capacity for dips and spreads. Manufacturers can scale up production to meet growing consumer demand, ensuring product availability across diverse retail channels, including supermarkets, hypermarkets, convenience stores, specialty food stores, and online platforms. Hence, expansion of the food industry is driving the growth of the market.
However, it often contains perishable ingredients such as fresh herbs, dairy products, and vegetables. These ingredients can deteriorate quickly, affecting product quality, flavor, and texture. Maintaining ingredient freshness is crucial for ensuring product appeal and consumer satisfaction. Therefore, perishability and shelf life are impeding the growth of the market.
By distribution channel, the market is bifurcated into B2C and B2B. The B2C segment procured 41% revenue share in the market in 2023. In terms of volume 4,209.9 kilo tonnes of dips and spreads is expected to sale by B2C sales channel by 2031. B2C transactions allow dips and spreads manufacturers to reach and engage with consumers directly.
Based on type, the market is divided into salsa, mayonnaise, cheese, and others. In 2023, the cheese segment garnered 33% revenue share in the market. In terms of volume 1,881.7 kilo tonnes of cheese-based dips are expected to consume by 2031. Cheese-based dips and spreads offer various flavors and textures that appeal to diverse consumer preferences.
Free Valuable Insights: Global Dips and Spreads Market size to reach USD 136 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the North America region generated 27% revenue share in the market. In terms of volume, the North America region is expected to consume 2,296.6 kilo tonnes of dips and spreads by 2031. Consumers in North America are increasingly inclined to favor convenient and prepared-to-eat food alternatives.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 91.3 Billion |
| Market size forecast in 2031 | USD 136 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 5.3% from 2024 to 2031 |
| Quantitative Data | Volume in Thousand units, Revenue in USD Billion, and CAGR from 2024 to 2031 | Number of Pages | 251 |
| Tables | 509 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Distribution Channel, Region |
| Country scope |
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| Companies Included | The Kraft Heinz Company, PepsiCo, Inc., Conagra Brands, Inc., Nestle S.A., Unilever PLC, The Hain Celestial Group, Inc., Mars, Inc., Hormel Foods Corporation and McCormick & Company, Inc. |
By Distribution Channel (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Type (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Geography (Volume, Kilo Tonnes, USD Billion, 2020-2031)
This Market size is expected to reach $136 billion by 2031.
Increasing demand for convenient food options are driving the Market in coming years, however, Allergen concerns and dietary restrictions restraints the growth of the Market.
The Kraft Heinz Company, PepsiCo, Inc., Conagra Brands, Inc., Nestle S.A., Unilever PLC, The Hain Celestial Group, Inc., Mars, Inc., Hormel Foods Corporation and McCormick & Company, Inc.
In the year 2023, the market attained a volume of 5,430.8 kilo tonnes, experiencing a growth of 21.1% (2020-2023).
The B2B segment is leading the Market by Distribution Channel in 2023; thereby, achieving a market value of $77.4 billion by 2031.
The Asia Pacific region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $50.1 billion by 2031.
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