Latin America Nut Based Spread Market Report and Forecast 2023-2028

According to the report, the Latin America nut based spread market reached a value of approximately USD 1.3 billion in 2022. Aided by the increasing consumption of healthy, nutrient-dense foods and the growing applications of nut-based spreads in a variety of culinary preparations, the market is projected to further grow at a CAGR of 7% between 2023 and 2028 to reach a value of USD 1.95 billion by 2028.

Nut-based spreads, such as peanut butter, almond butter, and cashew butter, are popular due to their rich taste and high nutritional content, including healthy fats, protein, vitamins, and minerals. They are commonly used as spreads on bread, pastries, and crackers and are increasingly being included in recipes for smoothies, desserts, and sauces. Apart from their gastronomical appeal, these spreads have a range of health benefits such as aiding weight loss, reducing heart disease risk, and improving blood sugar levels, which make them a favoured choice among health-conscious consumers.

The Latin America nut based spread market growth is primarily driven by the rising consumer preference for nutritious and protein-rich food products. With the growing awareness of the health benefits associated with nut consumption, there has been a significant shift towards diets that incorporate nuts and nut-based products. The region has seen an increase in health and fitness trends, further enhancing the popularity of nut-based spreads, given their high protein content and potential health benefits.

In addition, the expanding applications of nut-based spreads in various culinary areas have also significantly contributed to Latin America nut based spread market development. These spreads are versatile and can be used in a multitude of recipes, from breakfast dishes like toast and pancakes to gourmet desserts and sauces. This versatility has led to increased usage in both home cooking and restaurant cuisine, stimulating market expansion.

The cosmetic industry has also begun to recognise the benefits of nuts, with many companies using nut oils in their formulations for their hydrating and nourishing properties. This has created an additional avenue for Latin America nut based spread market expansion.

Moreover, the increasing demand for plant-based and vegan-friendly food options in Latin America has brought nut-based spreads into focus as a desirable ingredient. The rise of veganism and the popularity of plant-based diets have seen nut-based spreads emerge as a critical element in the creation of dairy-free and meat-free meals, enhancing the Latin America nut based spread market expansion further.

Market Segmentation

The market can be divided based on product type, form, packaging type, distribution channel, and country.

Market Breakup by Product Type

• Peanut Based Spreads
• Almond Based Spreads
• Walnut Based Spreads
• Cashew Based Spreads
• Hazelnut Based Spreads
• Others

Market Breakup by Form

• Crunchy
• Creamy

Market Breakup by Packaging Type

• Glass Packaging
• Plastic Packaging
• Others

Market Breakup by Distribution Channel

• Supermarkets and Hypermarkets
• Convenience Stores
• Online Stores
• Others

Market Breakup by Country

• Brazil
• Argentina
• Mexico
• Chile
• Colombia
• Others

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the Latin America nut based spread companies.

Some of the major key players explored in the report are as follows:

• The J.M. Smucker Company
• The Kraft Heinz Company
• Post Consumer Brands, LLC
• Hain Celestial Group
• Santa Helena Ind. de Alimentos S.A.
• Others

About the Analyst

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The analyst always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.