The global dips and spreads market size was USD 85.6 billion in 2021. The market is set to expand from USD 91.3 billion in 2022 to USD 132.2 billion by 2029, exhibiting a CAGR of 5.43% over the estimated period. The rise is being driven by the growing usage of various condiments in a range of foods such as finger food and appetizers. Fortune Business Insights™ cites this information in its research report, titled “Dips and Spreads Market, 2022-2029”.
COVID-19 Impact:
Industry Value Surged Due to Growing Demand in Households
The coronavirus pandemic led to the imposition of lockdown measures for combating the spread of the virus. However, the period registered a change in the eating preferences of consumers. Households, particularly, recorded an increase in product consumption due to increase in preparation of various food dishes at home.
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List of Key Players Mentioned in the Report:
- The Kraft Heinz Company (U.S.)
- Campbell Soup Company (U.S.)
- Greendot Health Foods Pvt Ltd (India)
- PepsiCo (Frito-Lay) (U.S.)
- McCormick and Company, Inc. (U.S.)
- Wingreens Farms Pvt Ltd (India)
- AVT Gavia Foods Pvt Ltd (India)
- Conagra Brands, Inc (U.S.)
- Sandridge Food Corporation (U.S.)
- Veeba Foods (India)
- Britannia Industries Limited (India)
Segments:
Cheese Segment to Depict Lucrative Growth Due to Increasing Product Demand in Various Cuisines
By type, the market is fragmented into cheese, mayonnaise, salsa, and others. The cheese segment is expected to record commendable growth throughout the estimated period. The rise is due to the surging product usage in the preparation of various foods.
B2B Segment to Gain Traction Driven by the Availability of Various Products
Based on distribution channel, the market is segmented into B2C and B2B. Of these, the B2B segment is estimated to register appreciable expansion over the study period. The surge can be credited to the growing sales of the products to businesses such as restaurants and hotels.
On the basis of geography, the market has been analyzed across Asia Pacific, Europe, South America, North America, and the Middle East & Africa.
Growing Popularity of Ethnic Cuisine to Boost Product Demand
The dips and spreads market growth is being driven by the growing popularity of ethnic cuisine and the increasing usage of various ingredients for enhancing the dining experience. Some of the popular ethnic foods comprise Italian food, Chinese food, Mexican food, and others.
Hence, the industry expansion could be hampered by the higher prices of organic dips and lower product adoption in rural areas.
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Regional Insights:
Asia Pacific to Emerge as a Leading Region Owing to the Presence of Well-established Restaurants
The Asia Pacific dips and spreads market share is set to depict appreciable expansion over the forecast period. The surge can be attributed to the escalated product demand in developing countries such as Australia, Japan, India, and China.
The Europe market is estimated to register considerable growth throughout the estimated period. The rise is being driven by the escalating product usage in the Europe region.
Competitive Landscape:
Major Players Ink Partnership Agreements to Propel Industry Expansion
Leading dips and spreads companies are centered on the adoption of a series of strategic initiatives for the consolidation of industry position. These include merger agreements, acquisitions, and the launch of new products. Some of the other steps comprise increasing participation in trade fairs and conferences and an increase in research initiatives.
Report Coverage:
The report delves into the significant trends propelling the industry scenario throughout the forecast period. It also gives an insight into the major factors boosting the global business landscape. Some of the other aspects of the report include the vital steps taken by major market participants for strengthening their position in the industry.
Key Industry Development:
May 2022 – Litehouse Inc. rolled out its new line of thick and creamy dips and spreads. The new line combines bold flavors with the delicious taste of Litehouse dressings.
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