Latin America Nut Based Spread Market Report and Forecast 2024-2032

Latin America Nut Based Spread Market Outlook

The Latin America nut based spread market size reached a value of approximately USD 1.50 billion in 2023. The market is expected to grow at a CAGR of 6.90% between 2024 and 2032, reaching a value of USD 2.73 billion in 2032.

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Key Trends in the Market

A nut based spread is a type of food spread that is prepared by grinding various nuts into a smooth paste. Depending upon the nuts used, the nut based spread can contain various nutrients such as zinc, vitamin E, magnesium, vitamin B6, niacin, copper, folate, and potassium which are considered good for health. Nut based spreads are used for various purposes such as on toast, for baking cookies, for use in muffins and smoothies, and to make homemade salad dressings, among others. 

• Low costs of nut based spreads especially peanut butter has increased their popularity and sale all across Latin America. Peanut butter is prepared using cheaper raw materials, thus, leading to a lower cost of the overall product, and bolstering the Latin America nut based spread market.

• Rising health consciousness among consumers is a key trend that is increasing the demand for nut based spreads. Jams and jellies are considered to be high-sugar products which may lead to heart diseases, weight gain, diabetes, and cavities whereas nut based spreads are low-calorie products. This is encouraging health-conscious consumers to prefer nut based spreads over other spreads.

• Food spreads as a part of breakfast in Latin America is becoming a growing trend and is expected to fuel the growth of the Latin America nut based spread market. They are used in making sandwiches or are used as a dip or topping for various crackers.

Market Analysis

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Based on product type, the market is segmented into peanut based spreads, almond based spreads, walnut based spreads, cashew based spreads, and hazelnut based breads, among others. By form, the market is bifurcated into crunchy and creamy. On the basis of packaging type, the Latin America nut based spread market is divided into glass packaging, and plastic packaging, among others. By distribution channel, the market is categorised into supermarkets and hypermarkets, convenience stores, and online stores, among others. Based on country, the market is divided into Brazil, Argentina, Mexico, Chile, and Colombia, among others.  

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the Latin America nut based spread market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.  

• The J.M. Smucker Company

• The Kraft Heinz Company

• Post Consumer Brands, LLC

• Hain Celestial Group

• Santa Helena Ind. de Alimentos S.A.

• Others

Market Share by Form

Crunchy nut based spreads contain more fibre and less saturated fats than creamy nut spread due to which they are considered to be a preferable choice for health-conscious consumers in Latin America. Although creamy nut based spreads contain more protein, crunchy spreads have more folate and fibre that help in maintaining bowel health. 

Although, both creamy and crunchy nut based spreads have similar nutrient values, creamy nut based spreads are more popular as compared to crunchy nut based spreads in the Latin America nut based spread market. The smoothness and fluid texture of creamy nut spreads allow it to spread easily which increases their versatility and usage in a diverse range of recipes, bolstering their demand over crunchy nut based spreads.  

Market Share by Country

Brazil accounts for a sizable share in the Latin America nut based spread market, followed by Mexico and Argentina owing to the presence of large customer base in the country along with the rising disposable incomes of the people in Brazil. Adoption of vegetarian diets along with rising health consciousness among consumers in Brazil are some major factors encouraging people to spend more on products such as nut based spreads. Further, the increasing middle class population and rising number of millennials who prefer such healthy food products in Brazil is helping in the growth of the overall market in the country. The growing focus on sugar reduction and inclusion of fibre and protein in Brazilian food is also affecting the market for nut based spread positively. 

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Competitive Landscape

The J.M. Smucker Company founded in 1897 has its headquarter in Ohio, United States. It is a food and beverage manufacturing company that has three major units of operations including consumer food, coffee, and pet foods. Their products include fruit spreads, peanut butter, ice cream toppings, natural food products, retail packaged coffee, shortening and oils, and sweetened condensed milk, among others.

The Kraft Heinz Company is a food company which was established in 2015 and has its headquarter in Illinois, United States. They focus on manufacturing and marketing various food and beverage products to consumers all across the globe. Their products include refreshment beverages, meals, sauces and condiments, coffee, cheese and dairy products, and meats, among other grocery products. 

Post Consumer Brands, LLC founded in 1895 has its headquarter located in Minnesota, United States. The company manufactures breakfast cereals for consumers all across the globe with an aim to provide tasty food choices on a budget. They market both private and branded cereal products and with no compromises with the quality of their products. 

Other market players include Hain Celestial Group, and Santa Helena Ind. de Alimentos S.A., among others.

Key Highlights of the Report