03 Mar 2020
Posted in Consumer
Bega Cheese looks to strengthen presence in spreads market with launch of reduced salt version of Vegemite in Australia, says GlobalData
Following today’s announcement of the introduction of a new product, Vegemite 40% less salt, by Australian dairy company Bega Cheese Ltd;
Nabila Azmatulla, Consumer Insights Analyst at GlobalData, a leading data and analytics company, offers her view:
“Australians are on the lookout for products that improve their health and consider eating healthy to be very important to create a feeling of wellbeing. The National Health and Medical Research Council (NHMRC) advises that Australian adults should aim to consume no more than 4 to 5 grams of salt a day, while the actual consumption is estimated to be double of this.
“As per GlobalData’s 2019 Q3 consumer survey, 8 in 10 Australians are actively trying to reduce consumption of salt or consume in moderation. This provides immense opportunity for manufacturers to tap into this consumer sentiment. Also, the syrups and spreads market showcases potential for manufacturers to explore this market further through innovations including healthy product offerings.
“According to GlobalData, Australia’s syrups and spreads market stands at US$655.2m in 2019 and is projected to grow at a compound annual growth rate (CAGR) of 4.3% between 2019 and 2024.
“Nutella from Ferrero is the leading player in this market, followed by brands like Kraft, Capilano, Ribena and Vegemite. Vegemite is a very popular brand having a strong association with Australia. So, Bega Cheese’s move to leverage on its brand popularity along with being mindful of consumers’ changing dietary requirements is expected to be a welcome step.”