India Spreads Market

Market Overview:

The India spreads market reached a value of US$ 202.80 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 674.20 Million by 2027, exhibiting a CAGR of 22.40% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.

Spread refers to a variety of condiments that is generally consumed for enhancing the texture, palatability, and flavor of the food. It is usually applied on to foods, such as bread, crackers, waffles, pancakes, etc., which may taste bland otherwise. Some of the common ingredients utilized for preparing spreads include milk, butter, cocoa, fruits, nuts, spices, herbs, etc. In India, spreads have gained prominence in the form of dressings, snack dips, dessert glaze, cake icings, jellies, etc.

India Spreads Market Trends:

In India, the increasing penetration of western food trends, along with the growing FMCG sector, is primarily driving the demand for spreads. Furthermore, the rising hectic work schedules and sedentary lifestyles of the consumers are catalyzing the adoption of convenient, on-the-go meal, and processed food options, which in turn is augmenting the spreads market in the country. In line with this, the expanding working women population and the improving consumer living standards are also bolstering the demand for premium and high-quality spreads. Additionally, significant growth in the HoReCa industry, coupled with the increasing poliferation of fast-food joints and quick-service restaurants (QSRs) across the country is further propelling the market growth. Several regional product manufacturers are focusing on the introduction of innovative spread variants, including fruit preserves, fruit butter, sugar-free syrups, etc., to cater to diverse consumer preferences and expand their product portfolios. Moreover, the wide product availability across e-retail platforms accompanied with numerous benefits, such as lucrative discounts, cashbacks, different product options, easy returns, etc., is acting as significant growth-inducing factor. In line with this, the continual launch of spreads with clean-label ingredients, prolonged shelf-life, easy portability, etc., is positively influencing the market growth in the country. Additionally, the rising consumer concerns towards the negative health impact of synthetic additives in spreads are catalyzing the demand for natural and organic product variants, which is expected to drive India spreads market in the coming years.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the India spreads market, along with forecasts at the country and regional level from 2022-2027. Our report has categorized the market based on product type, distribution channel and income group.

Breakup by Product Type:

• Jam
• Chocolate spreads
• Peanut Butter
• Syrup
• Others
   

Breakup by Distribution Channel:

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

Breakup by Income Group:

• Upper-Middle (INR 5.5 lacs - 27.5 lacs)
• High-Income (Greater than INR 27.5 lacs)
• Lower-Middle (INR 2.5 lacs- INR 5.5 lacs)
• Low-Income (Less than INR 2.5 Lacs)
   

Breakup by Region:

• North India
• South India
• West and Central India
• East India
   

Competitive Landscape:

The report has also analysed the competitive landscape of the market with some of the key players being Hindustan Unilever Limited (Unilever), G.D. Foods Manufacturing India Pvt. Ltd., Mapro Foods Pvt. Ltd, Ferrero India Pvt. Ltd. (Ferrero International S.A.), Dr. Oetker India Pvt. Ltd.(Dr. Oetker India Holding GmbH), Hershey India Pvt. Ltd. (The Hershey Company) and Agro Tech Foods Ltd (Sundrop).

Report Coverage: