According to the latest report by IMARC Group, titled " India Spreads Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the India spreads market reached a value of US$ 202.80 Million in 2021. Spreads refer to a food item that is generally applied on bread, waffles, toasts or crackers. It is a popular food product that usually enhances the flavor and texture of the food and is commonly prepared using nuts, spices, herbs, milk, cocoa and fruits. Additionally, they are also used in the preparation of bakery products, ice creams, dips, smoothies and salad dressings. In India, due to the easy product availability through online and offline organized retail channels and the proliferation of quick-service restaurants (QSR) and food joints, they are gaining widespread popularity among the masses.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
India Spreads Market Trends:
The market in India is primarily driven by significant growth in the food sector. Coupled with the easy availability of diversified product variants with exotic flavors, it is gaining widespread prominence among consumers. In line with this, numerous leading players are heavily investing in launching sugar-free and healthy alternatives of the product due to the increasing health consciousness among the masses, which is providing a boost to the market growth. Moreover, the shifting lifestyle preferences and changing dietary patterns, along with the inflating disposable income levels of the masses, are creating a positive outlook for the market. Additionally, various innovative marketing strategies, celebrity endorsements and promotional campaigns developed by manufacturers and sellers are also positively influencing the market growth. Other factors, including the widespread integration of advanced technologies with production processes and extensive research and development (R&D) activities conducted by key players to introduce products with prolonged shelf life, are further contributing to the market growth across India. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 674.20 Million by 2027, growing at a CAGR of 22.40% during 2022-2027.
- On the basis of the product type, the market has been segmented into jam, chocolate spreads, peanut butter, syrup and others.
- Based on the distribution channel, the market has been classified into convenience stores, supermarkets and hypermarkets, online stores and others.
- On the basis of the income group, the market has been categorized into 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) and low-income (less than INR 2.5 lacs).
- Based on the region, the market has been divided into North India, South India, West and Central India and East India.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of the key players are 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).
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