The latest research study “India Spreads Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that 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.
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Spreads are condiments commonly used on crackers, bread, waffles, and toast. They are a popular food product that generally improves the taste and texture of the food and is usually made with nuts, spices, herbs, milk, cocoa, and fruits. They are also used in manufacturing ice cream, dips, smoothies, and salad dressings. As a result, spreads are gaining immense traction in India due to easy product availability through online and offline organized retail channels and the expansion of quick-service restaurants (QSR) and food joints.
COVID-19Impact on Market: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
India Spreads Market Trends and Drivers:
The India spreads market is primarily driven by the rapid growth in the food sector and the easy availability of diversified product variants with exotic flavors. Additionally, several key players are heavily investing in launching sugar-free and healthy alternatives of the product due to the increasing health consciousness among the masses, which in turn is positively influencing the market growth.
Besides this, the growing popularity of western food and convenient, on-the-go meals owing to hectic schedules and sedentary lifestyles of individuals has augmented the demand for spreads. Moreover, the surging adoption of numerous innovative marketing strategies, promotional campaigns, and celebrity endorsements by manufacturers and sellers is another major growth-inducing factor.
Furthermore, ongoing research and development (R&D) activities by key players across the country to introduce products with prolonged shelf life have catalyzed market growth. Other factors, including the widespread integration of advanced technologies with production processes, inflating consumer disposable incomes, shifting lifestyle preferences, and changing dietary patterns, are also anticipated to drive the market further.
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India Spreads Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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).
The report has segmented the market on the basis of region, product type, distribution channel and income group.
Breakup by Product Type:
- Chocolate spreads
- Peanut Butter
Breakup by Distribution Channel:
- Convenience Stores
- Supermarkets and Hypermarkets
- Online Stores
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
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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