Most recently, Nutella has caught the fancy of the urban youth who use it in innovative ways to make breakfast more appealing. It is a cool brand for young and old people, and it also enjoys the tag of being a western favourite, and this perception is being encashed by the company in a way that has led to word-of-mouth branding, especially among the young elite class of the country, who love to share their regimens with a hashtag. According to the report on India Spread (Jam, Honey, Butter, Cheese, Choco) Market Outlook, 2023' published by Bonafide Research, the chocolate spreads market in the country is expected to rise up to more than INR 300 crores in the forecast period 2022-23 owing to the factors like widespread acceptance of bread in daily diets majorly among urban population. Also, increasing use of chocolate spreads as a substitute to butter owing to its low fat content, high nutritive value and easy spread-ability at refrigeration temperatures over food products such as ice cream toppings, croissants, instant hot chocolate are some of the key factors bolstering the market growth. Total chocolate spread market is anticipated to have growth rate more than 15% during forecast period. Though, it has negligible market share in the total spread market around 4%.
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‘India Spread (Jam, Honey, Butter, Cheese, Choco) Market Outlook, 2023’ gives a comprehensive analysis of the Spread industry in India. The India Spread market majorly consists of cheese spread, butter spread, peanut spread, honey spread, chocolate spread, jams, jellies and preserves and other spreads like sandwich spread, green chutney, imly chutney, etc.
Among all, honey spread is dominating the market with more than 50% share, owing to its health benefits, such as antimicrobial and immunity boosting properties. Honey and Butter is the major contributor having more than 75% of the market share in the year 2016-17. All these products are segmented into their types and end users i.e. retail and institutional. Other spread which includes green chutney, special sandwich spread, imly chutney etc is expected to have market value around INR 125 crore at the end of forecast period. And it has highest CAGR during review period which was more than 25%. Jams, Jellies and Preserve have least growth rate being oldest category after honey in the country. Retail sales have dominance over institutional in overall spread market in the year 2016-17.
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