Western food-trends penetration in the Indian market is driving a change in breakfast patterns of people and is accelerating the use of spreads as convenient and comfort food in Indian households. Spreads market in India is surging at a robust pace, as these taste enhancers are gaining popularity across urban as well as rural consumers in India. Further, to promote the benefits and generating awareness about spreads, most of the leading players are investing heavily in developing marketing strategies and introducing products with new innovations like organic spreads, fruity additives, etc. These moves are expected to translate into continuance of the current growth trend being witnessed in India spreads market, over the next six years.
According to the report, “India Spread (Cheese, Butter & Peanut butter) Market Overview, 2022-2028” published by Bonafide Research, the market is anticipated to grow with more than 14% CAGR during the forecast period. The report provides a comprehensive analysis of the spread (cheese, butter and peanut butter) market in India. The report offers a complete guide to the size and share of the market at a national level. Along with historic data, it also provides the latest sales data - thus allowing you to identify the market segments driving growth. The report also identifies leading companies and brands, along with examining competition among them. Forecasts through four years demonstrate how the market is set to change in coming years. Bonafide Research employs comprehensive and iterative research methodology focused on minimizing errors in order to provide the most accurate estimates and forecast possible.
With busy lifestyles and a lack of cooking abilities, today's consumers on the go are converting to eating foods that are easily accessible and cooked in a short amount of time. Fast foods that fit this lifestyle include things like bread, crackers, and other bakery goods. To be consumed, they must first be smeared with spreads which is providing a positive prospect for the market. Based on the segments, mainly, there are two types of cheese spread: plain cheese spread and flavoured cheese spread. Currently, the plain cheese spread is dominating the market for cheese spread. On the other hand, the most commonly used butter is normal salted butter, though there are there variants of butter, which people have now started using in the country, like table margarine, lite butter, flavoured butter, unsalted butter and other types of butter like Choco butter. The most noticeable difference between the two peanut butters is that crunchy peanut butter generally contains about a full gram more of fibre than its creamy counterpart.
In recent years, the consumption of peanut butter has grown notably. Growing general health awareness in India is boosting peanut butter consumption, which is a good source of proteins and healthy fats. Peanut butter is a healthy and tastier alternative to butter and cheese. It also helps in appetite suppression. India’s rising gym and fitness culture is also a critical growth driver, as peanut butter is an integral part of fitness diets. They are high in proteins but less in carbs, making them perfect for gym enthusiasts. The growing organized retail marked by expansion in hypermarket and supermarket penetration In India is also making peanut butter readily available. Likewise, the emergence of new e-commerce horizontals (Amazon, Flipkart) alongside a host of digital grocery players such as Blinkit, Bigbasket, Milk Basket, Zepto, Swiggy Instamart, etc. is steering the market in a positive direction.
Peanut butter production is a relatively simple process and machinery can be easily procured. The legal requirements to set up peanut manufacturing are also simple and easy. Though dairy continues to be a major part of the Indian diet, some households are now shifting towards non-dairy products such as peanut butter, soybean, etc. Besides spread, peanut butter is now used in a wide range of food items such as smoothies, shakes, confectionery, salad, ice creams, etc. In addition to that, India’s strong structural parameters such as changing consumer behaviour, the surge in middle-income households, growth in demand for a healthy lifestyle will continue to foster growth in the segment.
India is currently the world’s largest producer of milk owing to which the cheese market holds significant growth potential. With the rising influence of western cuisines and inflating disposable incomes, consumers are now shifting from paneer towards cheese, thereby increasing its demand in the country. In addition to this, manufacturers are introducing a number of flavoured cheese products including pepper, garlic, red chilli flakes, and oregano pickle, which cater to the different tastes and preferences of consumers in India.
Although cheese is extensively used in fast food items like pasta, pizzas, burgers, sandwiches, wraps, tacos, cakes, garlic bread, etc., it is also being included in traditional Indian recipes such as dosa, uttapam and parathas. With the growing working population and their altering food patterns, the fast food industry is experiencing a healthy growth which, in turn, is augmenting the demand for cheese. Apart from this, with an increase in the number of organized retail outlets, numerous global players are now investing in the Indian cheese market. Moreover, several manufacturers are engaging in marketing campaigns through different advertising media like newspapers, televisions and social media platforms to increase awareness among consumers about the benefits of cheese. These factors are anticipated to boost the consumption of cheese in the upcoming years.
The COVID-19 led to the lockdown worldwide, impacting the market tremendously as it leads to lack of availability of raw material, labour shortage, shipping problems, and inflated prices, among others. The demand for various spreads decreased initially as the consumers were more focused on buying necessary food products, but in the later phases of the COVID-19 pandemic, demand for comfort food such as cheese based snacks and convenience food products increased. Increasing demand for functional snacks is the key factor driving the growth of the market. Moreover, changing lifestyle and eating pattern of millennials is increasing the demand for on-the-go snacks such as cheese based snacks, which will positively impact the growth of cheese based snacks in the later phases of the COVID-19 pandemic. However, high-calorie content in cheese based snacks and increase in the prevalence of lactose intolerant population may hamper the market's growth.
Considered for the Report:
Base Year: FY 2016-17
Estimated Year: FY 2022-23
Forecast Year: FY 2027-28
Objective of the study:
• To present an Indian overview on Spread (Cheese, Butter and Peanut Butter) industry.
• To analyze and forecast the market size of India Spread (Cheese, Butter and Peanut Butter), in terms of value.
• To define, classify and forecast Spread (Cheese, Butter and Peanut Butter) market on the basis of segments like Retail Spread (Cheese, Butter and Peanut Butter) market & Institutional Spread (Cheese, Butter and Peanut Butter) market
• To strategically profile leading players, which are operating in the Spread (Cheese, Butter and Peanut Butter) industry of India
Approach for the Report:
Bonafide Research performed primary as well as secondary research for this study. Initially, a list of manufacturers and suppliers operating in the spread (cheese, butter and peanut butter) market of India were sourced through secondary sources. With the identified companies and consumers, primary research was carried out which included conducting online surveys, competitor analysis and exhaustive personal interviews - both face to face as well as telephonic basis, to extract maximum information from participants like industry executives/ distributors or consumers. Primary research gave us an idea of company revenues, export, pricing, geographical presence, channel partner model, USP etc. and also helped us to identify various small players who otherwise have less presence on the web.
Bonafide Research seeks secondary data from third-party sources such as published articles, company websites, magazine articles, associations, trade journals, annual reports, government official websites and other paid database sources. In addition, data is also mined from a host of reports in our repository, as well as a number of paid databases of Indian government. Using both primary and secondary information, Bonafide Research calculated the market size through a bottom-up approach, where manufacturers’ value sales data for different types of spread (cheese, butter and peanut butter) products were recorded and subsequently forecasted for the future years.
Scope of the Report:
“India Spread (Cheese, Butter and Peanut Butter) Market Overview, 2022-28” discusses the following aspects of spread (cheese, butter and peanut butter) market in India:
- India Spread Market Size by Value & Forecast
- India Retail Spread Market Size by Value & Forecast
- India Institutional Spread Market Size by Value & Forecast
- India Spread Market Segmental Analysis: By Company, By Product Type, By Retail vs. Institutional
- India Butter Market Size by Value & Forecast
- India Butter Market Segmental Analysis: By Company, By Product Type, By Retail vs. Institutional
- India Cheese Spread Market Size by Value & Forecast
- India Cheese Spread Market Segmental Analysis: By Company, By Product Type, By Retail vs. Institutional
- India Peanut Butter Market Size by Value & Forecast
- India Peanut Butter Market Segmental Analysis: By Company, By Product Type, By Retail vs. Institutional
- Key Vendors in this market space
This report can be useful to Industry consultants, manufacturers, suppliers, associations & organizations related to spread (cheese, butter and peanut butter) industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.
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