India Sweet Spread (Jam, Honey, Choco) Market Overview, 2022-28

India Sweet Spread (Jam, Honey, Choco) Market Overview, 2022-28

The India spreads market is primarily driven by the growing penetration of western food trends. Rapid urbanization has resulted in hectic schedules and sedentary lifestyles among consumers, thereby increasing the demand for quick, healthy, convenient, and on-the-go meal options. In addition to this, the significant growth of the FMGC sector is also facilitating the market growth in India. Furthermore, the rising health consciousness is increasing the need for low-fat and -sugar spread variants. Manufacturers are investing in R&D activities to launch natural and organic products with clean-label ingredients and prolonged shelf life. On account of these factors, the market is expected to continue its growth in the upcoming years.

According to the report, “India Sweet Spread (Honey, Jams, Jellies & Preserve and Chocolate) Market Overview, 2022-2028” published by Bonafide Research, the market is projected to grow with more than 14% CAGR during the forecast period. Sweet spreads, such as jams, jellies and nut butter, play an integral role in the everyday diet of individuals. Although sweet spreads traditionally formed a part of western cuisines, they have rapidly gained traction in the untapped markets. They are generally consumed with baked wheat products, including bread, bagels, toasts and doughnuts, as a part of breakfast or snack items. Moderate consumption of sweet spreads assists in managing stress, maintaining weight, reducing the risk of cardiovascular diseases, and providing vitamins, minerals, amino acids and other nutrients. As a result, these spreads find applications in the preparation of dips, cakes, pudding, pancakes, smoothies, ice creams and salad dressings.

On the other hand, the versatility of chocolate spread is a growth opportunity for the category in the upcoming years. Besides its main use as bread spread, it could also be an ingredient for desserts or just an indulgence product. The continuing interest in the category has been obvious, as many companies are entering the area by launching their chocolate spread variants. Meanwhile, consumers are anticipated to be more demanding and to increase their consumption of premium products with clean label and health-promoting features. In response, producers are likely to introduce better-for-health products, highlighting the avoidance of palm oil in their products, as well as the use of locally-sourced nuts and the reduction of sugar content and saturated fats. Furthermore, the industry may witness the proliferation of value-added spreads with included nuts, berries, seeds like quinoa and hemp, grains, and others.

Another strong driver for the industry development in the medium term is the brand loyalty. In the jams, jellies, chocolate spreads and peanut butter industry, the brand is not only a strong state of quality, but also a key element as regards consumer behaviour. The contemporary consumers prefer to buy products with established brands with genuine authenticity and quality. As a result, the premium market is thriving at the moment, since it shows that the products will offer a given level of taste and quality. Consumers will most probably continue to purchase well-known brands with a specific story and heritage, which will remain a main accent in the following years.

In jam category, Kissan brand of HUL has the largest market share followed By Mapro. It is available in various flavours like strawberry, Pineapple, Mix Fruit, mango, orange etc. Chocolate spread is comparatively new market which is effect of westernisation in India. As for institutional sales in chocolate spread, it dominates the market but retail will grab its market share till forecast period.

Consumers' fondness for healthy and low-calorie spreads is being swayed by their inclination toward a healthy lifestyle. Individuals who treasure health and wellness are broadly consuming honey based spreads as a natural product as a substitute of sugar based spreads. Their chemical components' nutritional value unquestionably progresses health and body working. Numerous surveys from the National Library of Medicine have also shown that the active compounds in honey have excellent antioxidant, antimicrobial, anti-inflammatory, and anti-allergic characteristics. However, duplicity of honey is a surging concern; with low-cost production and global distribution opening the door to unprincipled producers, the honey spread market is also being severely affected.

Recently, FMCG giant Hindustan Unilever (HUL) has added peanut butter to its Kissan line of foods and refreshment (F&R) products. The new product has been initially launched in South Indian markets. It falls in the sweet spreads category, which includes jams, marmalades, honey, nut-based spreads, etc. In India, the Government has encouraged the growth of honey by providing funding for the creation of businesses through marketing, R&D, innovation as well as exports. Such programs assist producers by providing consulting and mentoring services, general and industry-specific training, and providing subsidized goods and organize workshops and seminars.
As people seek components that are both nutritious and vegan, natural jams and jelly spreads are becoming increasingly popular around the world. Focusing on the variety of flavours in food spreads is an important component of keeping products fresh on store shelves. Consumer demand for exotic fruit juice types, fruit content in products, and natural/organic claims are all growing in popularity. Traditional flavours are dominating the market, despite the introduction of new jam and jelly products like sweet spreads is expanding the industry development. Also, the rise in demand for convenience meals can be seen more prominently in developing countries, as per capita food expenditure rises in tandem with per capita income is further aiding to the industry expansion.

Covid-19 Impacts:
With the sudden impact of COVID-19, the market witnessed a surge in demand for products that provides nutritional benefits to health, which is likely to impact sweet spread market positively. Furthermore, the demand for fruit, chocolate spread and nut butter increased during the lockdown due to the convenience and also government has imposed lockdown, which is likely to impact the sweet spread market growth in a positive manner. Over the medium term, the growth of the sweet spread market can be attributed to the rising popularity for quick and healthy morning meal replacement among office goers and the youth population.

Considered for the Report:
Geography: India
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 Sweet Spread (Jam, Honey, Choco) Market industry.
• To analyze and forecast the market size of India Sweet Spread (Jam, Honey, Choco) Market, in terms of value.
• To define, classify and forecast Sweet Spread (Jam, Honey, Choco) Market on the basis of segments like Retail Sweet Spread (Jam, Honey, Choco) Market & Institutional Sweet Spread (Jam, Honey, Choco) Market
• To strategically profile leading players, which are operating in the Sweet Spread (Jam, Honey, Choco) Market 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 sweet spread (Jam, Honey & Chocolate) Market of India was 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 sweet spread (jam, honey, chocolate) products were recorded and subsequently forecasted for the future years.

Scope of the Report:
“India Sweet Spread (Jam, Honey & Chocolate) Market Overview, 2017-2022'” discusses the following aspects of sweet spread (Jam, Honey & Chocolate) market in India:
- India Sweet Spread Market Size by Value & Forecast
- India Sweet Retail Spread Market Size by Value & Forecast
- India Sweet Institutional Spread Market Size by Value & Forecast
- India Sweet Spread Market Segmental Analysis: By Company, By Product Type, By Retail vs. Institutional
- India Honey Market Size by Value & Forecast
- India Honey Market Segmental Analysis: By Company, By Product Type, By Retail vs. Institutional
- India Jams, Jellies and Preserve Spread Market Size by Value & Forecast
- India Jams, Jellies and Preserve Spread Market Segmental Analysis: By Company, By Product Type, By Retail vs. Institutional
- India Choco Spread Market Size by Value & Forecast
- India Choco Spread Market Segmental Analysis: By Company, By Product Type, By Retail vs. Institutional
- Key Vendors in this market space

Intended Audience
This report can be useful to Industry consultants, manufacturers, suppliers, associations & organizations related to sweet spread (jam, honey, choco) Market 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.