India Snacks Market
Renub Research predicts that the Indian snack market would grow at a compound annual growth rate (CAGR) of 12% from 2023 to 2028, with a projected value of US$ 23.69 billion. The market is expanding as a result of changing lifestyles, rising disposable incomes, and increasing urbanization.
Trends in the Indian Snacks Market:
Growing Interest in Health and Wellbeing
The snack industry in India is witnessing a rise in the health and wellness trend as consumers seek out better options. The increasing appeal of natural, organic, vegan, low-calorie, and gluten-free snacks is indicative of this change. These goods appeal to consumers who are attentive of their diets, concerned about their health, and who like healthy snacks. A Times of India report from 2023 states that India Snacks Market38% of Indians follow a rigorous vegetarian diet. In response to this trend, snack producers are increasingly developing items that suit consumers’ health preferences, which is growing the snack market in India.
A Rise in Retail Channels
The COVID-19 epidemic has led to a notable increase in online platforms, which in turn has influenced the expansion of retail outlets in the snacking sector in India. The development of nationwide delivery networks and logistics has made it possible to reach a wider audience and provide greater ease, which has aided in this trend. In the last three years, India has added 125 million online customers, and by 2025, an additional 80 million are anticipated, according to a report published by the Indian Brand Equity Foundation. It is projected that the e-commerce market in India will grow from 111 billion USD in 2024 to 200 billion USD in 2026.
Sector – Market breakup from two viewpoints
1. Organized Snacks
2. Un-Organized Snacks
Type – Market breakup from three Viewpoints
1. Ethnic Namkeen & Snacks
2. Ethinc Bhujia
3. Western Snacks
Region – Market breakup from four viewpoints
1. North India
2. West India
3. East India
4. South India
What Makes Healthy Snacking the Next Big Segment?
As customers increasingly choose healthier options and purchase foods with higher-quality ingredients, Indian households are projected to increase their expenditure on health-focused foods and beverages over the next five years, according to a report by Avendus Capital.
It’s predicted that by 2026, per capita spending on healthful foods will have doubled due to the growing emphasis on health. Within the next five years, the segment is expected to reach a market size of $30 billion.
With a 20 percent compound annual growth rate, India is the health food market with the quickest rate of expansion. This has led to an increase in the number of brands entering the healthy snacking sector. With their extensive product offerings, leading brands in the category including Auric, NuttyFox, Pink Harvest, Lil’ Goodness, Yoga Bar, etc., enable their customers to satisfy their desires without sacrificing their health objectives.
What Are the Key Challenges Faced by Snack Companies in India’s Competitive Market?
Severe Rivalry
The fierce rivalry in the snack market is one of the biggest obstacles facing Indian snack makers. It is getting more and harder to stand out and take up a sizable portion of the market because there are so many well-established players and newcomers who are always coming up with fresh ideas.
Changing Tastes of Consumers
Consumer tastes are always changing due to shifting habits, increased awareness of health issues, and a growing demand for unusual tastes and experiences. In order to create products that satisfy the needs of the contemporary customer, snack firms need to stay abreast of these evolving preferences and make research and development investments.
Related Report :
All companies in this report have been covered with three viewpoints:
• Overview
• Strategy
• Sales
Company Analysis:
1. Prataap Snacks Ltd
2. Nestle
3. DFM Food Ltd
4. PepsiCo India
5. ITC Limited
6. Britannia Industries
7. Agro Tech Food Ltd
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