According to Renub Research latest report, “India Snacks Market, Size, forecast 2023-2028, Industry Trends, Share, Growth, Company Analysis,” India Snacks Market is forecasted to grow at a CAGR of 12% from 2022 to 2028. A small serving of food between meals is known as a snack. The snacks industry in India has witnessed a massive upsurge in the past couple of years. With altered consumer choices, rising urbanization, and a shift toward eating habits, the snacking industry has undergone tremendous changes over the years to emerge as one of the bright sectors in the country, contributing to the economy’s growth.
Consumers always prefer healthier and more flavourful alternatives in the food market. Besides, snacks are more favoured by the younger generation, and India has one of the world’s highest numbers of a more youthful population. Therefore, there is a rise in demand for snacks in India, driving the companies to grow and operate in this segment lucratively.
The escalating demand for on-the-go food items, particularly among working and millennial individuals, is primarily driving the Indian snacks market. Besides this, the inflating urbanization levels, the shifting dietary preferences, and the improving consumer living standards further propel the market growth. Apart from this, the elevating popularity of snack variants with ethnic tastes, such as murukku, papad, banana chips, samosas, and others, based on the diverse food cultures across the country, is also catalysing the India snacks market.
Moreover, implementing several stringent quality standards to reduce the risk of digestive problems and food-borne illness is another significant growth-inducing factor by the Food Safety and Standards Authority of India (FSSAI). Furthermore, adding value-added product variants with organic, natural, vegan, low-calorie, and gluten-free ingredients is anticipated to augment the Indian snacks market over the forecasted period.
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COVID-19 Impact on India Snacks Market
With the pandemic outbreak, when digital adoption was at its prime, the Indian food processing industry was prompt enough to embrace technological advancements. As a result, there was a tremendous shift in India’s culinary traditions and practices among the individuals in this period. In pre-pandemic times, consumers were apprehensive about consuming packaged foods. They were rather inclined towards purchasing loose food items from trusted shopkeepers. However, with the coronavirus coming into the picture, they shifted towards packaged foods with promises of hygiene, safe packaging, and convenience. As a result, packed foods such as ready-to-eat and frozen foods have gained popularity ever since.
The Organized Sector is Predicted to Grow in the Coming Years
The traditional snacks were unorganized, but bhujia, chana chor garam, ganthia, and bhelpuri, among others, have taken their place in the organized packaged snacks market. While the traditional savory snacks were consumed by the people in specific regions earlier, urbanization and working population migration to different areas increased the demand for regional snacks in pan-India. Individuals consumed the traditional savory snacks in specific regions earlier. Still, with increasing development and working population migration to different areas, the demand for regional snacks is expanding pan-India. It has led to the domestic expansion of many regional players like Bikaji and Chitale. The factors mentioned above are bolstering the growth of the organized sector of India snacks market.
The demand for Ethnic Namkeen will Rise in Future
The market is forecasted to grow at a significant CAGR. Increasing consumer consciousness towards healthy and packaged traditional snacks has created a massive want for Namkeen in the past couple of years. Indian customers seem to have retrieved their taste for conventional snacks like farsan, Bhujia, and Namkeen, going by the splendid growth rate of regional firms such as Balaji Wafers and Bikanervala at a time when their multinational competitors are struggling. Higher purchasing power resulting from India’s high economic development has changed the liking of Indian customers. The consumers are noticed to be shifting from loose packaging Namkeen to standard, local and, regional, national brands. So the demand of organized industry is growing in India snacks market.
North part of India dominated the India Snacks Market share
The North India snacks market has the highest market share, owing to UP, Delhi NCR, Punjab, and Haryana. Currently, the unorganized sector influences the North Indian snacks business. However, the growth prediction of the Indian snack industry is through the change in lifestyle, urbanization, rising middle-class population, low prices, and accessibility and availability of snacks in small package sizes. In addition, developments in companies’ strategies to focus on promoting regional and traditional tastes are slowly growing in the India snacks market, as well as are ready to thrive in foreign countries.
Competitive Landscape:
Some key competitors in the India Snacks Market are Prataap Snacks, Nestle, DFM Foods Ltd, PepsiCo, ITC Limited, Britannia, and Agro Tech Foods Ltd.
Market Summary:
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