India Snacks Market By Sector, Types, Companies, Forecast By 2026
India Snacks Market is expected to reach US$ 23.36 Billion by 2026. Forecast By Sector(Organized & Unorganized), Types, Region, Company Analysis.
The snacks industry of India is the most promising and booming segment of the FMCG category. Consumers always prefer healthier and flavorful options in the food market. Besides, snacks are more popular with the younger generation, and India has one of the world's highest numbers of the younger population. There is a rise in demand for snacks in India; it is driving the companies to grow and operate in this segment lucratively. According to Renub Research latest report, the India Snacks Market is expected to reach US$ 23.36 Billion by 2026.
The packed snacks such as instant and ready-to-cook snacking food items act as the primary growth drivers for the snacks industry in India. The consumption of package snacks is growing in India due to hygienic factors, easy availability, numerous choices, and a rise in its citizens' personal disposable income. Our study suggests that the Indian Snacks Market size is expected to grow with a double-digit CAGR of 13.24% from 2020 to 2026.
Millennial and Gen-Zs population are considered a big market by FMCG companies for its snacks segment. Since Millennial and Gen-Zs population are more inclined towards the junk food. However, this trend is also changing slowly with the introduction of organic nutrient snacks in the Indian market. These snacks are considered a bit healthier compared to regular snacks because of qualities like low calorie and constituting less oil; thus, huge Indian masses prefer them. The market of snack food in India is valued to US$ 11.08 Billion in 2020.
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Products such as Extruded Snacks, Chips, Namkeen are famous among different consumer’s base, age group, and monthly income. India has different types of traditions, culture and food; that’s why snacks tastes differ from region to region in India. For example, in western India, states like Gujrat & Maharashtra, snacks like Fafda, khakhra, Dhokla, Bhelpuri are popular. Similarly, banana chips are being loved in Southern India. In the middle and northern India, potato chips are popular.
Brands like Pratap Snacks, Balaji Wafers, DFM Foods, Bikanervala, Haldirams and PepsiCo in India are the key players in the India Snacks Market. Further, they are continuously capitalizing on the opportunity through their product offerings, bringing the goodness of healthy food items to Indian consumers in different formats suited to the lifestyle of the Indians as per their choice. Moreover, in India, many unorganised players working into the markets play a major role in the snacks market's growth.
Among many lifestyle changes, the COVID-19 induced lockdown also influenced snacking habits in India. As consumers were confined to homes and were anxious, so the ready-to-eat savouries became their instant companions, offering gratification as well as a sense of contentment to them. When most economic sectors were adversely hit, the lifestyle changes positively impacted the snacks market in India.
Why Snacks are Popular
Snack provides Instant Gratification from Hunger: Snacks that aid the immediate work pressures while offers mental stimulus. Currently, as work from home presumably obliges more productivity and turnarounds, snacks provide instant gratification from hunger.
Health Consciousness Trends are on Rise: Even amidst the ongoing pandemic, people have become more health-conscious, encouraging them towards healthier snacking choices. Also, the snack companies are making more sugar-free and immunity-strengthening snacks by adding a nutritional preference to their commodities; subscription-based healthy snack boxes also are on the surge.
Renub Research study titled “India Snacks Market Forecast By Sector (Organized & Unorganized), Snacks (Extruded Snacks, Chips, Namkeen, Others), Region(North India, West India, East India, South India) Companies (Prataap Snacks Ltd, DFM Foods Ltd, PepsiCo India, ITC Limited, Britannia Industries, Balaji Wafer Pvt. Ltd., Haldiram’s Snacks Pvt. Ltd., Bikanervala Foods Pvt. Ltd.)” provides a comprehensive assessment of the fast-evolving, high-growth India snacks Market
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