Binge eating disorder by todays millenial of extruded snacks to boost up the revenues significantly by 2023 : Bonafide Research
After 2001, India has seen a massive change in Snack food market. The meaning of snack has been redefined from chips and cookies to beverages, mini-meals and even three items on the plate. There is a rise in demand of snacks market which drives manufactures to grow and operate in this segment lucratively. Due to the busier lifestyle in the recent past, the demand for convenience products has increased a lot with the thrust of packaged food in India. With the advancement of technology, urbanization, increase in purchasing power, growth in female work population, expansion of nuclear families has augmented the business of the packaged snack food and attracted a large mass toward the snack market in India. In order to save time, people are gradually shifting to ready to eat food items. And the growth rate of the packaged food market has been remarkable in last five years. The food industry has expanded at the rate of 15.6% over the last few years. The consistent growth rate presently outlooks for driving growth in future too.
Traditional and western snacks have become part of the daily diet for rural and urban kids in India. Working parents prefer to buy the branded chips and snacks as they believe that these are prepared hygienically and will provide some amount of energy and nourishment that the children are deprived of because of their parent's busy schedules. Fortunately all the tested products were endorsed as hygienic and as far as being healthy, the manufacturer were playing with words – ‘no added msg’, ‘edible oil’, ‘iodized salt’. So many different names confusing even educated consumers searching for definition of these words in dictionaries rather than being able to make a quick decision as to which product is most suited for them.
The snack market has recently seen a boom in the number of snack and namkeen manufacturers who produce packaged products. Thorough market research and a marketing campaign or strategy based on that research is vital for any new business or brand to create a niche for themselves in this sector which has rampant competition. In India, a giant share of the packaged namkeens/snacks market is enjoyed by Haldirams, which caters to all the states of the country.
Companies adding flavours in savoury snacks are main reason that taste contributes second after time pass. Cream n Onion, Jalapeno, Chilli Tadka etc are some flavours that attract consumers in Indian Market. Leading Players are experimenting with the flavours and cheese, barbeque etc attracting consumers
PepsiCo India is the market leader in organised savoury snacks in India with a share of 17.90%.
Major brands that operate into India Extuded Snacks & Chips Market are Balaji, Haldiram, Bikaji, Bikanervala, DFM foods, Laxmi Snacks, Prataap snacks, ITC, PepsiCo
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