India Snacks Market, Size, Share, Growth and Key Players | Forecast 2023 - 2028 | Renub Research

India snacks market projects a CAGR of 12% in the future, driven by changing lifestyles, rising disposable income, urbanization, snacking habits, product innovation, organized retail, and effective marketing strategies.

Renub Research has recently published a report named "India Snacks Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028," providing a detailed industry analysis that consists of market share insights. Furthermore, the report studies competitors and regions and the recent India Snacks Market growth.

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The India Snacks Market will reach US$ 23.69 Billion in the coming years. The snacking sector is witnessing a remarkable surge, as the Indian snacks market continues to expand significantly with each passing year. This impressive growth has sparked intense competition among snack companies, prompting them to prioritize inventive product development, expand their distribution networks, and employ price promotions to maintain a competitive edge. Snacks hold a special allure as impulsive purchases for consumers, readily accessible at retail shops and convenience stores while they engage in their grocery shopping. Snack manufacturers continually introduce fresh snack products by making subtle modifications to ingredients, packaging, shape, or overall presentation of existing snacks. Street food in India offers various savory and sweet snacks like samosas, pakoras, chaat, vada pav, pani puri, jalebi, gulab jamun, and barfi, representing different states' culinary heritage. In addition, snacking is a social experience, often shared communally.

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Introducing Western snacks has impacted the Indian snack market, diversified choices, and fostered competition. Incorporating Western snacks into daily routines has influenced convenience and modernity in eating habits. Traditional Indian snacks remain popular, but Western snacks have shifted preferences and added a new dimension to India's snacking culture. The growth in disposable income has significantly impacted the India snack market, driving demand for various traditional and Western options. In addition, modern retail formats have expanded snack availability and changes in snacking habits have created opportunities for conventional and innovative brands.
On-the-go healthy snacks are gaining popularity in India as people prioritize health and seek convenient, nutritious options. Busy lifestyles and changing dietary preferences drive the demand for these snacks. Made with natural ingredients, whole grains, and nutrient-dense components like fruits, nuts, and lean proteins, they provide a convenient balance of convenience and nutrition. Available in supermarkets, convenience stores, and online platforms, these snacks are easily accessible to consumers across India. Their popularity reflects a growing awareness of health and wellness as individuals strive for healthier choices amidst busy lives.

Hence, the growth in the India snacks market is because of rapid urbanization, busier lifestyles, and the emergence of modern retail formats. As a result, snacking has become an integral part of Indian eating culture, with manufacturers introducing innovative flavors and healthier options. In addition, organized retail has provided better market access, and aggressive marketing campaigns have increased consumer awareness and brand presence.

The unorganized sector's dominance in the India snacks market stems from its wide range of traditional and homemade snack products, their affordability, and flexibility.
The unorganized sector in the India snacks market comprises small-scale and local snack producers and sellers, operating informally as street vendors, roadside stalls, and home-based enterprises. However, challenges such as quality control, standardization, distribution networks, and regulatory compliance arise due to the need for more formal organization and limited resources. The dominance of the unorganized sector can be due to its wide variety of regional snacks, affordability, flexibility, and adaptability to changing market demands. Its widespread distribution network ensures easy accessibility. Customer loyalty fosters through personal connections. Nevertheless, the organized sector is also proliferating, driven by organized retail expansion and well-established brands.

Sector - The India Snacks Market breakup from two viewpoints

1. Organized Snacks
2. Un-Organized Snacks

The increasing demand for authentic regional flavours and the preservation of culinary heritage have contributed to the growth of ethnic namkeen in the India snacks market.
Ethnic namkeen is of great importance in India due to its representation of rich culinary heritage and regional flavors, fostering cultural pride. It plays a vital role in festivities, creating a sense of togetherness and shared traditions. It supports the economy and livelihoods of communities, preserving traditional practices. The traditional snack food industry is a complex landscape influenced by various hidden and seasonal factors that shape the market. The captivating flavors, sizes, shapes, and visual appeal of traditional snacks have propelled their popularity and significance not only in India but also on a global scale. The rapid urbanization and expanding population have acted as driving forces, propelling this snacks industry in India to become one of the fastest-growing sectors in the Indian economy.

Type - The India Snacks Market breakup from three Viewpoints

1. Ethnic Namkeen & Snacks
2. Ethnic Bhujia
3. Western Snacks

The snacks market in India is set to witness a significant contribution from the western region of the country.
West India snacks are diverse culinary delights from states like Maharashtra, Gujarat, Rajasthan, and Goa. The snacks market in India is bracing itself for a remarkable upswing, driven by the substantial contribution anticipated from the western region of the country. Famed for its distinctive culinary legacy and a rich assortment of snack options, the western region stands poised to secure a significant market share. From beloved savory treats like vada pav and dhokla to delectable sweets such as shrikhand and modak, snacks originating from this region have gained widespread recognition and captivated the taste buds of consumers.
Consequently, individuals throughout India are enthusiastically embracing the flavors and inventive creations emerging from the vibrant snacking culture of the western region. West India holds a significant share of the snacks market due to its rich culinary heritage, vibrant street food culture, tradition of entrepreneurship, access to fresh seafood and spices, and the influence of tourism, which drives demand and promotes its popularity.

Region - The India Snacks Market breakup from four viewpoints

1. North India
2. West India
3. East India
4. South India

Competitive Landscape

Prataap Snacks, Nestle, DFM Foods Ltd, PepsiCo, ITC Limited, Britannia, and Agro Tech Foods Ltd are prominent players in the Indian snacks market.
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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