Growth Opportunities in the India savory snacks market look promising over the next six years. The growing popularity of baked food items and rising demand for convenient food products owing to the rising on-the-go trend for snacking options are the key factors driving the growth of the India savory snacks market.
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India Savory Snacks Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The significant factor contributing to the growth of the India savory snacks market include the rising demand for convenient food products owing to the rising on-the-go trend for snacking options globally. The increasing awareness regarding healthy snacking habits motivates the consumers to opt for healthy food products and fillings the stomach for a longer duration. This factor has enhanced the demand for protein-rich snacks, which include turkey or lean beef in a regular diet. Furthermore, the growing popularity of baked food items is a major factor fuelling the demand of the market. The savory snacks are usually gluten-free and have fewer calories, which makes them edible for people with diabetes or obesity.
The rising emphasis on education and exposure to media, along with the growing availability of low priced savory snacks, particularly in the rural market, are the major factors propelling the growth of the market. There are approximately 100 million children in India among the age group of 1-10, out of which around 20 million are in the top socio-economic demographic. This offers a wide market for brands that are actively looking to grow their consumer base. Additionally, there is an increase in the demand for processed food products and savory snacks, particularly between meals, traveling, or special occasions. The outbreak of the COVID-19 pandemic has caused stringent lockdown as a result, the consumers are stockpiling their shelf-stable food and beverage products like savory snacks, thereby propelling the consumption of savory snacks. People are spending more time studying and working at home, which has led to an upsurge in demand for salty snacks, thus increasing the total demand for Popcorn (Act II), Nuts and Seeds (Good Life Raw Peanut), Ethic snacks (Bombay Mix), and other processed snacks among the households. This factor is bringing various growth opportunities for the market during the forecast period. In addition to this, major players like Parle, PepsiCo, Haldiram, ITC, and other companies, are focusing on expanding their product offerings in the nation. In 2016, PepsiCo introduced 15 new products in the Kurkure range, such as Punjabi Chatka, Shahi Mix, South Tangy Taste, and other snacks.
India Savory Snacks Market Segmentation:
Segmentation by Product:
- Potato Chips
- Extruded Snacks
- Nuts & Seeds
- Popcorn
- Others
Segmentation by Distribution Channel:
- Supermarket/Hypermarket
- Independent Retailers
- Convenience Stores
- Service Station
- Others
Segmentation by Flavor:
- Roasted/Toasted
- Barbeque
- Spice
- Beef
- Others
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