India Snacks Market to Grow at 10.4% During 2023-2028 According to the latest report by IMARC Group, the India snacks market reached a value of INR 38,603 Crore in 2022. Looking forward, the market is expected to grow at a CAGR of 10.4% during the forecast period (2023-2028).
The market is primarily driven by the rising consumption of processed food items and on-the-go food products. Rapid urbanization has resulted in hectic work schedules and sedentary lifestyles among individuals, which is also increasing the consumption of snacks as an alternative to full-fledged meals like breakfast, lunch, or dinner. In addition to this, the satisfying taste and long shelf life offered by snacks are facilitating the market growth. Snacks with ethnic tastes like banana chips, murukku, papad, and samosas are becoming extremely popular among the teenage population, people living in hostels, and bachelors. Furthermore, the rising health consciousness has shifted the consumer preference towards natural, organic, vegan, low-calorie, and gluten-free snack variants. As a result, manufacturers are introducing value-added products in different flavors, textures, and seasonings to diversify their consumer base and expand their product portfolio. Nowadays, the growing trend of premiumization has further led to the launch of a variety of functional snacks with bold, spicy flavors and exotic ingredients, which, in trun, is influencing the growth of the market.
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Market Summary:
- Based on the product type, the market has been segmented into chips, salted peanuts, fryums, and popcorns.
- On the basis of the pack type, the market has been classified into pouch and others.
- The market has been categorized based on the pack size into less than 50 gm, 50-100 gm, and more than 100 gm.
- On the basis of the distribution channel, the market has been segregated into general trade, modern trade, online and e-commerce, and others.
- Region-wise, the market has been divided into Maharashtra, Uttar Pradesh, Delhi, Gujarat, Karnataka, Andhra Pradesh, Telangana, Goa, and others.
- The competitive landscape of the market has been examined, with some of the key players being Agro Tech Foods Limited (Conagra Brands, Inc.), Balaji Wafers Private Limited, Bikanervala Foods Private Limited, Haldiram Snacks Private Limited, ITC Limited, Parle Products Private Limited, PepsiCo, Prataap Snacks Limited, TTK Foods (TTK Healthcare), and Urban Platter.