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.
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