Explosive Growth in the Indian Snacks Market
In 2022, the Indian snacks market demonstrated its formidable presence, boasting a substantial size of INR 38,603 Crore. As we look ahead, IMARC Group predicts remarkable growth, projecting the market to soar to INR 70,731 Crore by 2028. This anticipated growth is underpinned by a compelling compound annual growth rate (CAGR) of 10.4% throughout the period from 2023 to 2028.
Delving into the World of Snacks
Snacks, those delectable bites enjoyed in moderation to satiate our appetites, encompass an array of dry consumable products. This category includes an assortment of delectables, such as cakes, biscuits, cookies, chips, popcorn, nut mixes, multigrain chips, dry fruits, salted peanuts, and more. These snacks are often fortified with preservatives like potassium nitrate, sulfur dioxide, and sodium benzoate, ensuring their taste and quality endure for an extended period. Packaged in airtight containers, they remain protected from moisture, dust, and germs, making them conveniently available in superstores, hyper stores, and through online channels across India.
Growth Prospects and Trends
Several factors are igniting the incredible growth of the Indian snacks industry. Foremost is the surging demand for these flavorful and convenient food products. These snacks cater to the quick fixes for hunger, making them an irresistible choice for consumers. Additionally, the working population’s growing affinity for hassle-free, time-saving snack options further fuels market expansion.
The emergence of numerous e-commerce brands and distribution channels, offering low-calorie, sugar-free, preservative-free, and gluten-free snacks in enticing flavors, is a pivotal driver. Furthermore, the Food Safety and Standards Authority of India (FSSAI) has implemented stringent quality standards, preventing foodborne illnesses and digestive issues, consequently propelling the market’s growth trajectory.
The future of the Indian snacks market is an exciting journey towards greater convenience, innovation, and consumer satisfaction, promising a dynamic and flavorful landscape.
