India Snacks Market Size 2024-2032 Influenced by Increasing Number of New Brands

IMARC Group's report titled "India Snacks Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032". The India snacks market size reached INR 42,694.9 Crore in 2023. Looking forward, IMARC Group expects the market to reach INR 95,521.8 Crore by 2032, exhibiting a growth rate (CAGR) of 9.08% during 2024-2032.

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Factors Affecting the Growth of the India Snacks Industry:

• Innovative Product Offerings:

The India snacks market is experiencing a wave of innovation that is reshaping consumer choices. Snack companies are constantly introducing fresh and distinct flavors, innovative packaging, and novel snack formats to capture consumer attention. This culture of innovation keeps consumers engaged and helps brands establish a competitive edge in the market. Furthermore, there is a growing trend of incorporating locally sourced and regional ingredients into snack production, appealing to the diverse tastes and preferences of Indian consumers. This dynamic environment fosters continued growth and opportunities within the snacks sector.

• Rapid Urbanization and Busy Lifestyles:

Rapid urbanization and the increasingly hectic lifestyles of India's population are major drivers stimulating the snacks market. As more individuals migrate to urban areas and embrace busier routines, there is a heightened need for convenient, on-the-go snack options. This trend has given rise to single-serve snack packs, ready-to-eat snacks, and quick bites that cater to the fast-paced urban lifestyle. the leading snacks manufacturers in India are adapting to this demand by providing easily accessible and portable snack choices, aligning with the needs of urban consumers and thus contributing to market growth.

• Changing Consumer Preferences:

The India snacks market is significantly influenced by the evolving preferences of consumers. In recent years, there has been a discernible shift toward healthier and more diverse snack choices. Consumers are increasingly seeking snacks that satiate their taste buds and offer nutritional value. This shift in consumer preference has augmented the demand for snacks like roasted nuts, whole-grain chips, and alternative versions of traditional snacks, reflecting a growing awareness of health and wellness among Indian consumers. This, in turn, is supporting the market growth.

Leading Companies Operating in the India Snacks Industry:

Agro Tech Foods Ltd. (Conagra Brands, Inc.), Balaji Wafers Pvt. Ltd., 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

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India Snacks Market Report Segmentation:

By Product Type:

Chips
Salted Peanuts
Fryums
Popcorns

Chips represented the leading segment due to their widespread popularity and variety in flavors and textures.

By Pack Type:

Pouch
Others

Pouch accounted for the largest market share owing to its convenience, ease of storage, and attractiveness to on-the-go consumers.

By Pack Size:

Less than 50 gm
50-100 gm
More than 100 gm

Less than 50 gm represented the largest segment as it caters to the rising demand for portion-controlled snacks, aligning with changing consumer preferences for healthier snacking options.

By Distribution Channel:

General Trade
Modern Trade
Online and E-Commerce
Others

General trade held the majority of the market share on account of its extensive reach and accessibility, making it the preferred channel for snack distribution across diverse consumer demographics.

State Insights:

Maharashtra
Uttar Pradesh
Delhi
Gujarat
Karnataka
Andhra Pradesh
Telangana
Goa
Others

Maharashtra's dominance in the India snacks market is attributed to its high population density, urbanization, and diverse culinary culture, making it a significant hub for snack consumption and production.

India Snacks Market Trends:

The India snacks market is significantly influenced by the escalating demand for healthier and more diverse snack options due to changing consumer preferences, leading to increased interest in snacks like roasted nuts and whole-grain chips.

Apart from this, rapid urbanization and busy consumer lifestyles have fueled the need for convenient on-the-go snacks that, result in a rise in single-serve packs and ready-to-eat snacks. Furthermore, innovative product offerings, including unique flavors and the use of local ingredients that gain consumer attention, are contributing to market growth.

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