India Savory Snacks Market

Introduction of the India Savory Snacks Market Report

The savory snacks refer to the grab-and-go food products, which are easy to bring along to the office and requires minimal prep time. Nuts and seeds are considered healthy savory snacks that offer a high amount of protein and healthy fats. Popcorn is one of the most favorite savory snacks around the world and is available through various distribution channels such as Supermarkets/Hypermarkets, retailers, convenience stores, and other outlets.

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Market Dynamic

Key Drivers and Emerging Trends

The strong demand for convenient food products due to the emerging on-the-go trend for snacking options is a major factor that is surging the demand for meat-based savory snacks products at the global level. The rising awareness related to healthy snacking habits is encouraging the consumers to opt for food products that are healthy and fillings the stomach for a longer period. This factor has surged the demand for protein-rich snacks, such as lean beef or turkey, in a regular diet. Moreover, the increasing popularity of baked food items is another factor that will have a positive influence on the market’s demand. The savory snacks are gluten-free and have a lower amount of calories, which makes them edible for people with obesity or diabetes.

The growing focus on education and exposure to media, followed by the availability of low priced savory snacks, especially in the rural market, are the two factors that are contributing to the growth of the Indian savory snacks industry. There are approximately 100 million children in India between the age of 1-10, out of which 20 million are in the top socio-economic demographic. This provides a huge market for brands that are looking forward to expanding their consumer base. In addition to this, there is an upsurge in demand for processed food products and savory snacks, especially during traveling, in between meals, or during special occasions. The strict lockdown due to the COVID-19 pandemic has led to the stockpiling of shelf-stable food and beverage products such as savory snacks, thus surging the consumption of savory snacks. The individuals are spending more time working and studying at home which has led to an increase in the demand for salty snacks, therefore growing the total demand for Ethic snacks (Bombay Mix), Nuts and Seeds (Good Life Raw Peanut), Popcorn (Act II), and other processed snacks among the households. This factor has created numerous growth opportunities in the market over the coming years. Furthermore, the leading players, such as ITC, Haldiram, Parle, PepsiCo, and other companies, are emphasizing on increasing their product offerings in the country. In 2016, PepsiCo launched 15 new products in the Kurkure range, which included South Tangy Taste, Punjabi Chatka, Shahi Mix, and other snacks.

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Product – Segment Analysis

Based on the Product, the potato chips segment is expected to dominate the market during the forecast period. The launch of new flavors and roasted potato chips with exceptional health benefits is a major factor that is contributing to the growth of the segment in the market. On the other hand, the extruded snacks segment is predicted to grow at a faster CAGR during the forecast period. The increasing fortification of include healthy ingredients is encouraging the consumers towards the adoption of extruded snacks option.

Distribution Channel – Segment Analysis

Based on the Distribution Channel, the convenience stores segment is anticipated to grow at a higher CAGR during the forecast period. The convenience stores are built with the idea that individuals can purchase their required products in an easy way. The availability of a large variety of products and the widespread presence of these stores in urban areas of India are further supporting the growth of the segment in the market.

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Key Developments:

• • In 2019, PepsiCo announced to set up a mega food manufacturing plant in Uttar Pradesh, with an investment of around 514 crore over the next three years. Through this expansion, the company aimed to double its snacking business include brands such as Kurkure and Lay’s in India.

Segments covered in the Report:

The India Savory Snacks market has been segmented on the basis of Product, Distribution Channel, Flavor. Based on Product, the market is segmented into Potato Chips, Extruded Snacks, Nuts & Seeds, Popcorn and Others. Based on Distribution Channel, the market is segmented into Supermarkets/Hypermarkets, Convenience stores, Independent Retailers, Service Station and Others. Based on Flavor, the market is segmented into Roasted/Toasted, Barbeque, Spice, Beef and Others. 

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Key questions answered in this research report:

• • At what pace is India Savory Snacks market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in India Savory Snacks market? What will be the impact of drivers and restraints in the future?
  • Which Product generated maximum revenues in 2019 and identify the most promising Product during the forecast period?
  • What are the various Distribution Channels of India Savory Snacks market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

India Savory Snacks Market by Product

• • Potato Chips
  • Extruded Snacks
  • Nuts & Seeds
  • Popcorn
  • Others

India Savory Snacks Market by Distribution Channel

• • Supermarket/Hypermarket
  • Independent Retailers
  • Convenience Stores
  • Service Station
  • Others

India Savory Snacks Market by Flavor

• • Roasted/Toasted
  • Barbeque
  • Spice
  • Beef
  • Others