By invite: Shrenik Ghodawat, Director, Sanjay Ghodawat Group
The branded salty snacks market has come a long way from the 1990s, when the market was dominated by the large players and a few other regional brands.
The market registered a major leap in the mid-90s and post 2005 as many other player entered this segment. 20 years ago, snacking on chips meant the deep fried, homemade (sliced, sundried, stored) potato chips our mothers were adept at making along with dozens of other savory snacks.
Today, all we need to do is tear open a packet of our favorite brand. Indians love ‘snacking’, and over the past two decades, branded salty snacks have found high acceptance across large and small cities to become the preferred choice of consumers.
The Knack of Snack has changed drastically in India. We Indians love ‘snacking’ and over the past two decades, snacks have found high acceptance across large and small cities to become the preferred choice of consumers.
General trend in the market is to consume hygienically packed snack food. Over the coming years, we will see that the snack food market will become very regional in the taste attributes.
These days health being the prime factor on radar, majority of the salty snacks producers gives high attention on this point. Several types of potato come in low-salt varieties. Easy on-the-go portable packs with single-serve/bite sized packs are adding to the convenience.
Health-conscious snackers demand healthy, low fat, low calories, low trans-fat, organic, fiber rich, vitamin & mineral fortified snacks, while others want exotic tastes and flavors. So the health aspect is balanced with the taste demand.
The ball of innovation is rolling continuously in the snack industry in India. Indian snack market has always been known to surprise and delight its consumers with innovative and great tasting offerings. The new flavours are inspired by the food culture and the fun spirit of Indians. India is a diversified nation and so is the taste. So the innovations have no boundaries. Every month there will be a new flavor added to the salty snacks horizon in India.
Also for snacks, it’s been the same. The snacking trend is been inspired from West, but the Indian touch is constant in all the available varieties. The producers have to balance the taste and blend the snacks as per the regional taste demand in future.
The growth in India’s consumer market will be primarily driven by a favorable population composition and rising disposable incomes. A recent study by the McKinsey Global Institute (MGI) suggests that if India continues to grow at the current pace, average household incomes will triple over the next two decades and it will become the world’s fifth largest consumer economy by 2025, up from 12th now.