Rising per capita income, growing youth population, coupled with growing urbanization and smaller packaging as well as competitive pricing to drive India extruded snacks market
According to a recently released TechSci Research report, “India Extruded Snacks MarketBy Type, By Distribution Channel, By Region, By Company,Competition, Forecast & Opportunities, 2024”, extruded snacks in India is projected to grow at a CAGR of more than 15% during 2019-2024. Growth in the market can be majorly attributed to rising per capita income, growing youth population, growing young population, and introduction of smaller packs as well as competitive pricing provided by the leading players. Increasing per capita income of people living in urban, semi-urban and rural regions of the country is among the major factors driving consumption of extruded snacks. The extruded snacks market is also expected to be positively influenced by anticipated growth in the country’s retail market in the coming years. Moreover, the growing young population in India is also positively impacting the growth of extruded snacks market as the kids are a major target segment of these snacks. Additionally, growing urbanization, and the introduction of smaller and affordable pack sizes as well as the competitive pricing provided by the leading companies are some other factors that are anticipated to contribute to the growth of extruded snacks market in India during the forecast period.
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In terms of distribution channel, the extruded snacks market is categorized into traditional grocery stores, supermarkets/hypermarkets, convenience stores, online, and other distribution channels. Traditional grocery stores accounted for the majority share of India extruded snacks market in 2018 followed by Supermarket/Hypermarket. The convenience stores and online portals are also witnessing a healthy growth in the market. In terms of region, the India extruded snacks market is categorized into North India, West India, East India, South India. The market for India extruded snacks in North India was the largest in 2018 on account of presence of a large customer base, especially the young population. Major players operating in India extruded snacks market include PepsiCo, ITC, Prataap Snacks, DFM Foods and Haldirams. In 2018, PepsiCo grabbed the lion’s share in the country’s extruded, and the company is expected to continue its dominance through 2024.
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“India is one of the fastest growing major economies, and with increasing employment opportunities, high GDP growth rate and rising inflow of foreign direct investment, consumption of extruded snacks is growing. Kids and young population are the primary buyers of extruded snacks and they are also the target consumer segments for the major players operating in the market. Busy lifestyle, rising per capita income, traditional habit of Indians to have snacks, and increasing middle class population make the country a lucrative market for extruded snack manufacturers.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Extruded Snacks Market By Product Type, By Distribution Channel, By Region, Competition Forecast & Opportunities, 2024” has evaluated the future growth potential of India extruded snacks market and provides statistics and information on market structure, consumer behaviour and trends. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyses the emerging trends along with essential drivers, challenges and opportunities available in India extruded snacks market.
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