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 Market By 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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