Extruded snacks in India is projected to grow at a CAGR of more than 15 per cent between 2019 and 2024. These were the findings of a recently-released report by research-based global management consulting firm TechSci Research, titled India Extruded Snacks Market By Type, By Distribution Channel, By Region, By Company, Competition, Forecast & Opportunities, 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 incomes of people living in urban, semi-urban and rural regions of the country are 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 urbanisation, 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.
In terms of distribution channel, the extruded snacks market is categorised into traditional grocery stores, supermarkets/hypermarkets, convenience stores, online, and other distribution channels.
Traditional grocery stores accounted for the majority share of the India extruded snacks market in 2018, followed by supermarkets/hypermarkets. 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 categorised into North India, West India, East India and 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 THE 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.
“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,” said Karan Chechi, research director, TechSci Research.
“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 lifestyles, 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,” he added.
The report has evaluated the future growth potential of India extruded snacks market and provides statistics and information on market structure, consumer behaviour and trends. It is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation.
Besides, the report also identified and analysed the emerging trends, along with essential drivers, challenges and opportunities available in the India extruded snacks market.
News Source- FNB News.