However, direct to consumer brands in the health food space have managed to raise just about $100 million, despite most companies claiming that the sub-segment will grow significantly post covid.
"Historically, the Indian consumer has strongly preferred taste-led snack categories such as potato chips, extruded snacks, chocolates, and cookies. Hence, it only makes sense to give consumers healthier options in these categories rather than expecting them to change their taste preferences suddenly to health bars and makhanas," said said Anish Basu Roy, founder, TagZ Foods that is popular for its potato chips, and has recently launched gourmet dips and premium bar snacks.
For instance, health bars and makhanas accounted for a minuscule share of the Rs 80,000 crore healthy snacking segment in India last year with sales of Rs97 crore and 150 crore each.
This is despite snacking seeing a sudden surge in sales post covid, and are still growing at double digit. These segments saw huge panic buying during the first wave last year when consumers hunkered down in their homes due to coronavirus-related restrictions. Companies had expected the segments to slow down after mobility improved and out of home consumption occasions rose but it did not happen.
Research firm Kantar had forecasted snacking to grow by about 9%. About nine in 10 Indians or 88% said they are snacking more during the pandemic than before it, with millennials likely preferring snacks over meals, according to a 2020 study by Mondelez International and The Harris Poll, which covered nearly 6300 people across 12 countries.
Research firm Kantar had forecasted snacking to grow by about 9%. About nine in 10 Indians or 88% said they are snacking more during the pandemic than before it, with millennials likely preferring snacks over meals, according to a 2020 study by Mondelez International and The Harris Poll, which covered nearly 6300 people across 12 countries.
Packaged salty snacks and biscuits are an over 65,000-crore market, and two of the largest categories within India’s fast moving consumer goods basket. While Indians prioritised snacks over meals over the past year , three-fourths of Indians have relied on snacks for nourishment and a majority of them are actively seeking snacks that are high protein and vitamin rich, the study added.
"It is improbable that consumers will completely ignore their taste preferences in their search for healthier snacks. The need of the hour is to innovate using global advances in food technology and provide the consumer with better-for-you chips, chocolates, and cookies," added Roy.
RECOVER YOUR BITCOINS, AND LOST CRYPTO FUNDS AND GET BACK ACCESS TO YOUR LOCKED CRYPTO ACCOUNT?
Please beware there are many fake cryptocurrency investment platforms out there. Many people have fallen victim to these scammers and lost a significant amount of their hard-earned money. I was once an unwitting victim of cryptocurrency fraud. I lost about $926,000 worth of Crypto to a fake investment trading platform that tricked me into investing on their platform with the intent of earning a 15% daily profit. I was very disappointed with myself and was drowning in shame. After discussing it with a co-worker, I was directed to GEO COORDINATES RECOVERY HACKER. I immediately reached out and explained my problem to a genius hacker who helped retrieve my cryptocurrency. When it comes to recovering lost cryptocurrency GEO COORDINATES RECOVERY HACKER is the greatest. I will recommend them to any victim out there trying to recover their funds back. Contact Info
Email: geovcoordinateshacker@gmail.com
Website; https://geovcoordinateshac.wixsite.com/geo-coordinates-hack
WhatsApp +1 (512) 550 1646