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.
https://mavenanalytics.io/project/37512
https://mavenanalytics.io/project/37514
https://mavenanalytics.io/project/37513
https://mavenanalytics.io/project/37515
https://mavenanalytics.io/project/37516
https://mavenanalytics.io/project/37524
https://mavenanalytics.io/project/37523
https://mavenanalytics.io/project/37525
https://mavenanalytics.io/project/37526
https://mavenanalytics.io/project/37527
https://mavenanalytics.io/project/37538
https://mavenanalytics.io/project/37534
https://mavenanalytics.io/project/37535
https://mavenanalytics.io/project/37536
https://mavenanalytics.io/project/37537
https://mavenanalytics.io/project/37549
https://mavenanalytics.io/project/37551
https://mavenanalytics.io/project/37550
https://mavenanalytics.io/project/37553
https://mavenanalytics.io/project/37552
https://mavenanalytics.io/project/37570
https://mavenanalytics.io/project/37569
https://mavenanalytics.io/project/37571
https://mavenanalytics.io/project/37572
https://mavenanalytics.io/project/37573
https://mavenanalytics.io/project/37584
https://mavenanalytics.io/project/37585
https://mavenanalytics.io/project/37586
https://mavenanalytics.io/project/37587
https://mavenanalytics.io/project/37588
https://mavenanalytics.io/project/37589
https://mavenanalytics.io/project/37590
https://mavenanalytics.io/project/37591
https://mavenanalytics.io/project/37592
https://mavenanalytics.io/project/37593
https://mavenanalytics.io/project/37599
https://mavenanalytics.io/project/37601
https://mavenanalytics.io/project/37600
https://mavenanalytics.io/project/37603
https://mavenanalytics.io/project/37602
https://mavenanalytics.io/project/37610
https://mavenanalytics.io/project/37609
https://mavenanalytics.io/project/37611
https://mavenanalytics.io/project/37612
https://mavenanalytics.io/project/37613
https://walling.app/tP1qlHpom3dj1amnzNa7/-
https://wall.page/J2eQGW
https://walling.app/Kr2Ml4eHgwjap8PFxhoA/-
https://walling.app/EOUnju6rFnwm25ljwHCy/-
https://walling.app/jSSaoowq3X4Ow4BGBYjE/-