Snacks Market in India 2014
Netscribes' latest market research report titled Snacks Market in India 2014 elaborates the competitive market scenario of the Indian snacks market and its growth prospects in the ensuing years. Indian snacks market is experiencing rising demand due to various driving factors which in turn is providing immense opportunities to manufacturers to grow and operate in the market lucratively. The report provides a snapshot of the Indian snacks industry that has witnessed several changes since 1995. In the initial years, the market was dominated by two players - traditional snacks player Haldiram and Â‘Uncle Chips' manufacturer Amrit Agro. Later on, with the entry of global beverage and snacks player PepsiCo, the market dynamics changed completely. Now, the market is dominated by PepsiCo with its wide range of product portfolio. The other major players include Parle Agro, ITC, Parle Products, Balaji Wafers and Parle Wafers among others. A number of regional players have also entered the market over the past few years and are giving tough competition to the big players.
The snacks market is classified into two broad segments - Western and traditional snack segments, wherein western snacks enjoy more popularity in comparison to the traditional snacks. Moreover, the western snack segment is dominated by a large number of MNCs and organized snack manufacturers.
There are certain factors that have predominantly worked towards enabling the sector to grow in recent years. These include higher disposable incomes have enabled consumers to enhance their purchasing power, rapid urbanization which leads to busy lifestyles and subsequent inclination of consumers toward packaged food products and aggressive marketing campaigns by all the players to break the product clutter and attract consumers toward their brand. In addition to these, the other factors which are contributing towards rapid growth of the industry include growing working women population, fast expanding retail network and the convenience factor associated with snack consumption
For snacks, quality standards laid by FSSAI have to be followed by the industry players. Various government policies that have been formulated for the food processing sector such as FDI, tax benefits and export promotions are applicable for the snack category as well.