Indian Fried Snacks Market And How Startups Are Contributing To It
While technology is foraying into the domain; innovations in recipes, flavors, and textures of items are being introduced
Startups are an imperative part of the Indian economy and India has the 3rd largest startup ecosystem in the world.
The Indian snacks market has evolved and grown significantly over the period and startups are contributing significantly to this. India is home to diversity and boasts of a variety of snacks that are available in local flavors as well as have incorporated adaptations from the West. Snacking is inextricably linked to India's culture. It forms an essential part of our daily little joys; source of comfort and it creates a sense of nostalgia and a feel-good experience for its consumers. Infact it is something that every Indian love! And therefore, has been evolving and getting more organized, experimental, experiential with the advent of more online and social media furor.
The future landscape of the Indian fried snacks market
As per IMARC Group's report, the Indian snacks market showed significant growth during the forecast period 2016-2021. The study further states that the segment is projected to grow at a CAGR of 12% from 2022 to 2027. The study by Research and Markets states that the market will exhibit double-digit growth and is expected to be valued at $23.36 billion by 2026. Fried snacks hold a significant position in the overall Indian snacks market and are playing a vital role in its growth.
Drivers for Indian fried snacks market
The fast-paced lives and erratic schedules push consumers to demand products that offer convenience. Snacks are not only value for money products but also are convenient and cost-effective to purchase.
Factors such as rapid pace of urbanization, growth in the working population, and surge in nuclear families have together led to the growth of the snack food segment. The shift in the consumers' preferences and purchasing patterns towards convenient foods and improving customer living standards induced by the pandemic are further catalyzing the demand for snacks.
Furthermore, the growing prominence of snacks with ethnic tastes such as samosas, kachori, murukku, papad, etc. based on the diversified food culture of the country is also driving the growth. This spike in demand is pushing the players to introduce innovations and come up with snacks in different flavors, shapes, textures, as well as seasonings to attract the customer base and expand their product portfolio.
Increasing accessibility to online deliveries are further fueling the startup ecosystem in this domain. Startups are now aiming to make household nostalgic Indian snacks accessible across online & offline channels.
Start-ups contributing in the Indian fried snack's market growth
As reported by Research and Markets, since the market is focusing on expanding at a pan India level; the industry players are keen to develop snack items as per the tastes, preferences, and demands of the consumers. Not only the established brands but even the start-ups are playing their part in driving the market's growth as well as meeting the consumers' demands. The one already present in the market are making concerted efforts whereas various others realizing the potential for growth in the space have been keen to enter the domain.
It is the startups that have played a major role in enabling the sector to not only deal with the pandemic but also come out of the crisis better and stronger. With their myriad of solutions, the manufacturing, logistics, supply chain, financial assessment, revenue generation; every process in the Indian fried snack market has been streamlined.
By adopting the route of lean operations, cloud kitchens, advanced tech solutions, robust and streamlined supply chains, product optimization and consistency, incorporating automation, startups are streamlining the entire processes to meet the rising as well as the growing demands of the consumers and come out successful and positively contribute to the startup ecosystem.
Since modern consumers are conscious and cautious about their health and well-being, they demand snacks that are not only delectable in taste but also come with a nutrient balance quotient. The start-ups are thus focusing on incorporating the "health and hygiene' factor in their snacks so as to satisfy the customers. It is all about striking a balance between taste and health, while reserving the essence of traditional Indian snacking indulgence!
The Indian snacks segment is treading on the path of growth and digital transformation. While technology is foraying into the domain; innovations in recipes, flavors, and textures of items are being introduced to enjoy an edge over the other players in the market. The start-ups are playing an integral role in driving the expansion of the market. With the ventures entering the domain; the entire lifecycle right from the manufacturing of the products and order placement to the fulfillment and delivery to the consumers has eased out significantly. They are helping the sector deal with the industry dynamics and evolving consumers' expectations. Pleased to be a part of this ecosystem and our fiery pride in the Indian street food credo drives us each day to establish a global space for the rich and eclectic street food of this country.