July 19 2019: Snacking has disrupted how people eat. Consumers now snack constantly, blurring the line between what constitutes a snack and what constitutes a meal. With more consumers purchasing snacks, it’s becoming more challenging for brands to stand out. Ganedan Probiotics Ltd, part of the Kerry Group based in Mayfield Heights, Ohio, USA has just released a white paper on the global snacking business: Snackification Takes Hold.
The global market – including savory snacks, sweet biscuits, snack bars, and fruit snacks – is worth $266 billion and is expected to grow by an average of 2.7% a year until 2022, when it will be worth $290 billion.
In the section on India the study finds:
India is a snacking powerhouse with a market worth $4.4 billion in 2018, which is expected to reach $7.8 billion by 2022. Snacks represented 7% of all new product launches in India in 2018. Nearly half of urban Indian consumers (45%) say they snack two to three times a day. Chips are a key segment, accounting for 33% of the market by value in 2016, followed by nuts at 5%. However, the Indian market is particularly fragmented with “other snacks” accounting for 62% of total sales. A growing trend in India is snacks for specific need states and purposes, such as elevating the mood, on-the-go convenience, and snacks suitable for fasting during religious holidays.
The white paper explores global snack trends and innovations, consumer preferences and nutritional demands and strategies that can help brands elevate their products in the market.
You can download the whitepaper, here.