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9 paneer dishes for evening snacks DNA India9 paneer dishes for evening snacks - DNA India
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According to a market research firm Imarc Group, the India snacks market size reached Rs 42,694.9 crore in 2023. Looking forward, the firm expects the market to reach Rs 95,521.8 crore by 2032 with a growth rate (CAGR) of 9.08% during 2024-2032.
Against this backdrop, FMCG brands share their views on the overall health-based snacking food market and the ongoing demand from different regions of the country.
Sharing his thoughts, Manas Madhu, co-founder of Beyond Snack said, "Significantly, there's a rising focus on macronutrients. Today's consumer is informed, discerning, and inclined towards snacks that complement their dietary regimes, whether keto-friendly or low-carb. This shift towards health-conscious snacking isn't just a trend but a lifestyle choice."
On a similar note, Dr. Shilpa Vora, chief R&D officer at Marico Ltd, said, “Conscious snacking that strikes a balance between health and taste has been one of the priorities amongst today’s contemporary consumers.""The industry is being driven by the working population's increased inclination for convenience food that is high in nutritional value. Thus, there has been a growing demand for on-the-go snacking options that are ready-to-eat and ready-to-cook, offering flavor, health, and ease," Vora explained further.
According to Rajat Kamath Bola, founder and director of Bolas Agro, "In 2023, the Indian consumer's perception of dry fruits and nuts as healthy alternatives has not only solidified but has also catalyzed a wave of innovation in the food industry."
Speaking about the year-long trend in the health-based food market, Vora said, "With the right push from the government, millets have also gained popularity among conscious consumers, addressing their preferences towards health and sustainability."On the overall demand in the healthy snacking market, Bola said, "Globally, the healthy consumables and snacking industry has witnessed a notable surge, almost up to 10 per cent. In the Indian market context, this surge has been even more dramatic and is estimated to be around 20 per cent."
This year, the per capita consumption of dry fruits has shown robust double-digit growth, with tier-2 cities contributing significantly to this trend along with metropolitan cities, Bola added.
Resonating the thought, Vora said, "The trend is not just limited to metro cities but is also predominant in tier 2-3 cities."Expectations from the category in 2024
The FMCG players anticipate healthy snacking trends to gain even more momentum in 2024.
Talking about the expectations for the year 2024, Madhu said, "We anticipate healthy snacking trends to gain even more momentum. As we step into 2024, the snacking sector will be shaped by this triad of taste, health, and convenience. This convergence doesn't just cater to varied consumer preferences; it reflects a fundamental shift in lifestyle and eating habits. In the rapidly evolving Indian snack market, embracing this change is advantageous and essential for staying ahead."
Bola said, "With the changing consumption patterns, affordable pricing, and increase in supply along with easy availability of dry fruits and nuts, we are expecting a surge in consumption from tier 3 and 2 cities in the near future. The trajectory suggests a positive outlook for the category, indicating continued growth in the coming year."
With the expected category growth, Vora said, "Marico will continue to explore new avenues within the category, diversify our millet-based portfolio and introduce innovative and differentiated product and flavour offerings that fit the consumer’s needs and preferences.”
