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Jeet B Bhayani (SEBI RA)

22nd Oct · SEBI-Registered Analyst

India's currency in rupees. The snack market, valued at 46,571 crore (US$ 5.29 billion), is a highly competitive arena this Diwali, as traditional leaders such as Haldiram's contend with startups providing healthier, higher-quality, and carefully packaged snacks. The market is expected to more than double to Rs. 1,01,811 crore (US$ 11.57 billion) by 2033, growing at a compound annual growth rate of 8.6%. The namkeen sector is anticipated to contribute almost Rs. 39,591 crore (US$ 4.5 billion) in worth by 2029. Established brands such as Haldiram's, Balaji Wafers, and Bikaj Foods maintain a stronghold by utilizing their reputation, cost-effectiveness, and extensive distribution networks. Nonetheless, a fresh wave of startups is shaking up the market with 'clean,' 'mindful,' and 'contemporary' indulgences. Companies such as Farmley, TagZ, Bonvie, and TooYumm! are focusing on high-quality, clean-label snacks, appealing to urban shoppers as well as developing Tier-II and Tier-III markets. The emergence of these modern snack producers indicates a cultural change, as younger, label-savvy buyers lead the movement towards healthier and more clear snacking choices. Research indicates that 55% of Indians currently favor snacks without preservatives, and 52% value environmentally friendly packaging. Formats like dry-fruit desserts and energy bars for convenience are quickly gaining popularity, with healthy snacks increasing 1.2 times more swiftly than conventional options. This Diwali, the rivalry is especially intense, as established brands fill stores with gift sets of snacks and desserts, while new companies promote exclusive makhana packages and dry-fruit selections featuring stylish designs. Quick commerce services such as Blinkit and Swiggy Instamart have streamlined discovery, providing digital-first brands with nationwide visibility instantly.

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