Food evokes sentiments, culture, heritage, innovation, and lifestyle. India has migrated miles to reach its current state of food and consumption patterns.
As a witness to this, from freshly-made snacks, we now see solid suction for packed, instant, and ready-to-eat snacking food items.
Snacking has been on the rise for the past few years. However, the trends seen indicate that the snacks of the future would be healthy, plant-forward, and convenient products.
With the addition of many foreign-funded players vying for a decent market share, the food business has become extremely volatile and competitive.
Several surveys predict half the festival sales this year will come from online portals. This would be a massive jump compared to the less than 30 percent share of online business during last year’s festival season. So could we see demand shift online this festive season and what is in store for India’s snack and food processing industry?
To discuss this and more AK Tyagi, executive director of Haldiram, spoke to CNBC-TV18’s Manisha Gupta.
Tyagi said, “If you see in this year, in COVID period, except April and May as April and May was de-growth for every industry. However, with effect from the June 1st the V-shape and U-shape recovery has been started in the food industry depending upon the type of the industry. For example, in the food business in which we cover the salty snacks there V-shape recovery has been started, but in other vertical that is quick-service restaurants (QSR) saw U-shape recovery has started.”
He added, “It will take some time, now we are trying only to touch the last year volumes because we are not looking aggressive growth in this season in FMCG and QSR.”
Watch this video for more.