The report, citing a Datamonitor study: Other Savoury Snacks in the BRIC (Brazil, Russia, India, China) Countries – Market Overview and Forecasts to 2014, predicts that India will be the most lucrative destination in terms of revenue and volume growth over the forecast period.
The term “other savoury snacks” refers to meat snacks, ethnic snacks and pretzels.
India was the fastest growing country with a Compound Annual Growth Rate (CAGR) of 16.4% from 2004 to 2009, said the market analysis provider.
Datamonitor forecasts the market in India will grow at a CAGR of 13.4% between 2009 and 2014, to reach a value of US$357.2 million at the end of the forecast period and will record the highest growth rate compared to the other BRIC countries and the US, Japan, Germany, UK, and France – the top five countries for market value in 2009.
Furthermore, the market is estimated to increase by $166.4 millions in sales over the 2009−14 period, the analysts predict.
In India, in terms of volume, these snacks totaled 45 million kg in 2009, valued at $190.8 million.
A previous Datamonitor report observed a gradual shift in Indians' dietary intake patterns, which the analysts note has resulted in a greater number of snacking occasions and a demand for a greater variety of snacks.
Although snacks have been a part of the Indian culture for a long time and were earlier associated with leisurely consumption consumers are now demanding snacks that are convenient, satiating and suitable for out-of-home/on-the-go consumption, the report said. – Source: MeatProcess.com