Health Conscious Consumer
“Health means wealth”, once an adage has now become a motto of the major food processing companies in India. And this motto is not a far-fetched perception of the current consumer needs in the Indian foods and beverages market. The Tata Strategic Management Group (TSMG), a management consulting firm has estimated the current worth of the health and wellness foods market in India at INR101.5bn and sees it potentially rising at a compounded annual growth rate of 23% to INR550bn, by 2015.
This trend of consumer buying behaviour started with the weight-conscious consumer who looked for products that could aid him in losing weight, which was perceived as the easiest route to healthy living. One of the products leading this trend was the artificial sweetener with Sugarfree and Equal being the major players. But with time, the Indian consumer has evolved from weight-consciousness to health-consciousness and we have seen an uptrend in the sales of products that offer more holistic health benefits. The past decade has seen a plethora of products in this category from all major players in the Indian Foods & Beverages industry. According to the TSMG report, curd or yoghurt, flour, savoury snacks, juices and edible oils are likely to be the top five fastest-growing food categories in India by 2015.
Among the savoury snacks market, the biscuits industry is poised for a very steep growth path with companies trying to promote biscuits as a healthy snack. Britannia Industries has recently rebranded itself and used the tagline 'Swasth Khao, Tan Man Jagao' or 'Eat healthy, rejuvenate mind and soul' to launch NutriChoice, a range of high-fibre, five-grain and naturally spiced biscuits earlier this year. Anuradha Narasimhan, category director, health and wellness, at Britannia Industries says: "We believe the health and wellness category in India is poised for an explosion."
Indian Branded Breakfast market is worth around Rs 300 crore. In...
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