Southern Region to Lead India Malted Food Drinks Market until 2023
Increasing
per capita income, rapid urbanization and changing consumer perception about
malted food drinks as an important source of nutrients to drive India malted
food drinks market through 2023
According to TechSci Research report, “India
Malted Food Drinks Market By Product Type, By Distribution Channel, Competition
Forecast & Opportunities, 2013-2023”, India malted food drinks market
is projected to surpass $ 1.76 billion by 2023. Malted food drinks are
fortified with nutrition and used to enhance the taste of milk. Innovative
product offerings such as Protinex Diabetes care, Junior Horlicks, etc., in
addition to increasing disposable income and growing number of health-conscious
people are expected to boost demand for malted food drinks in India
during the forecast period. Growth in the market is also expected to be driven
by increasing urbanization, changing lifestyle and increasing demand for
convenience food items.
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Urban population share in India grew from
32.75% in 2015 to 33.14% in 2016, according to the World Bank. Rising young
population base and growing demand for healthy malt-based food drinks is
further anticipated to boost demand for malted food drinks in India during the forecast
period. Malted food drinks with cocoa
powder dominate the country’s malted food drinks market, on account of its
higher consumption and popularity. Mounting media exposure such as ‘Tayari jeet
ki’ campaign launched for chocolate flavored health drink Bournvita, brand
endorsement by famous sportspersons like MS Dhoni, Sourav Ganguly and PV Sindhu
endorsing brands like Boost, Complan, Ojasvita, respectively, increasing
availability of innovative product options and flavors such as mixed fruit,
elaichi, etc., are expected to further drive the consumption of malted food
drinks in India over the next five years.
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Southern region is the largest demand
generating region for malted food drinks in India, owing to higher awareness
levels and increasing penetration in the region’s rural areas. Moreover, growth
in the organized retail and e-commerce is significantly improving the
visibility and availability of these products in the Indian market. “Malted food drinks market is very promising in
India and is anticipated to witness healthy growth over the coming years. New
flavors with fruits, nuts , etc., and attractive packaging are attracting
consumers of all age groups towards malted food drinks. As consumers in
the Indian market are becoming more concerned about ingredients and associated
health benefits, manufacturers are focusing on maintaining transparency in
labeling. Growing consumer preference for higher nutrients, low calorie and low
sugar content is diverting malted food drinks manufacturers’ focus towards the
production of innovative, nutritious malted food drinks to adverse the growing
consumer demand in India.”, said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“India Malted Food Drinks Market By Product
Type, By Distribution Channel, Competition Forecast & Opportunities, 2013-2023” has evaluated the future
growth potential of malted food drinks market and provides statistics and
information on market structure, size, share and future growth. The report is
intended to provide cutting-edge market intelligence and help decision makers
to take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges and
opportunities present in India malted food drinks market.
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