Midnight Snacking: Packaged food market will reach Rs 14 lakh crore, orders for chocolate-snacks increase at midnight.

According to the report, at the current pace this market will grow by 50% by 2030. – symbolic photo

The country’s packaged food and beverage market is gaining momentum. The center of its growth is now not just the product but also the way of purchasing. According to the report of Bengaluru-based consulting firm Redseer, at the current pace this market will grow by 50% to about Rs 14 lakh crore by 2030.

In fact, the popularity of quick commerce platforms like Blinkit and Instamart is increasing. These are bringing changes in the eating habits of people. Now consumers do not do much planning before ordering, rather they go to the app and order food items within 10-15 minutes. Also, companies are focusing on small size packets, so that users buy again and again.

Self Reward Economy

Due to the new trend, ready-to-cook, frozen and chilled food segments are witnessing rapid growth. Apart from this, sales in categories like chocolate are also suddenly increasing between 9 pm to midnight. This is being called the ‘self reward economy’, where people give themselves a treat at the end of the day. The habit of ‘midnight snacking’ or ordering snacks at midnight has increased among the youth. This trend has created a new growth segment for FMCG companies.

Companies bringing products according to quick commerce

Quick commerce is now becoming a big opportunity for investors and startups. The total business in this segment can reach Rs 2.3 lakh crore by 2030. Now it is no longer just a delivery channel but has become a sector that gives impetus to the market. Companies are deciding their strategies ranging from product launch, pricing and packaging keeping quick commerce in mind. Its share in the total market of packaged food and beverages may increase from 4% to 20%. This trend will have a negative impact on the traditional retail market.

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