Investment Thesis- Health-focused packaged snacking market is a large and attractive market growing at a CAGR of ~20% between FY19-24, driven by increasing prevalence of diabetes, rise in cardiovascular diseases & focus on balanced nutrition
- Protein rich packaged foods such as powder, bars, milkshakes, cookies, etc remain the most effective way to drive protein consumption
- Product quality, product coverage & availability, and trade schemes by brands are critical determinants of success for a snacking brand
- Good shelf placement with products being stored near to the eye level in MT and placed near point of purchase with good visibility in GT
- Strong customer feedback on product quality and taste across geographies – high propensity of new product trial as well among existing customers
- Target has created a strong brand equity through differentiated product portfolio, sticky customer base and omnichannel Pan-India distribution
- Robust distribution system with good on-ground feedback due to sustained demand, attractive trade terms, and responsive sales organization
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