Why Small-scale industries have the upper hand over Large-scale industries due to variations in consumers behaviors?
Small scale industries can quickly adapt to changes in consumer behaviors without wasting the raw material they have already procured and without burning much cash. They can rapidly change their products, marketing strategies, manufacturing process, specifications of the product according to consumer behaviors and desires.
Examples of companies that have launched new products and made changes due to changes in consumer behaviors:
1. Coca Cola:
As consumers are preferring millet-based food products, Britannia is now approaching snacking in a healthy way with Ragi Cookies.
As consumers are increasingly moving towards protein foods, Nestle recently launched Plant Protein Bars powered by nuts and peas.
Breakfast cereal category major Kellogg’s is set to expand its product portfolio in India with more Indianised products that are suited to the local people. Last year, the company launched its first-ever Indian breakfast product Kellogg’s Upma for which it received a healthy response.
With people being reluctant to fried chips due to health consciousness, Lays has launched ‘baked chips’ which has garnered great interest in the market.
6. Nescafe :
As there is a Huge shift towards dairy alternatives, Nescafé Gold launched a range of non-dairy lattes made with almond, oat or coconut, and blended with 100% Arabica coffee beans to create smooth and creamy coffees
7. Kit Kat:
As people are going with Vegan food products, They have launched Kit Kat V making plant-based dreams come true.
Here are some of the food business ideas generated due to changes in consumer behavior.
1. Multigrain Energy Bar :
To replace usual snacks with nutritious snacks, Yoga bar has come up with a “Multi grain Energy Bar“.
2. Idly and dosa batter:
There is a huge demand for ready-to-cook and ready-to-eat food products from people having high income and no time. The company manufactures a range of fresh foods including Idly/Dosa Batter, Parotas, chapatis, curd, and paneer.
3. Plant-based meat products :
As there is huge shift towards Vegan Foods, Green Dot has introduced Plant-based meat products.
4. Ready to drink:
Paper Boat does not use artificial coloring or preservatives in its products. The Paper Boat brand aimed to bring back traditional drinks of India into the modern context
5. Protein cookies:
Due to an increase in food products containing high protein, Sofit has launched Protein cookies.
Auric is an immunity-boosting beverage containing ashwagandha, Moringa, amla, and coconut water
7.Millet based snacks:
The company aims to develop healthy and tasty snacks and cereals with millets as the core ingredient.
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Millet based food products, high protein and less fat food products, ready to eat products , immunity boosters and dairy alternatives
The food processing industry in India has a total turnover of around USD 65 billion which includes value added products of around USD 20.6 billion.
The Indian food processing industry accounts for 32 per cent of the country’s total food market, 14 per cent of manufacturing GDP, 13 per cent of India’s exports and six per cent of total industrial investment.
There is unlimited scope for the food processing sector under the SMEs in the domestic as well as the international business areas.
The food processing unit of India’s SMEs account for 31% of the consumption basket of India and will continue to grow in the future times.