Orion India, the Indian subsidiary of South Korea’s confectionery giant Orion Holdings, is intensifying its focus on its local range of snacking products, which includes popular items like Choco Pie dessert snacks and Turtle chips, according to the company’s managing director, Saurabh Saith.
Having entered the Indian market five years ago, the company is now in the process of expanding its production capacity at its existing manufacturing facility in Rajasthan.
Additionally, Orion India is introducing new snacking products to meet the surge in demand, as stated by Saith. The company has enlisted actor Palak Tiwari to endorse its Turtle Chips franchise in India as part of its marketing strategy.
The growing popularity of Korean cuisine in India has prompted major brands to diversify their portfolios by including Korean brands. For instance, Nestle recently introduced Korean BBQ noodles under its Maggi brand, while ITC expanded its Bingo chips range to include Korean variants.
Saith emphasised the need to stand out from the competition and differentiate their products from the plethora of similar offerings in the potato chips and tortilla chips segments.
According to NielsenIQ data, the Indian market for Korean noodles saw significant growth, reaching over Rs 65 crore in value last year, compared to just Rs 2 crore in 2021. In comparison, instant noodles grew by 10 per cent, albeit on a much larger base.
Other Korean food items available in Indian stores include Hindustan Unilever’s Knorr Korean meal pots, Top Ramen’s Geki K-noodles, and Moi Soi noodles and sauces.
The overall snacks market in India is experiencing rapid growth, fueled by factors such as low entry barriers, consumers’ inclination towards all-day snacking, and local innovation, as highlighted in a report by market research firm IMARC Group.
The report indicates that the country’s snacks market was valued at Rs 42,694.9 crore last year and is projected to more than double to Rs 95,521.8 crore by 2032.
