With rising disposable income, dry fruits are moving from a luxury product to a necessity category over the last few years. The Nuts & Dry Fruits industry in India is valued at USD 2.5 billion, while consumption in India is just 3 percent of global demand, though India has 15 percent of the world’s population.
Consumption of nuts and dried fruits is steadily increasing, and is being driven by changing lifestyles and rising health consciousness, which is reflected in growing focus on preventive healthcare against the backdrop of rising healthcare expenditures.
The per capita consumption of nuts in India is very low at 150 gm per annum; this includes direct consumption on health grounds and as snacks; as ingredients in cakes, desserts, namkeen, etc; and during Diwali and other festivals. In fact, Diwali consumption alone accounts for almost 40 percent of the annual consumption. This is mostly due to gifting, which leads to more of ‘forced’ consumption. Keeping aside the demand during festivals, per capita consumption is only 100 gm per person, per year. Compared to this, in USA, per capita consumption of nuts is 1.8 kg.
Dried Nuts are popular because of ease of storage and long shelf life, and the availability at lower price points drives its sales. Moreover, with advancement in technology, dry fruits are well dryed and water content is removed improving shelf life. Penetration of modern retail and attractive packaging is also driving sales.
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