India’s very own desi Halwai and snacks maker Haldiram’s earned a revenue of rs 4000 crores in the 2016 financial year beating the fast food giant McDonald’s in it. Its size has grown to be twice the size of Hindustan Unilever’s packaged food. Even larger than Nestle’s Maggi. The turnover is more than the revenue of McDonald’s and Domino’s revenue together.
The company has three different areas of operations with Haldiram snacks and Ethnic food that earned Rs. 2,136 crore from the north India, Nagpur-based Haldiram Foods International that caters to western and southern markets with annual sales of Rs 1,613 crore and a much smaller company, Haldiram Bhujiawala, for the eastern market with revenues of Rs 298 crore in FY16, according to data from Toffler, a company research platform.
These figures, when combined with other regional snacking firms, conclusively demonstrates one thing — in fast food or munchies, despite the profusion of MNC brands with high cool quotient, good Indian palate prefers local savouries.
“We have increased our reach and developed products in-house that ensure quality control. We also understand Indian palate well and that comes handy while launching new products,” says 43-year-old Kamal Agarwal, the fourth-generation member of the founding family.
“Food is a culture in the country and Indian food should do well. But consumers are experimenting with food and it is under scrutiny. Companies would have to adapt and stay relevant especially for millennials,” said Devendra Chawla, Future Group president.