Banana chip brand Beyond Snack is targeting a 10% share of the overall chip market in India by 2026, co-founder Manas Madhu said.
Last month, Beyond Snack inaugurated its new factory at the India Food Park in Tumkur, Karnataka. Spanning 60,000 square feet over 2 acres, the facility boasts a daily production capacity of 6.6 metric tons (MT). This new factory will triple the company’s current capacity, supporting its global expansion plans and ensuring scalability to meet future demand.
Madhu highlighted the company’s impressive growth, doubling its revenue in the last financial year to Rs. 17.7 crore in FY23, according to global startup data platform Tracxn. Looking ahead, Beyond Snack aims to maintain this momentum, targeting an annual revenue run rate of Rs. 100 crore in the current financial year.
The global banana chip market was valued at USD 2.41 billion in 2023 and is projected to reach USD 3.58 billion by 2030, growing at a CAGR of 6.77% from 2024 to 2030. The Indian savoury snacks market, which includes chips, is expected to grow at a CAGR of 11%, reaching Rs 1,217 billion by 2027 from Rs 796 billion in FY23. Chips dominate this market, accounting for about 53% of the savoury snacks market share in India, followed by extruded snacks and puffs at 22%.
In FY23, Lays held the highest market share among potato chip companies in India at 30%, followed by Bingo and Balaji with 10% each, according to Statista.
Recognizing the growth trends of banana chips in India and globally, Madhu noted that the organized sector’s market share is expected to increase, capturing more of the unorganized market.
Growth Plans:
Beyond Snack’s new factory represents more than just increased production capacity. “It also shows our commitment to innovation and sustainability,” said Madhu. The facility currently operates with an 80% female workforce, with a goal of becoming a 100% women-run operation by 2026.
Founded in 2020, Beyond Snack has quickly become a household staple across Maharashtra, Gujarat, Madhya Pradesh, Uttar Pradesh, Delhi, and other regions. The brand received a significant boost in 2023 with a USD 3.5 million investment from NABVentures.
With these strategic moves, Beyond Snack is well-positioned to capture a substantial share of India’s growing chip market while expanding its presence globally.