Nikhil Kamath says Smart Snacking in India is growing; healthy snacks market to hit USD 6.4Bn by 2030

Zerodha’s co-founder Nikhil Kamath is known to share his insights and findings on numerous industries in the country. 

On 18 February 2025, he took to the social media platform, X, to share a detailed report on the food consumption patterns of India.

Titled “How India Eats,” the post has multiple slides explaining each aspect of Indian food habits.

I was in Singapore this week; most I met said they never cook at home, and others don't have a kitchen.
If India were to follow this trend, investing/opening restaurants would be a massive opportunity, but we don't have restaurant brands that have close to the scale Southeast… pic.twitter.com/xctpFUyV57

— Nikhil Kamath (@nikhilkamathcio) February 18, 2025

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THE INDIAN FOOD SERVICE MARKET

Breaking down the Indian food service market, Nikhil quoted sources like Swiggy and Bain & Company to highlight that in 2023, the market size was Rs 4 to 5 lakh crore.

By 2030, the food service market in India is expected to reach Rs 9 to 10 lakh crore. Between 2023 and 2030, the online food delivery market will grow by 2.8 times. By 2030, Indians will eat out at least 7 to 8 days of the month.

Despite these trends, Nikhil stated that India is still “primarily a home-food addict.”

Indians love “ghar ka khaana” so much that compared to other countries, they eat non-home cooked meals far less frequently.

Currently, Indians eat only 5 non-home cooked meals per month. This compares to 33 for the Chinese and 27 for Americans.

Kamath wrote that the increase in “party culture” and a generational shift will cause non-home cooked consumption for Indians to grow.

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BEHIND IN RESTAURANT CHAINS

Kamath’s post highlighted that 55% of the country’s food service market is unorganized, and only 30% of the organized market consists of restaurant chains.

The Zerodha CEO cited the example of McDonald’s. 

While there are over 13,000 McDonald’s stores in America, there are only 500 in India.

INDIA’S “THALINOMICS”

Nikhil Kamath broke down the average non-vegetarian and vegetarian food plate.

Non-vegetarian thalis (including roti, rice, chicken, vegetables, curd, spices, and salad) came at Rs 63.3.

Vegetarian thalis (including roti, vegetables, rice, pulses, curd, and spices) cost Rs 31.6.

PROTEIN DEFICIENCY 

While urban India consumes the highest amount of fat, 3% of rural India consumes less than the recommended amount of cereals.

Protein intake across the country is “pretty deficient.” About 80% of the population does not meet its daily protein requirements.

Along with this, another concern highlighted by Nikhil Kamath is the rise of processed foods. The consumption of edible oil, sweets, snacks, and beverages has increased.

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THE SMART SNACKING SEGMENT

Citing data from sources like YourStory and Traxcn, Nikhil Kamath stated that 70% of Indians snack twice every day and 60% are calorie-conscious.

He explained that this is driving “1.2x faster growth in the Smart Snacking segment - led by makhanas and dry fruits.”

Kamath mentioned major startups that are operating in the realm of healthy snacks—YogaBar, Farmley, Slurrp Farm, and SuperYou.

By 2030, India’s healthy snacks market will hit USD 6.4 billion. 

The Zerodha CEO concluded the findings by suggesting that the country’s eating ways are constantly evolving as more and more Indians choose to eat healthier than before.

He wrote, “Trends suggest that we are definitely looking at a healthy and happy India in the coming decades.”

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