The MBA Graduate who came on the TV show Shark Tank with his brand of banana chips from Kerala and gave it international fame, Manas has a strong opinion about the banana chip industry
Potato chips as a market, which is huge and which is almost a USD 40 billion industry globally and India alone is contributing almost USD 3.8 billion towards that. However, no sort of studies or innovation has been happening in the banana chips industry for the last 50 years, said Manas Madhu, Founder of Beyond Snacks.
In 2011, India ranked first in global banana fruit production, with yearly output of 29.7 million tonnes, accounting for 20 per cent of global banana production.
In response to market rivalry from branded potato chips, the local banana chips business has enhanced their product by adopting beautiful packaging and expanding the range of flavours, in order to entice more consumers to buy it and occupy a larger market share.
“We believe that banana chips are a snack we just overlook and no sort of studies or innovation has been happening in that particular field for the last 50 years,” Madhu said.
The snack food industry in India is expected to increase at a rate of 7 to 8 per cent per year, with potato chips accounting for over 85 per cent of the entire salty snack food market, as per statista.
“People all over the world require a greater quality snack and they were too proud of this banana chip,” he added.
Apart from ‘Beyond Snacks’, other players also tried to do better by bringing banana chips in a branded format, but the biggest mistake that they have done is that they always try to do the same with banana chips in attractive packaging, he said.
Just like potato chips, Beyond Snacks tried to give the same consistency in the experience. Every single time when consumers are opening a packet, they should get the consistency, taste and crispness. “It should not feel heavy on your stomach, it should feel light and then should not stick into your mold,” said Manas.
People consider potato chips as unhealthy snacks yet they buy it because it’s cheap in comparison with banana chips. Commenting on this, Madhu said, “Potato chips are consumed heavily in all parts of India because it was made available across India either through one brand or to another brand”.
“If you want to snack right now, what snack should you go to? Even if you have some other snack in your mind the availability part of the chips is always there. Here is a look at the positioning as potato chips are always available as a go-to snack,” he said.
The goal of Beyond Snacks is to make banana chips available all across India just like potato chips. If the availability increases, the prices of Banana chips will also become cheaper. To compete with potato chips in the market, the ‘Beyond Snacks’ has started selling the Rs 20 packet of banana chips. The company is also planning to launch 21 new flavours of banana chips.
‘Beyond Snacks’ has started selling the Rs 20 packet of banana chips. The company is also planning to launch 21 new flavours of banana chips.
Replacing potato chips with banana variants completely in the market is not a possibility as it is deeply connected with people’s lives right now. The traditional banana and cassava chips sector in Kerala is valued over Rs 750 crores, although potato chips continue to dominate.
