HomeNewsIndian sweet makers assure no major price hikes amid festive season

Indian sweet makers assure no major price hikes amid festive season

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Laddoos infused with ghee, soft rasgulas, chickpea flour burfis, and various other traditional sweets play a vital role during the festive period. Despite a rise in the costs of key kitchen ingredients, leading players in the sweets and snacks market like Bikanerwala, Bikaji Foods, and Haldiram’s have assured that these treats won’t excessively burden consumers’ wallets.

“This time in all likelihood prices would be in line with last year, hardly any increase,” said Manoj Verma, Chief Operating Officer at Bikaji Foods International.

Despite the prevailing high levels of food inflation, there is a silver lining for the prices of essential ingredients used in crafting traditional Indian sweets. This is expected to contribute to price stability, according to his statement. Notably, certain crucial components like dry fruits have experienced a 10-12% increase in price compared to the previous year. However, palm oil, a widely utilized frying medium during festivities, has seen a reduction in cost compared to the prior year. This factor serves as a dual benefit for both confectioners and consumers. Additionally, the price of another vital ingredient, milk, has remained consistent in the wholesale market. This stability has a positive impact on the affordability of other significant dairy products like mawa, chena, and ghee.

There has been only a slight increase in the price of sugar. Data from the Ministry of Consumer Affairs reveals that the wholesale sugar price has risen by 3.63% as of August 29, in comparison to the previous year.

Sweet manufacturers intend to absorb any minor rise in the expenses tied to their products, granting consumers some relief during the bustling festive season. This period, commencing with Onam and Rakshabandhan in August and extending through to Christmas in December, is marked as one of the most celebrated festival stretches.

“Despite industry challenges, we affirm our consumer-centric stance by opting not to implement any price hikes this year,” said Pankaj Agarwal, chief operating officer at Group Bikano, Bikanervala Foods.

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