Yoga Bar, a renowned producer of health foods, is venturing into the rapidly expanding baby care sector by introducing a fresh brand called Yoga Baby.
Suhasini Sampath, Co-Founder and chief executive officer of Yoga Bar, said that their new product range, which includes millet-based foods like porridge mixes, is intended to fulfill the nutritional needs of young children.
She mentioned that this product range will be accessible through the company’s online and e-commerce platforms, in addition to being available at various retail outlets.
In January of this year, the diversified group ITC unveiled its plans to acquire Yoga Bar from its parent company, Sproutlife Foods, in a gradual process spanning three to four years. This strategic move is aimed at enhancing ITC’s footprint in the health foods sector.
According to a report by Avendus Capital, the health foods and beverages sector in India is projected to reach a market value of $30 billion by the year 2026. The report further highlighted the potential for Indian consumers to increase their expenditure on health foods and beverages twofold within five years. Additionally, it emphasized that India is currently the fastest-growing health food market, with a remarkable 20 percent Compound Annual Growth Rate (CAGR).
According to research and analytics firm Statista, India boasted over 600 direct-to-consumer (D2C) brands last year, operating within a market valued at nearly $55 billion. This growth was primarily driven by the rapid expansion of e-commerce, increasing demand from tier-2 and 3 markets, and a culture of innovation.
The baby care market in India is projected to expand from $1.67 billion in 2023 to $2.91 billion by the year 2028.
