In the dynamic and rapidly evolving food market, snacks mirror economic, cultural, and social trends. Day 1 at India Food Forum explored different facets of the snack industry, examining consumer opportunities, trends, supply chains, pricing, innovation, and cultural dimensions.
The panel discussion, with the Switz Group as Session Partner, came up with deep insights essential for businesses targeting India’s diverse consumer base in Retail, Manufacturing, and Food Service.
As the CEO of Switz Group and the session moderator, Dhiren Kanwar took center stage amidst the buzzing atmosphere of the conference hall, he addressed the attentive audience. “Ladies and gentlemen, I appreciate your presence here today as we navigate through a subject that has become an integral part of our daily lives – snacking. Today’s session is not just about wafers and chips; it’s about understanding how snacking has transcended its conventional role as a mere side dish. It has metamorphosed into a mainstream product, wielding a significant impact on the market.”
Dhiren, a visionary in the industry, unveiled staggering statistics, “In India alone, snacking commands an impressive stage, boasting annual sales of approximately Rs. 170,000 crore. This isn’t a fleeting trend; it’s a robust market, exhibiting a compound annual growth rate (CAGR) ranging from 10.5 to 10.7%. A figure too substantial to be dismissed or overlooked.
”With a keen focus on exploring the vast opportunities embedded within this burgeoning market, he continued, “Our objective today is to delve into the intricacies, offering valuable insights and innovative solutions for our partners in the supermarket, retail industry, and, of course, our esteemed foodservice customers. While we may not possess all the answers to the myriad questions that may arise in this session, our hope is to stimulate your thinking. We aim to prompt you to pose more informed and insightful questions as you navigate through the dynamic landscape of snacking.”
As the session unfolded, it promised a journey through the evolving realms of snacking and, undoubtedly, leaving the participants with a heightened sense of curiosity and purpose in exploring this ever-expanding market.
Moving on, Dhiren said: “While it’s true that we might not have all the answers to your questions today, I believe this session will prompt you to formulate more insightful queries. Building on that premise, I’d like to kick off by posing a question to my esteemed colleague, Saurabh Bansal, who serves as the Executive Director, Spencer’s Retail. Saurabh, could you share some key figures pertinent to our industry?”
Taking off from where Dhiren left, Saurabh initiated his address by expressing his gratitude for the opportunity to contribute to the forum. He set the stage for a data-driven discussion on the snacking industry, aiming to provide the session with clear insights into the vast scope and composition of the snacks category.
Saurabh began by delineating the primary categorization of the snacking industry in India into savory and sweet. He presented substantial figures, stating that the savory snacking sector had reached an impressive size of approximately Rs. 75,000 crore by FY 22, exhibiting a commendable compound annual growth rate (CAGR) of 13%.
Looking ahead to FY 26, projections indicated a further expansion to a substantial size of Rs. 1,20,000 crore.
Delving deeper into the landscape, Saurabh emphasized the valuation of the sweet industry, standing at around Rs. 59,000 crore. Notably, he pointed out that a significant 90% of this industry operated in an unorganized manner through local establishments. This insight prompted Saurabh to steer the forum’s focus towards the savory snacking industry due to its remarkable growth trajectory and organized structure.
Returning to the discussion on the size of the savory industry, Saurabh highlighted that 56% of the Rs. 75,000 crore savory snacking sector fell within the organized segment. This segment consisted of branded, well-packaged, and labeled products, enhancing consumer clarity.
Saurabh proceeded to break down the organized sector into three sub-segments: Western snacks, ethnic Bhujiya, and ethnic non-Bhujiya Namkins. He detailed their respective market shares, with Western snacks claiming a dominant 57%, ethnic Bhujiya constituting 16%, and ethnic non-Bhujiya Namkins contributing 27%. This segmentation provided a comprehensive perspective on the diverse offerings within the savory snacking domain.
Continuing, Saurabh explored the details of the ethnic Bhuji category, covering Bhujiyas SKUs and a traditional non-Bhujiya counterpart. This segment, featuring treats such as namkins, local namkins, dry samosas, kachoris, murukkus, banana chips, and more, is experiencing remarkable growth at 16%, outpacing the overall snacking industry.
While acknowledging Western snacks’ substantial 57% market share, driven by popular choices like chips and nachos, Saurabh underscored the surprising growth of traditional ethnic snacks, surpassing the industry average. This growth was attributed to innovative product launches catering to the Indian taste palate and emphasizing quality and nutrition.
Saurabh elaborated on the growth momentum, crucially supported by advancements in packaging and processes. These improvements contributed to an extended shelf life without compromising the authentic flavor profiles of items like Bhakarwadi, Bhel Puri, dry Samosas, Aam Panna, and more. This commitment to flavor preservation, nutritional value, and extended shelf life reflected the industry’s dedication to tradition and innovation in ethnic snacks.
Bringing the discussion back to Spencer’s, Saurabh highlighted trends observed in their format, resonating with insights from Nielsen. Notably, he pointed out the resurgence of regional brands and foods and the growing popularity of private labels. Approximately 30% of Spencer’s business was attributed to regional food brands like Mukhorochak and Prabhujis, particularly gaining traction in the eastern part of the country.
Saurabh emphasized the simultaneous rise of private labels as a crucial aspect of consumer choices in the snacking category. Consumers appreciated the combination of excellent quality and better value offered by private labels, making them a compelling alternative to branded counterparts. This shift in consumer preferences underscored the significance of regional identities and the appeal of value-driven choices in the market, as per Saurabh’s comprehensive and insightful overview of snacking trends.
“A significant shift in consumer behavior is notable, with many now favoring larger pack sizes. This trend is driven by the cost-effectiveness of larger quantities, providing a lower cost per grammage. Consumers are increasingly attracted to special offers like ‘buy one, get one’ or ‘buy 2, get one,’ reflecting a growing value consciousness among customers in India,” observed Saurabh.
Another intriguing trend observed, he continued, is the consumer inclination towards experimenting with multivariety packs. This entails purchasing a combination of different flavors of the same SKU in a multi-pack format. This approach allows consumers to explore various options within a category, acting as an introduction that often leads them to gravitate towards larger packs.
Rounding off his observations on India’s snacks industry, Saurabh concluded: “In essence, this sheds light on the dynamic transformations within the industry, underscoring the rising prominence of traditional snacks in tandem with Western counterparts. Now, to delve deeper into these trends and offer additional insights, I’d like to pass the discussion back to you, Dhiren.”
“Building on Saurabh’s insightful overview, we’ve glimpsed the evolving dynamics of the snacking industry, witnessing the ascending significance of traditional snacks alongside their Western counterparts. Now, as we shift our focus to explore further opportunities, I’d like to direct our attention to Ashu Phakey, VP & BD, Frozen & Fresh Foods, ITC.” Putting forth a question before Ashu, Dhiren Kanwar said: “The landscape of frozen snacks often revolves around the dominance of potatoes, constituting 62% of today’s frozen snack market. However, it’s intriguing to note that ITC has ventured beyond this staple. The remaining 38% presents a realm of opportunity. Could you share your perspective on navigating this space and how it has unfolded for ITC?”
Noting that it was an interesting question, Ashu said: “While we’ve delved into the snack data shared earlier, it’s worth noting a distinctive trend in hot snacks. Although we identify as a frozen food brand, we proudly position ourselves as the “hot snack” brand, requiring enthusiasts to prepare our offerings with heat, be it through deep frying or air frying.”
He continued: “Entering a rapidly growing yet predominantly potato-dominated category, we approached it in 2019 with a fresh perspective. Acknowledging the prevalence of potatoes as a base, we sought to inject variety into the market, recognizing the consumer’s potential for palate fatigue. Fast forward to the present, and our portfolio showcases a noteworthy shift. Despite industry norms, a remarkable 70% of our snacks are now non-potato based, reflecting our commitment to offering diverse and exciting options to our consumers.”
In addressing the evolving preferences of consumers, Ashu observed a notable transformation in the snacking landscape. “The shift is away from traditional potato-based snacks, now offering a diverse array, including options like cheese-based, chicken-based, veggie-based, and lentil-based snacks. Particularly noteworthy are the top-selling falafel kebab, along with popular choices like Harabara and beetroot kebabs in the veg kebab range.” From a consumer standpoint, Ashu noted that the key driving force is variety, which extends beyond mere flavor preferences.
Convenience has emerged as a pivotal factor, marked by a noteworthy change in cooking methods. While traditional frying was once synonymous with convenience, there is now a discernible shift toward air frying and microwave cooking, representing a version 2.0 of convenience. Notably, Ashu highlighted that 100% of their portfolio is adaptable to air frying, tower frying, or microwaving, eliminating the need for deep frying. This shift in cooking methods directly responds to consumer demand for more versatile options beyond traditional deep frying. It reflects a commitment to providing flexibility and multiple cooking choices to enhance the overall snacking experience.
The third crucial aspect, as emphasized by R.S. Sodhi, Former MD, Amul, earlier in the day, is nutrition. The cornerstones of any successful product are taste, nutrition, and affordability. While taste has been well-received, the focus on nutrition is paramount. Whether it’s protein, calcium, or dietary fiber, the nutritional content aligns with consumer expectations.”
Ashu emphasized ITC’s dedication to ensuring that the nutritional information on both the back and front of their packs harmoniously complements each other, providing consumers with a transparent and satisfying experience.
In essence, Ashu underscored ITC’s commitment to variety, convenience, and nutrition, signaling exciting developments in the snacking space. So does the decision maker who buys the product look at the nutrition level or look at the wow factor that the product brings to the meal? How is the product used? How do you see it being used?,” he asked.
In emphasizing the essence of a great snacking experience, Ashu explained: “The real moment of truth is that the product should taste great. And then if I know I don’t have to deep fry it, and I can say that this is slightly healthier product than what I was doing earlier.” He underscored the significance of blending taste with nutrition, stating, “You take taste, but if you can layer it
with some elements of nutrition, whether it’s in the way you cook the product or in terms of what it’s made of, I think you have a whole package to offer.” Ashu further presented a unique perspective, declaring, “The freezer is the new pantry at home.” He highlighted the shift from traditional cooking methods, stating, “Earlier, you used to make your snack or something like that. You don’t have to do that anymore. You want a meal, you want a snack?
Just open your freezer. It’s all there, and none of them come with preservatives.” In challenging the misconception about frozen products, Ashu emphasized, “Frozen is the natural form of preservation,” debunking the notion that frozen foods must contain preservatives. Summing up, he confidently asserted, “Frozen is the new fresh.”
Building on the insightful perspective shared by Ashu, moderator Dhiren Kanwar expressed his appreciation and taking the discussion forward, said: “Okay, let’s go across to Nadia Cassam.” In introducing Nadia, the Chief Marketing Officer, Mio Amore, a chain of 400 fresh bakery outlets in the eastern part of India, Dhiren noted: “She’s flown all the way from Kolkata to speak to us today.” Recognizing Nadia’s unique position, Dhiren pointed out, “Nadia, you listen to consumers very, very intently. What have you heard from them when they make decisions around snacking?”
Nadia began by shedding light on the brand’s regional presence. “Mio Amore is a brand that sits in West Bengal and the eastern part of India between Orissa and Calcutta. We’re also the retail wing of the Switz Group and a sister company, but I bring a different lens.” Aligning with the discussion on frozen snacks, she added, “I do believe fozen is the new fresh, and I say this because on an everyday basis, we serve at least 350,000 customers daily for their snacking requirements.”
Discussing the crucial role of demographic split, Nadia pointed out, “The demographic split plays an important role in how consumer choice happens.” Offering a nuanced perspective on consumer behavior, she noted, “If you take the millennials and Gen Z, for them novelty matters. That palate is a lot more diverse. And for that novelty, they’re willing to stretch their wallet a lot more.”
Highlighting affordability, Nadia mentioned, “For us, our average price is about 30 rupees. So it’s very affordable, but if you give them for Rs. 35, if you say it’s a new product around the block, they will pay the price for that and they will go from Mughlai to Mexican to Manchurian in like 3 days.”
Shifting the focus to a more mature customer base, she noted, “Whereas if you take a more mature customer, he likes his comfort, she likes her comfort, she will come back for the same product all the time, every day.” Revealing their unique approach to understanding customers, Nadia emphasized, “Our great tool of understanding customers isn’t a Nielsen study or some AI generative intelligence. It’s really hardcore sitting and observing the customer in the store all the time.”
Underlining the dedication to consumer insights, she shared, “It’s hard work. I mean, for one year, before I joined the business on the retail strategy side, I spent one year traveling to bakeries across India, just sitting and watching how customers eat, how they make their decisions, what makes them want to buy a product at that time, what was their decision-making pattern, and that is evolving a lot.”
Transitioning from Nadia’s insights, moderator Dhiren maintained the flow of the discussion. “Of course, we will come back to your consumers, Nadia. You specifically talked about millennials and Gen Z, which constitute about 60% of your business, but we’ll come back to that.” Staying true to the theme of food service, he smoothly shifted the focus, saying, “Let me go across to and stick to the theme of food service, right, and go across to Ramchander Raman, Founder, Fork and Apron Consultancy.”
In introducing Raman, Dhiren highlighted his extensive experience, noting, “Raman was the president for Cafe Coffee Day for the food division, and he brings a lot of insights on how snacking plays a very important part in the menu aspect, in the menu construction for a cafe, but also in terms of profitability.”
Reflecting on his extensive experience within the cafe industry, Ramchander Raman shared some valuable insights on the significance of snacks in the cafe menu and their role in driving sales and enhancing the overall customer experience. “Drawing from my experience working with a cafe chain, applicable to both coffee and tea, the major product being a hot beverage, while food constitutes roughly 35%, and beverages make up 65%. For most chains, food, and especially snacks, play a crucial role in the menu, as snacks complement hot beverages, the primary focus of cafe-goers.”
Highlighting the advantages of incorporating snacks into the menu, Raman noted: “There are three significant advantages. Firstly, a food festival creates brand recall and increases footfall, generating incremental sales, particularly if complemented with a quality beverage product. Secondly, snacks serve as a great opportunity for upselling. While you can’t sell two coffees or two teas, it’s easy to convince customers to add a snack to their order, as it doesn’t constitute a fulfilling meal. Lastly, snacks act as a potent brand differentiator. Standing out in the crowded cafe market is challenging, but becoming known for a particular food product, especially a great snack, becomes a significant differentiator.”
Emphasizing the critical role of snacking in any cafe menu, Raman said, “Snacking, despite being a smaller part, is undeniably a very critical aspect that contributes significantly to a cafe’s identity and success.”
“What do you keep in mind when you’re designing a menu? What are those elements?,” asked moderator Dhiren. Speaking on the critical considerations in menu construction, Raman underlined: “A couple of critical things include how well a product pairs with a coffee. It’s essential to ensure that a product complements a hot or cold beverage, creating a cohesive menu experience.
Aligning a specific product with a particular drink, be it coffee or tea, enhances the overall offering.” Delving into strategic sales approaches, Raman stated, “Another aspect is creating great combos. For example, offering a small coffee at Rs. 30 and suggesting an additional Rs. 10 for a paired product is a fantastic upsell strategy. This results in a Rs. 10 or Rs. 15 add-on sale to the same customer, making it a win-win situation.”
Moderator Dhiren asked Raman to share an example of a good success that his cafe menu had with one product. “In the sweets category, there were Mango Shot and Chocolate Shot, priced at Rs. 25. However, when bundled with coffee, the combo was available for just Rs. 10. This streamlined approach made it effortless for the sales staff at the counter to offer a compelling upsell. The simplicity of the deal made it an easy sell for them, requiring no additional effort or preparation. This strategic pricing and upselling tactic turned out to be a tremendous success, demonstrating the effectiveness of a well-executed bundled offering.”
Building on the insights shared by Raman, moderator Dhiren transitioned to a new topic. “I think that’s a big discussion by itself of sweet snacking versus the salty and savory snacking, but we’ll come to that.” Acknowledging the potential for a future discussion on the distinction between sweet and savory snacking, Dhiren then effortlessly shifted the focus. “Let’s get into FMCG for a moment. We have Mithun Appaiah, CEO, Wow! Momo, who heads the FMCG business for Wow Momo. It’s been a year since you launched Momos in the retail packs. What has been your learning there?”
This transition introduced a new speaker and a different aspect of the snacking industry, setting the stage for insights into the FMCG sector and retail packaging within the broader context of snacking trends. Reflecting on the past year, Mithun shared insights into the challenges and triumphs of launching momos in retail packs. “Yeah, so it’s been a year, but it’s been a year of immense learning. Obviously, I have a background in foods and FMCG and lately frozen. So, like what Ashu said, frozen is the new fresh. I would go further and say that frozen is better than fresh because the definition of fresh is all around the place, but frozen is frozen at -18°, and you know this is frozen.”
Continuing, Mithun acknowledged the initial misstep, stating, “So, I would rather go a step ahead and say that while the last one year we discovered a lot of stuff, you know we had launched a product based on what the category is doing, and that was a big mistake. We didn’t really deep dive into that particular product per se because momos are very delicate products, and at -18°, and in India, the temperature abuse is immense across the chain, especially at the last mile.”
Recognizing the importance of packaging solutions, he added: “So one of the things we did is look at what is happening in the industry and launch. But luckily we did a small pilot, and we got back to the drawing board and realized that a packaging solution is one of the most important things to be done for this. And when we did that, we also got insights into how to solve a lot of consumer issues.”
Highlighting their innovation in response to consumer needs, Mithun mentioned, “One of the solutions which Ashu mentioned is about convenience and microwave-friendly. We technically have launched, and I can confidently say until Ashu says no, that we are the ones who have launched a real solution which is microwave-friendly with slots within our trays where you can place the product without any abuse. So we’ve done that, and that really turned around the whole game because that particular learning helped in making this whole journey of frozen really more convenient to consumers.”
Emphasizing the commitment to delivering exceptional products, Mithun asserted, “While we still say frozen is convenient, it’s not as convenient as a ready snack. So we did that, and with that and a great product, and we believe in doing only Wow products, otherwise we will not do anything. We do everything with the Wow, and with that, we’ve seen that we’ve scaled really fast, and we’ve done things that some brands haven’t done for the last three to four years. We’ve done that very early, just with a small category.”
Mithun contributed valuable insights to the discussion on challenges and innovations in the FMCG sector of the snacking industry. He emphasized the significance of avoiding over-reliance on industry benchmarks in product development. In simpler terms, Mithun highlighted the common practice of brands measuring themselves against competitors and industry standards when crafting solutions. He asserted that this approach is inadequate, stating that brands should conduct their own category insights and tests before entering the market.
Moderator Dhiren then shifted the discussion to taste, asking if there were any surprises in product performance. “Any product that you were surprised that didn’t work well? Providing a positive perspective on their FMCG launches, Mithun replied: “Luckily for us, most of the FMCG space products we’ve launched are stars for us. We just have 8 SKUs now, but we have another 7 coming in, and each of those seven is going to be completely disruptive, not only in the Momo Frozen Momo space in FMCG but also in the snacking space.”
Building on the discussion, Dhiren delved into the idea of snacking rituals, posing the question: “Snacking isn’t merely placing something on the plate and eating it. Do you notice this phenomenon around momos too? Are there any unique rituals associated with momos?”
Citing examples from prominent brands like Kit Kat, Oreo, Tim Tam, and Poki, all of which highlight the impact of rituals in snacking experiences, Mithun said: “Yes, in momos, we are creating rituals with sauces and different variations. One of the rituals that I see is this whole extension of Japanese, the way of eating oriental food with chopsticks which is very interesting. My six-year-old son eats a plate of sushi with chopsticks, and I struggle. That’s a ritual we would bring about.”
Continuing with the discussion on retail experiences, moderator Dhiren turned the attention to Chintan Patel, Director, Purchase – Magson Retail and Distribution, which is a network of gourmet retail stores with its headquarters in Ahmedabad. “Could you share your insights on the transformations you’ve observed at the retail level, particularly concerning the sale of snacks?,” asked Dhiren.
“Salsa has experienced the most rapid growth in retail sales at our stores over the last 3-4 years. Two key factors contribute to this trend: the impact of social media and increased consumer exposure through travel. The pervasive influence of social media has led to a surge in the introduction of Mexican-inspired products in recent years. Additionally, as people travel more, consumersare now more willing to experiment with new products, contributing to the increased popularity and sales of items like Salsa,” explained Chetan.
Dhiren inquired about the impact of Ahmedabad’s vegetarian market and value conscious preferences on the sales of higher-priced snack products. Chetan clarified, “Contrary to the perception, Ahmedabad is not predominantly a vegetarian market; we sell significant quantities of non-vegetarian products. Regarding pricing, customers prioritize the quality of the products they purchase and are willing to pay a higher price for better quality.”
Dhiren noted the increasing popularity of non-vegetarian dishes, both at restaurants and through retail store orders. In agreement, Chetan shared: “Absolutely. Over the past 14 years, we’ve expanded from a single store to 25, and now, 8 of our stores feature a dedicated fresh butchery section offering a variety of fresh chicken, mutton, and seafood.
Dhiren noted the growing acceptance of nonvegetarian food among consumers but also highlighted the increasing trend toward plant-based options. To delve into the significance of snacking in the realm of plant-based foods, he invited Sanjay Sethi, Executive Director, Plant-Based Food Industry Association, to share insights on how plant-based foods contribute to the snacking landscape.
Sanjay Sethi highlighted the beginnings of the plant-based food industry, underscoring its origins in snacking. “Our journey as an industry began with a burger. So, in essence, you could say that snacking is where we originated,” he clarified. He referenced Beyond Burger, a trailblazer from a decade ago, noting its role in pioneering plant-based options driven by health considerations..
Discussing product transformation, Sethi emphasized subtle yet meaningful changes, using he example of adapting traditional dishes like Dal Makhani for healthier alternatives. “Last year, it was Dal Makhani. Now, these changes are cosmetic, like transitioning from whey protein to plant-based protein, while keeping the essence of the entire product intact,” he explained.
The true innovation, according to Sethi, lies in replicating meat-based kebabs with plant-based alternatives. He proudly noted the success of this innovation, evident in products like CCL and Green Bird’s plant-based kebabs that mirror the taste of their meat counterparts.
Observing the changing culture around snacking, Sethi highlighted the shift from Amitabh Bachchan’s era, where two meals were a luxury, to the current trend of frequent snacking. He humorously remarked, “Now when I go to bed, I see my daughter is going to the kitchen for her another snacking moment.
Regarding market growth, Sethi shared his belief that the actual growth rate might surpass reported figures. “You say it is 10 percent, 10.5%. The market is growing, but my gut says it must be growing even at a faster rate,” he commented, acknowledging potential under reporting, especially at the street food level.
Identifying protein as a significant trend, Sethi disclosed plans for establishing 12 protein clusters across India. He stressed the importance of locally sourced plant protein, aiming to reduce reliance on imports. The conversation extended to innovations like Dhabakri, where plant-based alternatives replace the core of meat and dairy products, aligning with the evolving snacking landscape.
Dhiren, summarizing the insights, emphasized the significance of innovation in snacking, serving as a gateway for plant-based foods into meals and introducing essential nutrition. “Two takeaways here: the innovation is highest in snacking, allowing plant-based foods to seamlessly enter meals. Also, the integration of essential proteins into meals is crucial,” he remarked.
Drawing a parallel, Dhiren referred to Ashu’s earlier point about mothers incorporating seekh kebab into meals for added protein. Transitioning to the next topic, he prompted Ashu to share insights on ITC’s unique route to the market. “Ashu, you had an interesting point about the supply chain. Could you shed light on that?”
Ashu shed light on the supply chain challenges within the frozen category, particularly in the transition from retailers to consumers. He provided valuable insights into overcoming these challenges by emphasizing the role of Quick commerce and e-commerce in reshaping the consumer experience.
Ashu expressed his belief in the transformative impact of these categories, noting, “I think that category can deliver the product to your doorstep within 10 minutes. This not only ensures the hygiene of the product but also enhances the overall consumer experience. I believe this change is quite significant.”
Ashu further discussed an innovative approach to leverage ice cream carts for delivering frozen foods, collaborating with Havmor to rebrand them as ITC MasterChef carts. “So we did that, and I think it turned out well in terms of consumers seeing that. If the industry can come up with many more ideas, we’ll get a lot of unlock,” he elaborated. Dhiren acknowledged the innovation, stating, “This is indeed a commendable and a highly creative approach.”
Nadia shared insights into dealing with the changing preferences of millennials and Gen-Zs, emphasizing the importance of observing trends, hybridizing flavors, and maintaining a value-for-money proposition. She highlighted the significance of nostalgia in innovation, stating, “The greatest flavor in the world is nostalgia. Keep real to the nostalgia.”
Dhiren concurred with the idea of simplicity in innovation, referring to Raman’s earlier point about menu planning. “He’s saying the key to menu planning was KISS – Keep it Simple.”
Dhiren concluded the session, expressing gratitude to the panel for their wonderful ideas and thoughts, anticipating that the audience had gained valuable insights and learnings from the panel discussion.
