Ready to mix food are classified as conveniences and healthy food. These foods are easy to prepare and consume less time for cooking as they are already half processed. Ready to mix food is used in a variety of applications such as desert mix, snack mix, and curry making enablers. They are relatively cheaper and gaining huge demand as it takes less time to prepare.
The India Ready to Mix Food Market is projected to surpass US$ 915.18 million by the end of 2028, in terms of revenue, growing at CAGR of 16% during the forecast period (2021 to 2028).
The rise in the overall disposable income of households of the Indian population is propelling the market growth of the ready to mix food. According to Trading Economics, disposable Personal Income in India increased to 206752290 INR Million in 2019 from 192817450 INR Million in 2018. Moreover, improving standard of living and changing consumer eating habits is again augmenting the demand for convenience food products, this in turn is accelerating the market growth of India ready to mix food.
Expanding modern retail formats in India is escalating the market growth of the ready to mix food. According to the India Brand Equity Foundation, the Indian retail industry has emerged as one of the most dynamic and fast-paced industries due to the penetration of several new players. The retail industry reached US$ 950 billion in 2018 at a CAGR of 13 percent and is projected to reach US$ 1.1 trillion by 2020. Online retail sales were forecast to grow 31 percent year-to-year to reach US$ 32.70 billion in 2018.
High packaging costs owing to the growing demand for packaged food is expected to hinder the market growth of India ready to mix food. The high packaging cost is increasing the overall price of the packaged food products this is in turn hampering the product demand.
Poor supply chain and distribution channel in India is projected to create a gap in demand and supply. This in turn is hampering the market growth of India ready to mix food in the near future.
Increasing adoption of new technology for removing oil from food after frying and increase shelf-life of food is expected to create lucrative growth opportunities. For instance, the FMC Corporation developed a new sausage-casing technology that delivers better shelf life and enables better cooking properties. Continuous development of the innovative technology for preparing processed and convenience food products is projected to escalate the market growth of India ready to mix food.
The growing export of food and agriculture products from India is expected to provide immense market opportunities in the near future. According to the India Brand Equity Foundation, in 2019, the export of agricultural and processed food products totaled US$ 38.49 billion. In February 2020, India exported basmati rice worth US$ 3.88 billion, buffalo meat worth US$ 3.01 billion, non-basmati rice worth US$ 1.84 billion, and other processed foods worth US$ 2.71 billion.
Figure 1. India Ready to Mix Food Market – Opportunity Analysis
|Base Year:||2020||Market Size in 2020:||US$ 284.38 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR:||16%||2028 Value Projection:||US$ 915.18 Mn|
Indian Tobacco Company, Mavalli Tiffin Room, Gits Food Products Pvt. Ltd., Kohinoor Foods, Priya Foods, and Bambino Agro-Industry
|Restraints & Challenges:||
Figure 2. India Ready to Mix Food Market, Revenue Share (%), By Distribution Channel, in 2020
Key Takeaways of the Graph:
India Ready to Mix Food Market - Impact of Coronavirus (Covid-19) Pandemic
During the coronavirus epidemic, ready-to-eat food products became one of the few businesses that saw a massive increase in demand. With most individuals working from home and countries under lockdown, ready-to-cook meal products have been flying off the shelves in recent months. Young people spend the majority of their money on handy ready-to-eat foods. For ready-to-eat food manufacturing key players, young consumers are the easiest targets. The ease of use of such items contributes to an increase in overall market demand around the world. Consumers are cooking at home more due to restaurants restricting services to takeout and the concern of a rising number of Coronavirus cases, resulting in an increase in the use of ready-to-eat products. Several companies in the ready-to-eat sector have indicated that demand for their products such as curries/meals, batters, instant mixes, desserts, and frozen snacks has increased during Covid-19 epidemic.
Major players operating in India ready to mix food market include, Indian Tobacco Company, Mavalli Tiffin Room, Gits Food Products Pvt. Ltd., Kohinoor Foods, Priya Foods, and Bambino Agro-Industry.
Few Recent Developments
A detailed analysis of trends, forecasts, and economic value of India ready to mix food market is provided in the report. According to Coherent Market Insights, India ready to mix food market is expected to witness a CAGR of 16% during the forecast period. The growth is attributed to increasing preference for ready to mix food products. There is shift in the consumption pattern among the young consumers and older consumers. The young and old consumers alike prefer food products that are ready to eat and ready to mix
Increasing investment in manufacturing is expected to propel growth of India ready to mix food market over the forecast period. For instance, in March 2021, iD Fresh Food announced its plan to invest nearly US$ 0.14 million to open new plants in Delhi, Hyderabad and in the US.
Major players operating in India ready to mix food market are focused on adopting partnership strategies to enhance their market share. For instance, in September 2021, Kohinoor Foods completed the US$ 0.71 million deal with US based spice maker McCormick to set up a joint venture for marketing basmati rice and other food products in India.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective.