Growing preference for convenience food, rising youth population, and increasing product portfolio are driving the Ready-To-Eat Food market in India.
According to TechSci Research report, “India Ready-To-Eat Food Market – By Region, Competition Forecast and Opportunities, 2018-2028F”, Ready-To-Eat Food market in India is forecast to register a high CAGR during the forecast period. The major drivers of the market are the rising young & working population, growing preference for convenience products, and wide range of products available in the market.
Contrary to traditional eating, people increasingly choose to eat ready-to-eat food since it is handy and reasonably priced. Foods that have been prepared such that they can be consumed without further preparation are referred to as ready-to-eat foods. Meals that are prepared and ready to eat can be stored in the refrigerator, stored on a shelf, heated only a little, or heated to order. To ensure that there is no contamination or chance of germs growing after the meals have been prepared, specific criteria is applied to ready-to-eat foods.
Indian consumers are becoming more experimental, as indicated by their openness to trying new food products. The new generation of discerning consumers is very concerned about food quality and they don’t mind paying a little bit more. To keep up with consumer demand, India’s food producers frequently introduce new items to their menus, thereby driving the ready to eat food market.
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Urbanites have recently been flooded with knowledge and exposure through travel, the media, and social media. Whether it’s in the realms of fashion, lifestyle, or cuisine, Indians consistently imitate western nations in terms of fashion and trend-following. Indians have long had a propensity to follow the West. The same holds true for eating practices.
India’s Ready-To-Eat Food market is segmented into product type, type of sale, distribution channel, and end user. On the basis of product type, the market is segmented into ready-to-heat and ready-to-cook. On the basis of type of sales, the market is further split into retail sales and institutional sales. In terms of distribution channels, the market is further divided into convenient stores, traditional sales, departmental stores, wholesalers, online, and others (distributor sales, direct sales, etc.). Based on end user, the market is further classified into residential, food service, and distributors.
The ready-to-eat food sector is expanding and this fact is increasingly acknowledged by international FMCG businesses doing business in India. Domestic companies dominate the Indian ready-to-eat market, but international competitors have recently entered the market with large product portfolio and vibrant flavors. A lot of organic manufacturers are also jumping on board and providing ready-to-cook choices in their organic selection. In addition, producers are increasingly creating ready-to-eat food items with distinctive packaging to attract more customers.
Major operating companies operating in the India Ready-To-Eat Food Market are:
- Bikanervala Foods Private Limited
- Gits Food Products Pvt. Ltd.
- Mccain Foods India Private Limited
- Haldiram Foods International Pvt. Ltd.
- MTR Foods Pvt. Ltd.
- ITC Limited
- Godrej Agrovet Limited
- Tata Consumer Products Limited
- Venky’s (India) Limited
- Nestlé India Limited
The rise of the ready-to-eat-food market is being driven by the convenience offered in terms of time savings and the low effort required for meal preparation. Furthermore, millennials and the working population are interested in these meals because they only need to be heated before eating. Manufacturers are focused on creating new items to meet the growing demand and gain a substantial market share. For instance, Freshly Inc., a Nestle SA-owned food delivery service, announced the launch of a new range of products in 2020 for users “seeking to manage their well-being and drive active lifestyles.” Diets centered on plants, keto, and paleo are all covered by FreshlyFit’s ready-to-eat meals. The foods are manufactured with whole foods, have a simple label, are gluten-free, and can be cooked and served in less than three minutes.
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“As the demand for convenience food products increases, so does the demand for ready-to-eat products. The market demand for ready-to-eat foods is rising as a result of their less cooking time, simple preparation, and long shelf lives. India’s growing working population has increased demand for quick-to-prepare convenience foods such as instant soups, upma, etc. Such changes are expected to drive the market during the forecast period..” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Ready-To-Eat Food Market, By Product Type (Ready-To-Heat and Ready-To-Cook) By Type of Sale (Retail Sales, and Institutional Sales), By Distribution Channel (Convenient Stores, Traditional Sales, Departmental Stores, Wholesaler, Online, Others (Distributor Sales, Direct Sales, etc.)), By End User (Residential, Food Service, and Distributor), By Region, By Company, Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of India Ready-To-Eat Food market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the India Ready-To-Eat Food in India.
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