Millennial population is on the edge of outstanding the baby boomers. Millennials are active and diet conscious. These consumers prefer products with low sugar, fat and lactose. Plant-based products are among the ideal products desired by them. These factors have led to an increase in the demand for ready-to-mix food with claim-free certifications.
As the products offered in the India ready-to-mix food market promise the usage of high-quality ingredients, busy Indian consumers are adopting ready-to-mix foods to avoid the elaborate process of cooking, which also involves buying the ingredients, understanding the recipes and having the necessary utensils & appliances to prepare food, among others.
MTR Foods Ltd. has expanded its product portfolio based on consumer’s tastes and preferences, as well as expanded its distribution channel to smaller cities in India. These strategies have helped the company increase its value share. Furthermore, manufacturers are focusing on introducing new varieties of ready-to-mix food products, and are running campaigns for the same.
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Strong fundamental growth drivers, such as various initiatives arranged by different organisations to spread awareness about organic products and healthy eating, are helping the customers make informed choices when it comes to buying ready-to-mix food. Consumers now prefer buying organic and healthy ready-to-mix foods over conventional ready-to-mix foods.
Consumers are increasingly becoming aware of food safety issues and environmental issues because of their increased concern about health, the health of the environment health and its global implications. Organic food has now become a viable alternative for an increasing number of consumers who are worried about the presence of chemical residues and the negative consequences on the environment caused by intensive production methods.
The snacks segment is critical in the ready-to-mix food market
The snacks segment is estimated to account for more than 50% market share in the India ready-to-mix food market in 2020, and this share is expected to grow by an exponential rate of 10 BPS, owing to which it is expected to hold a 51% market share of the India ready-to-mix food market by the end of 2020. The India food & beverage industry ranks sixth largest in the world and accounts for approximately 31% of India’s consumption basket. India is a country with the highest demographically youngest consumers, i.e., almost 33% of the population falls under youth. The increasing youth population in the country has led to the increased demand for convenience food, such as ready-to-mix food products, among consumers. Changes in consumer preferences and tastes has enhanced the product innovations in the India ready-to-mix food market.
Modern trade is the most popular distribution channel in the India ready-to-mix food market
Among the distribution channels of the India ready-to-mix food market, modern trade has a relatively higher share than the other distribution channel, which is likely to grow at a moderate growth rate during the forecast period. However, the kirana shops segment is expected to witness a lucrative growth rate during the forecast period in the India ready-to-mix food market by the end of 2020.
India Ready-to-mix Food Market: Key Insights
The ready-to-mix food market has grown consistently and is expected to grow at a greater pace over the forecast period with at a CAGR of 15.7%. Economic developments and supportive government policies have resulted in the development of the production, distribution, processing and marketing of ready-to-mix food products in the country.
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India Ready-to-mix Food Market: Competition Dashboard
In the final section of the report, a competitive landscape has been included to provide report audiences a dashboard view of the India ready-to-mix food market. Detailed profiles of manufacturers have also been included within the scope of the report to evaluate their long- and short-term strategies, key offerings and recent developments in the India ready-to-mix food market. Key players in the India ready-to-mix food market include Mavalli Tiffin Room (MTR), GITS Food Products Pvt Ltd, Indian Tobacco Company (ITC), Kohinoor Foods and Priya Foods. The key market players in the India ready-to-mix food market are focusing on backward integration for business development and the expansion of their existing production capabilities.