Global Market Research Company US India Ready-to-Eat Food Market Forecast & Opportun | Page 9

INDUSTRY BRIEF
According to TechSci Research report, “India Ready-To-Eat Food Market By Segment, By Distribution
Channel, By State, Competition, Forecast & Opportunities, 2023”, India ready-to-eat food market is
projected to grow at a CAGR of more than 16%, during 2018-2023, on account of expanding distribution
network, aggressive marketing strategies by major ready-to eat-food manufacturers, increasing number of
modern retail chains and innovation in products offerings. Moreover, increasing urbanization, rapid
development of fast food chains coupled with longer shelf life and easy availability of frozen food products is
further anticipated to fuel growth in India ready-to-eat food market during forecast period
India ready-to-eat food market is broadly segmented into frozen ready-to-eat and shelf stable ready-to-eat
food. The former dominates the market and is anticipated to continue its dominance during forecast period
as well on account of high penetration rate and easy availability of a wide variety of ready-to-eat products in
different packaging formats at various retail points. Moreover, leading market players are offering frozen
food products keeping in mind taste and preferences of consumers. Among regions, North India emerged as
a major revenue generator in India ready-to-eat food market as the region is developing at a faster rate,
which is resulting in improvement in lifestyle, increase in per capita disposable income due to higher working
population and rise in migrant population supported by available employment opportunities. These factors
are consequently resulting into need for convenience food, which, in turn, is increasing the sales of ready-to-
eat food products in the region. The majority of the demand in the northern region is emerging from Delhi &
NCR (National Capital Region) area. In NCR area, Gurgaon and Noida are the key demand generators owing
to existence of a large number of offices and other commercial hubs. The working population is among the
major buyers of ready-to-eat food products in the region.
“India ready-to-eat food market is growing as rising number of consumers are gradually inclining towards
easy, convenient and less time-taking food items such as ready-to-eat food products, which include frozen
and shelf stable food items. Convenience is a major factor contributing to the demand for ready-to-eat food
products in the country. Further, to promote benefits and create awareness about frozen food products,
manufacturers are investing in marketing strategies and introducing new products in innovative packaging,
which is helping them to increase brand value as well as sales of their products. These developments are
expected to drive the market for ready-to-eat food products in India over the next five years.”, said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global management consulting
firm.
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