India Ready to Mix Food Market Size almost Triples to Cross USD 1 Billion by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated India ready to mix food market size at USD 372.86 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects India ready to mix food market size to grow at a significant CAGR of 15.4% reaching a value of USD 1,010.63 million by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated India ready to mix food market size at USD 372.86 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects India ready to mix food market size to grow at a significant CAGR of 15.4% reaching a value of USD 1,010.63 million by 2029. Major growth drivers for the India ready to mix food market include increasing export of food and agricultural products from India, high disposable income, improving living standards, and changing eating habits of consumers. The increase in demand for convenient food products is fueling market growth, as reported by the India Brand Equity Foundation. The Indian retail industry has seen an influx of new players, making it a dynamic and fast-paced industry. Additionally, the adoption of new technologies for removing oil from food after frying and increasing shelf life is expected to create lucrative growth opportunities. The market for India's ready to mix food is projected to continue growing due to the continuous development of innovative technology for preparing processed and convenience food products. Furthermore, the increasing export of food and agricultural products from India provides significant growth opportunities for the players in the India ready to mix food market during the period in analysis.
India Ready Mix Food Market– Overview
Ready to mix food refers to a type of convenience food product that is pre-mixed and requires minimal preparation and cooking time. These products usually come in the form of a dry mix or powder, and can be quickly and easily combined with other ingredients to make a complete meal or snack. Examples of ready to mix food products include cake mixes, pancake mixes, spice blends, and soup mixes. The market for ready to mix food has grown significantly in recent years, driven by changing consumer preferences and the need for convenient and time-saving food options. MTR, which was a forerunner in this market, initially introduced its product line with South Indian breakfast mixes. However, they have now expanded their offerings to encompass over 60 products within this segment. The market for ready to mix food is expanding with the aim of assisting working women and young individuals in preparing their dishes effortlessly. Complete meals can be readily prepared using ready to mix products. While the market comprises just a few national players, stiff competition emanates from regional and local contenders.
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Impact of COVID -19 on India Ready to Mix Food Market
COVID-19 pandemic had a positive impact on the India ready to mix food market. With the closure of restaurants and eateries during the lockdowns, consumers were forced to cook at home, leading to an increase in demand for convenience food products like ready to mix food. The pandemic also led to an increase in health consciousness among consumers, and manufacturers responded by introducing healthier options in the ready to mix food category, such as multigrain mixes and low-sugar variants. The rise of e-commerce platforms and online grocery stores, consumers have shifted to online purchasing of ready to mix food products, which has created a new distribution channel for manufacturers. This shift to online purchasing has also helped manufacturers to improve their digital presence and marketing strategies, leading to increased brand visibility and sales. Also, with the Indian government's focus on boosting the domestic food processing industry and promoting local brands, the India ready to mix food market has gained support, with several initiatives and policies announced to incentivize domestic manufacturing and distribution of food products.
India Ready to Mix Food Market – By Distribution Channel
Based on distribution channel, the India ready to mix food market is divided in to Supermarket/Hypermarket, Convenience Stores, Independent Small Grocers, and Online segments. The supermarket/hypermarket segment held the highest share in the India ready to mix food market. because these retail formats offer a wide variety of products, including ready to mix food products, all under one roof. Supermarkets and hypermarkets have become increasingly popular in urban areas of India, owing to their convenience and the ability to cater to the needs of a diverse customer base. Moreover, these retail formats often offer discounts and promotional schemes, which attract customers to purchase ready to mix food products in bulk. Also, the growth of the e-commerce industry and online grocery stores has further contributed to the dominance of the supermarket/hypermarket segment, as these platforms offer consumers the convenience of purchasing ready to mix food products from the comfort of their homes. As a result, manufacturers of ready to mix food products have focused on strengthening their presence in the supermarket/hypermarket segment through various marketing and promotional strategies to increase their market share and profitability.
Competitive Landscape
Major players operating in the ready to mix food market include Priya Foods, Fortune foods, MTR Foods Pvt. Ltd., Gits Food Products Pvt. Ltd., ITC Limited, Bambino Agro Industries Ltd., Kohinoor Foods Limited, Ushodaya Enterprises Pvt. Ltd., iD Fresh Food (India) Pvt. Ltd., Haldiram's Food International Pvt. Ltd., Maiyas Beverages and Foods Pvt. Ltd., and Rasoi Magic Foods (India) Pvt. Ltd. to further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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