(MENAFN- PR Newswire)
NEW YORK, July 4, 2024 /PRNewswire/ -- The ready to cook market size in India is estimated to grow by USD 582.2 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of
7.83%
during the forecast period.
Growing preference for convenience food products in working population is driving market growth, with a trend towards rising number of promotional and marketing activities. However, growing health concerns
poses a challenge. Key market players include Bambino Agro Industries Ltd., Capital Foods Pvt. Ltd., CG Corp., DARSHAN FOODS PVT. LTD., Desai Foods Pvt Ltd., Gits Food Products Pvt. Ltd., Godrej Agrovet Ltd., Hindustan Unilever Ltd., iD Fresh Food India Pvt. Ltd., IndianFarm Foods Pvt. Ltd., Innovative Foods Ltd., ITC Ltd., Kohinoor Foods Ltd., Maiyas Beverages and Foods Pvt. Ltd., McCain Foods Ltd., Nestle SA, Orkla ASA, Regal Kitchen Foods Ltd., Tata Consumer Products Ltd., and Universal Corp. Ltd..
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Technavio has announced its latest market research report titled Ready to cook market in india 2024-2028
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| Forecast period |
2024-2028 |
| Base Year |
2023 |
| Historic Data |
2018 - 2022 |
| Segment Covered |
Type (Instant noodles and pasta, Instant soup, Ready-to-mix, Snacks, and Others), Distribution Channel (Offline and Online), and Geography (APAC) |
| Region Covered |
India |
| Key companies profiled |
Bambino Agro Industries Ltd., Capital Foods Pvt. Ltd., CG Corp., DARSHAN FOODS PVT. LTD., Desai Foods Pvt Ltd., Gits Food Products Pvt. Ltd., Godrej Agrovet Ltd., Hindustan Unilever Ltd., iD Fresh Food India Pvt. Ltd., IndianFarm Foods Pvt. Ltd., Innovative Foods Ltd., ITC Ltd., Kohinoor Foods Ltd., Maiyas Beverages and Foods Pvt. Ltd., McCain Foods Ltd., Nestle SA, Orkla ASA, Regal Kitchen Foods Ltd., Tata Consumer Products Ltd., and Universal Corp. Ltd. |
Key Market Trends Fueling Growth
Vendors in India's ready to cook market have boosted their marketing efforts through innovative strategies and advertisements to enhance product visibility. Nestle, for instance, raised its consumer-facing marketing budget by 3.4% in 2022, promoting products like MAGGI Soup. Campbell Soup also amplified its marketing activities, partnering with Twitch Interactive Inc. And esports player Juan DeBiedma for Chunky soup ads, and Instant Brands Inc. For Instant Pot collaborations. These promotional initiatives are anticipated to fuel the growth of India's ready to cook market.
The Ready To Cook (RTC) food market in India is witnessing significant growth, according to TechSci Research. This trend is driven by health-conscious consumers seeking convenient, time-efficient meal solutions. The RTC food market includes pre-cut vegetables, marinated meats, meal kits, and semi-cooked meals. These contemporary offerings cater to the needs of busy lives, two-income households, and increased urbanization. Consumers value the convenience of quick meal options, customized to their dietary preferences and cooking skill levels. Innovations in packaging and the availability of fresh, organic, and clean-label ingredients have further boosted the market's appeal. With changing demographics and lifestyles, the demand for nutrition-rich, high-quality, and personalized meal solutions continues to rise. The RTC food market offers a wide range of cuisines, from Indian to international, to cater to diverse consumer tastes and dietary requirements.
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Market
Challenges
The ready-to-cook food market in India faces challenges due to health concerns. Critics argue that these products, which are often highly processed, contribute to health issues such as diabetes, obesity, and heart problems. Consumers are increasingly focusing on preventive healthcare, leading to a decrease in demand for ready-to-cook foods. Furthermore, the emergence of healthier food alternatives fortified with essential nutrients poses a threat to the market's growth. These factors may negatively impact the ready-to-cook market in India during the forecast period.
The Ready To Cook (RTC) market in India is witnessing significant growth, driven by the winning imperatives of convenience, healthy focus, and ethnic diversity. Challenges include portion sizes and single-serve choices, customizable ingredients, and ethnic cuisine variations. Subscription services and smart kitchen appliances are gaining popularity. B2C enterprises face hurdles with processed and frozen meals using minimally processed ingredients, plant-based and veggie-based protein options, and simple-to-open packaging. Trade associations play a crucial role in addressing consumer price index, forecasting techniques like exponential trend smoothing, and exchange rates. Key product categories include Frozen Vegetable Mixes, Meat Cuts, Marinated Meats, Frozen Seafood, Instant Snack Mixes, Frozen Desserts, and Ready To Eat, Ready To Cook, and Ready To Serve meals. APEDA exports cover Biscuits and Confectionery, Breakfast Cereals, Jaggery, Wafers, Powder and Starch.
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Segment Overview
This ready to cook market in India report extensively covers market segmentation by
Type
1.1 Instant noodles and pasta
1.2 Instant soup
1.3 Ready-to-mix
1.4 Snacks
1.5 Others
Distribution Channel
Geography
1.1 Instant noodles and pasta-
The instant noodles and pasta market in India consists of pre-cooked and dried packs of noodles and pasta, which do not require refrigeration. These products come with separate flavoring powder and seasoning oils or are pre-seasoned in the cup. The market is projected to expand steadily due to rising demand for convenient food solutions, new product launches, and retail expansion. However, challenges such as price volatility for raw materials, product recalls, and stringent regulations pose potential hurdles. Notably, recent trends include an increasing number of new product launches, marketing efforts by manufacturers, and strategic partnerships and acquisitions.
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Research Analysis
The Ready To Cook (RTC) food market in India is witnessing an exponential trend, with popular categories including Frozen Vegetable Mixes, Frozen Meat Cuts, Marinated Meat Products, Frozen Seafood, Instant Snack Mixes, Frozen Desserts, and Ready to Eat meals. This food industry segment caters to the growing demand for convenience, shorter cooking time, and reduced effort in meal preparation. The RTC food market offers a wide range of products that ensure consistent flavor and high-quality, such as pre-cut vegetables, marinated meats, meal kits, pre-portioned ingredients, and packaged meals. B2C enterprises are the key players in this market, leveraging advanced forecasting techniques like Consumer Price Index and Exponential Trend Smoothing to meet consumer demands. Trade associations play a crucial role in setting industry standards and addressing challenges like exchange rates. The RTC food market is expected to continue its winning imperatives, offering consumers a convenient and flavorful alternative to traditional cooking methods.
Market Research Overview
The Ready To Cook (RTC) food market in India is witnessing significant growth due to the increasing number of health-conscious consumers and the busy lifestyles of the food industry segment. RTC food offerings such as Frozen Vegetable Mixes, Pre-cut Vegetables, Marinated Meat Products, Frozen Seafood, Instant Snack Mixes, Frozen Desserts, Ready to Eat, and Ready to Serve meals are gaining popularity for their convenience, flavor, and quality. APEDA exports and various research firms like TechSci Research have identified key trends in the RTC food market, including the demand for contemporary and convenient meal solutions, customized home-cooked meals, and quick meal options. Consumer demographics, cuisines, dietary preferences, and cooking skill levels are all influencing the growth of this market. Innovations in packaging, health-conscious options, and international cuisines are also driving demand. With the increasing urbanization and two-income households, the RTC food market is expected to continue its growth trajectory.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Type
Instant Noodles And Pasta
Instant Soup
Ready-to-mix
Snacks
Others
Distribution Channel
Geography
7
Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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