Ready to Eat Food Business Industry
The market for ready-to-eat food in India was valued at $261 million in 2017 and is anticipated to increase at a CAGR of over 16% from 2018 to 2023 to reach $647 million. Rising urbanization, rising middle-class disposable income, and shifting Indian consumer tastes all contribute to the market's anticipated expansion.
The ready-to-eat food industry is expanding in India for a number of reasons.
The increased inclination for convenience food items among the working population, the expansion of the Indian retail chain sector, and new product introductions are some of the main growth factors for the ready-to-eat food market. The market for ready-to-eat food in India is expanding thanks to rising consumer demand for fast food, as well as the freshness and nutritional value of these products, as well as a growth in the number of women working.
However, obstacles like growing obesity and diabetes-related health concerns could impede market expansion. Consumers who care about their health do not favour ready-to-eat foods because of their high fat content.
Ready to Eat Food Market: 2022-2026 Report
The factors and obstacles affecting the growth of the ready-to-eat food industry in India have been highlighted in the Ready to Eat Food Market in India 2022-2026 research. It contains details about impending trends and difficulties that may affect market expansion.
This will assist businesses in planning for and utilising all upcoming growth prospects. A comprehensive analysis, market size and projection, trends, growth drivers, challenges, and vendor analysis for over 25 vendors are all included in this study on the Indian market for ready-to-eat food. The research provides a comprehensive overview of the market environment, the most recent trends and drivers, and the present state of the market.
The industry is being driven by the developing retail chain market in India as well as the working population's increased inclination for convenience food goods. According to the survey, one of the main factors influencing the growth of the ready-to-eat food business in India over the coming few years will be the introduction of new products.
In addition, rising consumer demand for fast food and the freshness and high nutritional content of these meals are supporting the expansion of the ready-to-eat food market in India. In metro areas where many working people lack the time to prepare healthy meals, the demand for ready-to-eat food products is increasing rapidly. Further fueling their popularity across the nation are ready-to-eat food products' longer shelf life and simple accessibility. The most popular ready-to-eat foods include pav bhaji, chana masala, rajma masala, and paneer dishes.
Additionally fueling demand for these culinary items are the rise of the café culture and the quick-service restaurant industry. Consumers' interests have shifted in recent years from price to quality.
The increase in demand for ready-to-eat food items has sparked enthusiasm among numerous businesses to enter this sector, which is anticipated to fuel market expansion in the years to come. Additionally, during the projected period, aggressive marketing and promotional activities, sustainable packaging, the inclination for single-serving frozen items, and innovation in product offerings will drive market expansion.
Challenges for the Industry in India
As the demand for convenience food goods 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 quick cooking times, simple preparation, and lengthy shelf lives. However, a significant portion of customers refrain from purchasing ready-to-eat items like frozen food and packaged food in order to limit their exposure of trans fats.
Similar to this, consumers who are sensitive to gluten avoid ready-to-eat foods as many of them, like cakes, are manufactured from bread and may result in allergic responses. Manufacturers face a problem when trying to replace them with non-allergenic substances. Manufacturers of ready-to-eat foods face a significant hurdle in getting rid of trans fats from their goods.
Ready-to-eat foods typically include a lot of fat, so consuming too much of them can result in obesity, illnesses related to being overweight, and other health problems. As a result, consumers who care about their health do not prefer them. During the anticipated term, the rising health concerns about diabetes and obesity may restrain India's ready-to-eat food market expansion. But the popularity of ready-to-eat food products will benefit from the usage of natural ingredients.
What is the Future of the Industry?
Analysts predict that among the other regions, India would experience a growth rate of 1000%. As a result, during the projection period, vendors are anticipated to benefit significantly from the ready-to-eat food market in India. In-depth information about the major vendor profiles is provided in the India ready-to-eat food industry forecast research. The profiles provide details on the leading companies' production, sustainability, and future prospects.
Additionally, new opportunities for the ready-to-eat food market will be created during the forecast period of 2021 to 2028 by a variety of novel products in functional ingredients, organic convenience foods, and foods, as well as by a quick progress in packaging technology. This statistical analysis of the ready-to-eat food market in India takes into account the effective marketing techniques used by the major vendors. In order to compete in the fragmented RTE food market in India, vendors are using a variety of organic and inorganic expansion techniques.