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According to a recent report by research-based global management consulting firm TechSci Research, India’s ready-to-eat (RTE) food market is projected to grow at a compound annual growth rate (CAGR) of around 22% between 2014 and 2019. The market is anticipated to grow on account of increasing working population, growing per capita disposable income, rising per capita expenditure on prepared food, increasing middle-class and affluent consumers, etc.
With the rising employment opportunities and changing lifestyle of consumers, the demand for RTE food products in the country is projected to grow during the forecast period as well. India has a large base of young consumers, who form the majority of the country’s workforce. These young consumers hardly find time for traditional cooking due to their busy lifestyles, which further creates significant potential for RTE food products.
Though the rising per capita disposable incomes of consumers, especially those of the upper and lower middle income groups, are driving India’s RTE market, a large chunk of Indian consumers are still price conscious, which poses a challenge for the RTE food manufacturers and suppliers.
“Retail chains are the key contributors in increasing the awareness about RTE products among consumers. The presence of retail players such as Big Bazar and Easyday is also contributing towards increasing the demand for RTE food products in the country. However, as of now, such chains are not vastly present in the semi-urban and rural areas of India,” said Karan Chechi, Research Director, TechSci Research.
“Nevertheless, the expansion plans of major retailers across rural and semi-urban areas in the coming years is expected to increase consumer awareness and availability of RTE products in coming years, thereby driving the country’s RTE market,” said Chechi.
The major players operating in India’s ready-to-eat food market include ITC, Kohinoor, MTR and McCain. The report evaluated the future growth potential of India’s RTE food market and provided statistics and information on market structure and consumer behaviour trends. It included projections and demand forecasting. It was intended to provide cutting-edge market intelligence and help decision-makers undertake sound investment evaluations.