An increase in ready-to-eat food consumption, increasing purchasing power, and rising hygiene factors are driving the growth in the India Frozen Food Market in the forecast period, FY2023F–FY2027F.
According to TechSci Research report, “India Frozen Food Market – Industry Size, Share, Trends, Competition, Opportunities and Forecast, FY2017-FY2027F”, The India Frozen Food Market would potentially project impressive growth in the forecast period, FY2023F–FY2027F, with an impressive CAGR of 8.00% on account of rapidly surging demand from the food industry.
The frozen food industry is still challenged by several misconceptions about frozen food and the procedure in India. Initially, the India frozen food industry was only limited to basic frozen vegetables like peas and French fries. As of now, with the increasing numbers of nuclear families, the demand for frozen products has been reawakened within the household segment. With the rising consumption of frozen food, even the Tier-2 markets are expanding their cold chain infrastructure. Additional guidance and support from the government, such as awareness programs for the handling and usage of frozen food and the state governments like Gujarat, Maharashtra, Chhattisgarh, Madhya Pradesh, Haryana, and Odisha, are offering Capex (Capital Expenditure) incentives to frozen food processing industries, which is also aiding the growth of the India Frozen Food Market in the next five years.
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The India Frozen Food Market is segmented on the basis of product, distribution channel, regional distribution and competitional landscape. Based on product, the market is further fragmented into frozen snacks, frozen meat & seafood, frozen fruits and vegetables, frozen dairy and dessert, and frozen meals. Frozen Snacks sub segment is expected to register largest revenue shares of the market and dominate the market segment in the upcoming five years account of its various advantages like hygienic concerns and ease of availability, consumers are increasingly opting for frozen snacks. These are some of the major factors influencing the growth of India frozen food market. Frozen snacks are being widely consumed in India, from deep-freeze displays in supermarkets to home refrigerators. There are vegetarian and non-vegetarian options available in the market. Cold cuts, meatballs, hot dogs, sausages, samosas, kebabs, jalapeno and cheese sticks, spring rolls, nuggets, French fries, fillets, breaded fingers, patties, and cutlets are some of the well-known and widely consumed products offered by brands like McCain, Yummiez, Quick Treat, and Venky’s.
Based on distribution channel, the market is segmented into Departmental Stores, Convenience Stores, Specialty Stores, Hypermarket/ Supermarket, Direct Sales, Online Sales Channel. The departmental store is one of the major contributors to the growth of frozen food market, as these stores are more convenient and feasible to the customers, as well as availability of freezing stores are also increasing in the departmental stores.
Key market players in the Frozen Food Market include :
- McCain Foods (India) Private Limited
- Godrej Tyson Foods Limited (Real Good Chicken and Yummiez)
- Innovative Foods Limited (Sumeru)
- Venky’s (India) Limited (Venky’s)
- Mother Dairy Fruit & Vegetable Private Limited (Safal)
- ITC Limited (ITC Master Chef)
- Hyfun Frozen Foods Pvt. Ltd. (HyFun)
- Top Fresh International Private Limited
- DARSHAN FOODS PVT. LTD. (Meatzza)
- Swadhika Foods LLP
The threat of new competitors in this industry is limited due to tight food safety rules and higher capital needs for constructing reliable infrastructure to store frozen foods. Furthermore, the existence of established firms such as ITC, McCain Foods, Mother Dairy, and Godrej Yummiez has raised the bar for new players to enter the market.
For instance, to capitalize on the rising demand, brands in this area have released new goods in the last year. For example, Safal expanded its frozen product line by introducing Frozen Okra Cut, Frozen Drumstick, and Frozen Haldi Paste Cubes, while Innovative Foods, which owns Sumeru, debuted Lasagne Paratha. BigBasket, too, entered the area with products including frozen pizza and frozen peas under its private label Fresho, after noticing “need gaps” in other businesses’ offerings.
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Because a larger portion of India’s population lives in the northern states, the North India region is expected to have the largest revenue share of the market. The South India region is expected to be the fastest growing segment in the upcoming five years on the account of rapidly increasing frozen food varieties like frozen idli and sambhar. The southern states like Kerala, Karnataka, and Andhra Pradesh are considered to be among the top ten major states for frozen food consumption.
“The need for healthy convenience foods has risen in recent years as washing, peeling, and cutting time has become more limited. Because of customers’ busy lifestyles, there is a greater need for convenience foods, which indirectly favors the growth of frozen products. Growing urbanization, changing lifestyles, and an expanding working population are all factors influencing the frozen food market’s growth. Frozen vegetables and fries were the first products offered by the Indian frozen food sector. It now offers a diverse range of products, from fruits and vegetables to frozen meat and ready-to-cook meals. These factors may influence the growth of the India Frozen Food Market in the upcoming five years.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Frozen Food Market Segmented By Product (Frozen Snacks, Frozen Meat & Seafood, Frozen Fruits & Vegetables, Frozen Dairy & Dessert, and Frozen Meals), By Distribution Channel (Departmental Stores, Convenience Stores, Specialty Stores, Hypermarket/ Supermarket, Direct Sales, Online Sales Channel), By Region, By States, Competition, Forecast & Opportunities, FY2017-FY2027F”, has evaluated the future growth potential of India frozen food market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India frozen food market.
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