India Ready to Mix Food Market is Estimated to Witness High Growth Owing to Increasing Demand for Convenience Food
Ready-to-mix food products include pasta, spreads, soups and sauces, etc. These food items are pre-mixed with spices and flavors. They offer convenience to consumers as they only need to add some ingredients like water or milk and can be consumed immediately. Working professionals and millennials prefer ready to mix food items as they save time in cooking.
The global ready to mix food market is estimated to be valued at US$ 443.89 Mn in 2023 and is expected to exhibit a CAGR of 25% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing demand for convenience food is one of the major drivers propelling the growth of India ready to mix food market. Ready to mix food items save substantial amount of time for working professionals and students who have busy schedules. Another key driver is the growing influence of western food culture in India. Younger population is readily adopting fast food trends from developed nations fostering demand for ready meals and mixes. However, factors like preference for fresh and homemade food along with perception of low nutrition content in packaged mixes can restrain the market growth during the forecast period.
SWOT Analysis
Strength: The India ready to mix food market has seen rising demand for convenience food products in the country. The changing lifestyles and increasing number of nuclear families has boosted the sales of ready to eat foods. Moreover, the market players offer a wide variety of product like bakery, desserts, and beverages catering to diverse consumer tastes.
Weakness: The low rate of penetration in rural areas poses a challenge for the growth of ready to mix food products in India. Additionally, the perception of low nutrition in these packaged foods affects the demand.
Opportunity: The export potential of Indian ready mix food items to other Asian and African countries provides an opportunity for market expansion. Furthermore, the rising health-conscious consumer base presents an avenue to introduce healthier product options.
Threats: Stringent food quality and safety regulations pose compliance challenges for companies. Additionally, fluctuations in the prices of raw materials impact the overall costs.
Key Takeaways
The global India Ready To Mix Food Market Demand is expected to witness high growth. The market has been growing at a CAGR of around 25% over the past few years. This fast pace of growth is anticipated to continue through the forecast period of 2023 to 2030. Favorable demographics, rising disposable incomes, and changing lifestyles have boosted the demand for convenience food products in the country.Busy work schedules leave consumers with little time for cooking, driving the sales of ready-to-eat food items.
The western region currently dominates the India ready to mix food market, accounting for over 35% share. The high concentration of working population residing in metropolitan cities such as Mumbai has fueled the demand. Southern India also has a significant market share owing to growing preference for breakfast products and beverages. Meanwhile, eastern states are exhibiting high growth led by increasing consumption in tier II and III cities. Major players are focusing on penetration in these untapped markets to tap the market potential.
Key players operating in the India ready to mix food market are ITC Ltd., MTR Foods, McCain Foods (India) Pvt. Ltd., Priya Foods, Gits Food Products Pvt. Ltd., Affluent Foods Pvt. Ltd. ITC Ltd. is a dominant player with leading positions in bakery and convenience food categories.
Explore more related article on this topic: https://www.pressreleasebulletin.com/india-ready-to-mix-food-market-share-analysis/
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