July 25, 2024

The Rapid Urbanization Is Anticipated To Openup The New Avenues For India Ready To Mix Food Market

The India Ready To Mix Food Market is estimated to be valued at US$ 443.89 Mn or Mn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Ready to mix food products are pre-mixed ingredients or semi-prepared food that requires minimal preparation, handling and cooking before consumption. The major products in the India ready to mix food market include bread, pancakes, rice, pasta, instant potato and meat products. Rising working population and busy schedules have prompted consumers to opt for convenient and easy to prepare food options. Changing dietary habits and introduction of innovative flavors are also catalyzing market growth.

Market Dynamics:

One of the key drivers for the India ready to mix food market is growing urbanization and rising disposable incomes. According to World Bank, the urban population in India increased from 31.16% to 34.5% between 2011 to 2021. Urban dwellers constituting the major consumer base for ready to eat foods due to their sedentary lifestyles and long working hours. Changing food habits along with western influence is another major factor spurring market expansion. Introduction of exotic flavors suited toIndian palates and customized offerings as per regional tastes are helping manufacturers tap into diverse consumer base. Moreover, changing demographic dividend has increased the prominence of younger population adapting to new trends easily. This in turn is promoting brand awareness about benefits of convenient food varieties.

Segment Analysis

The India ready to mix food market is dominated by the bakery products segment. Within bakery products, the ready to mix pancake or dosa mix segment holds the major market share of over 35%. This is primarily because pancakes and dosa are very popular breakfast items consumed across India on a daily basis. The ready mix allows busy individuals to quickly prepare these breakfast items with ease.

PEST Analysis

Political: The government has taken various initiatives such as Startup India and Make in India to promote entrepreneurship and domestic manufacturing in the food processing industry. This has encouraged new entrants in the ready to mix food market.

Economic: The rising income levels and dual income households have increased the demand for convenient ready to eat food options. This has fueled the growth of the ready to mix food market in India.

Social: Changing lifestyles and increased participation of women in the workforce has boosted the demand for time-saving food options. Nuclear families prefer ready to mixes for easycook meals.

Technological: Advancements in food processing and packaging have improved the shelf life of ready to mix food products. This has enabled their widespread availability across both urban and rural markets.

Key Takeaways

The Global India Ready To Mix Food Market Size  is expected to witness high growth, exhibiting CAGR of 16.% over the forecast period, due to increasing preference for convenience foods among time-pressed urban households.

Regional analysis: The southern region accounts for over 40% share of the Indian ready to mix food market due to the popularity of dishes like idli, dosa which are commonly prepared using ready mixes. States like Karnataka, Tamil Nadu, and Kerala are the major demand generators.

Key players: Key players operating in the India ready to mix food market are Indian Tobacco Company, Mavalli Tiffin Room, Gits Food Products Pvt. Ltd., Kohinoor Foods, Priya Foods, and Bambino Agro-Industry. Indian Tobacco Company leads the pancake/dosa mixes segment while Mavalli Tiffin Room has a wide product portfolio including idli/dosa mixes and packaged breakfast mixes.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it