India Frozen Food Market to Reach USD1841.28 Million by 2027
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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