Convenience food doesn’t require a lot of preparation and is easy for consumption. Convenience food market comprises ready to cook and ready to eat products. Among which ready to eat includes frozen foods, chips, bakery items and others. Whereas ready to cook has been further segmented into snacks mix, dessert mix and curry mix. Increased consumer awareness towards ready to mix food in India has changed consumer preferences for food resources which take less time and energy to prepare. Moreover, a shift in consumer preferences for packaged food products is a prime concern for consumers and thus has led to transitions in this market. Additionally, continuous product launches, considering the demand and taste of consumers are expected to support the robust growth for ready to mix food market in near future.
Ready to Mix Food Market Overview
Ready to Mix food market holds an essential place under convenience food segment owing to its benefits such as less time to prepare, easy consumption and low caloric. Ready to Mix food market is further segmented on the basis of the application type and by distribution type.By application type, it includes snacks mix, dessert mix and curry mix.
By distribution type, it is divided into retailers, Kirana shops, online purchase and others. Among the application type, snacks mix are expected to record a higher CAGR as compared to the other ready mixes from 2014 to 2020. However, by application type, curry mix is also expected to witness a substantial growth during the forecast period.
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Market Value Forecast
Ready to Mix food markets is estimated to value at US$ 121.7 million in 2014 and expected to reach US$ 284.4 million by 2020, reflecting a CAGR of 15.7% during 2014-2020. In terms of application type, snacks mix expected to have the highest CAGR of 15.9% by the end of 2020, followed by curry mix which is 15.8%.
By application type, it comprises of snacks mix, dessert mix and curry mix. Snacks mix includes dhokla, gobhi Manchurian, bhaji and bonda, bhelpuri, idli, dosa. Dessert mix includes Gulab Jamon mix, kulfikesarbadam, rabri mix, kulfi kesa Pista, besan laddoo and others and curry mix includes dal makhani, shahi paneer, dal fry, veg kadhai, chana masala, palak paneer and others. Snack mix is expected to dominant during the forecast period, accounting for 50.99% of the overall market share by 2020. However, curry mix is experiencing a robust growth, registering a CAGR of 15.8% during the forecast period. Among all aforementioned snacks, dessert and curry segment: snacks mix is predicted to account for the largest market, with a CAGR of 15.9% to account for US$ 145.01 million in 2020. This growth is supported by extensive consumer demand coupled with regional taste and preferences of snacks mix products.
By Distribution Analysis
On the basis of distribution, ready to mix food market includes retailers, Kirana shops, online purchase and others.Among all these retailers is expected to be the top segment, which collectively accounted for nearly 49.37% of the market share, followed by Kirana shops, which accounts for 29.09% of market share. Retailers include wholesalers, department stores, speciality stores and convenience stores.
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In terms of CAGR growth, retailers being the recorded the highest growth which is 16.2%, followed by online purchase, which is 15.8% respectively during the forecast period. Market share of Kirana shops is 29.09%, followed by online purchase which is 15.04%by 2020.
Increase awareness about ready to mix food products through promotional methods like advertising, exhibitions, seminars, workshops and providing lucrative margins to distributors is expected to strengthen the partnership across the value chain. Increasing product visibility in modern retail formats as retail shelf space and product availability is predicted to create demand for ready to mix food products among the consumers in India. Since, consumer behaviour and perception is uncertain and unpredictable, it is a concern for companies in this market. Recognition of ready to mix food as an ingredient in food and beverages sector, increasing awareness through online marketing, and strengthening supply chain in India are key focus areas for companies in this market.
Competitive Players Outlook
The India Ready to mix food market is dominated by Mavalli Tiffin Room(MTR), GITS food products Pvt Ltd, Indian Tobacco Company(ITC), Kohinoor Foods and Priya Foods.
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