The value of the India ready-to-mix food market is poised to escalate from US$440.1 million in 2023 to US$1,749.7 million by 2033, fueled by a remarkable CAGR of 14.8% anticipated over the next decade.
The increasing demand for RTE food items in India stems from the need to get as much out of snacking-in-the moment experiences. As a result, the need for perfect balance of taste and nutrition in ready-to-cook products has increased. Consumers are giving their trust to brands that manufacture snacks in the right way using better-for-you ingredients at heart and therefore delivering uncompromised quality and taste. In addition to the availability of these products, foods that are easily available have a higher adoption rate.
The most prominent case of the trending better-for-you ingredients is finger millet grains, with scientists at CFTRI using them to optimize use of finger millet. In recent times, the incorporation of finger millet grains in ready-to mix food products has been very high because they are rich sources of nutrients. The product is fortified with various nutrients and a range of health-promoting constituents such as dietary fiber, vitamins, minerals and phytochemicals which have numerous potential health benefits.
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In an interesting turn of events, the niche snack innovations and categories in India can now be seen as being highly consumed in the smaller pockets of the country. Social media is a key contributor to this development, which has significantly coaxed consumers to experiment with snacking options. However, the role of e-commerce and quick commerce in the robust growth and penetration of ready-to-eat foods is quite prominent.
Key Takeaways from the India Ready-to-mix Food Market Report
- The India Ready-to-mix food amassed a market size of US$ 392.9 million in 2022.
- The snack mix application segment accounts for a market share of 5% in 2023.
- The modern trade segment holds a share of 3% of the market by distribution channel over the forecast period.
Business Growth Drivers:
- Changing Lifestyles: As lifestyles become more fast-paced, there is an increasing demand for convenience foods that require minimal preparation time. Ready-to-mix foods offer a quick and convenient solution for busy individuals and families.
- Urbanization: With rapid urbanization, there’s a growing population of working professionals who have limited time for cooking elaborate meals. Ready-to-mix food products cater to this demographic by providing easy-to-prepare meal options.
- Increasing Disposable Income: Rising disposable incomes in India have led to greater spending on convenience foods. Consumers are willing to pay a premium for products that offer convenience without compromising on taste and quality.
- Product Innovation: Manufacturers are continuously introducing new and innovative ready-to-mix food products to cater to evolving consumer preferences. This includes a wide range of options such as instant soups, ready-to-cook meals, breakfast mixes, dessert mixes, etc.
- Expanding Retail Sector: The growth of modern retail formats such as supermarkets, hypermarkets, and online grocery platforms has significantly boosted the distribution and availability of ready-to-mix food products across the country.
- Health and Wellness Trends: There is a growing awareness among consumers about health and wellness. Manufacturers are responding to this trend by introducing healthier variants of ready-to-mix foods, such as organic, gluten-free, and low-sodium options.
Industry Restraints:
- Perception of Quality and Nutrition: Despite the convenience they offer, ready-to-mix foods are often perceived as less nutritious and of lower quality compared to freshly prepared meals. Overcoming this perception is a challenge for the industry.
- Price Sensitivity: While disposable incomes are rising, price sensitivity remains a significant factor for many consumers, particularly in lower-income segments. Keeping ready-to-mix food products affordable while maintaining quality can be challenging for manufacturers.
- Supply Chain Challenges: Maintaining a reliable and efficient supply chain for perishable ingredients used in ready-to-mix food products can be complex, especially considering the diverse sourcing requirements and logistical challenges in India.
- Regulatory Compliance: The food industry is subject to strict regulatory standards concerning food safety, labeling, and packaging. Ensuring compliance with these regulations adds to the operational costs and administrative burden for manufacturers.
- Competition from Traditional Foods: Traditional homemade meals still hold significant cultural and culinary value in India. Ready-to-mix food products face competition from these traditional dishes, especially in rural and semi-urban areas where homemade cooking is prevalent.
Unraveling the Competitive Scene in the India Ready-to-mix Food Market
Key players are bringing innovation in their ready-to-cook offerings, to elevate the taste, ease, safety, and mood of consumers. Moreover, to bring interesting eating experiences to the consumers’ palate, players are exploring global and regional flavors, textures, and tastes.
New mergers and acquisitions, collaborations, and investments will be seen in the upcoming decade. Additionally, enhancements in the packaging and pricing of the food items are expected to positively influence the market. In this regard, easy-to-access and easier-to-buy smaller units of ready-to-mix foods are expected to be a key trend in the India market.
Key Players in the India Ready-to-mix Food Market
- Mavalli Tiffin Room (MTR)
- GITS food products Pvt Ltd
- Indian Tobacco Company (ITC)
- Kohinoor Foods and Priya Foods
- Others
Recent Developments in the India Ready-to-mix Food Market
- In July 2023, as emphasis turns to millets in light of the International Year of Millets-2023, the CFTRI launched eight new products composed of millets. Some of the products that were launched consist of little millet puttu podi, finger millet semolina, ragi-based RTE malted weaning food, and instant finger millet khichdi dal.
- In November 2021, ITC unveiled ready-to-cook and ready-to-mix breakfast staples under the household brand “Aashirvaad”. The breakfast staples include suji, rawa, and vermicelli. In the future, the company will also be introducing poha, dalia, and millet cereals. Some of these categories have significant scope and the bandwidth to produce good margins.
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Market Segmentation
By Application:
- Snack Mix
- Desert Mix
- Curry Making Enablers
By Distribution Channel:
- Modern Trade
- Kirana Shops
- Online Retailers
- Other Distribution Channels
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