Report Overview

India Frozen Food Market- Industry Trends & Forecast Report 2028

India frozen food market was worth USD 1.1 billion in 2021 and is further projected to reach USD 3.4 billion by the year 2028, growing at a CAGR of 18.4% during the forecast period 2022-2028. The increase of the working-class population, the emergence of millennials, changes in dietary choices, technical breakthroughs in the cold chain business, and retail reforms are all factors that have contributed to the recent boom of this market. People choose frozen meals for a variety of reasons, including ease of preparation and extended shelf life.

Frozen Food - Overview

Food items that have been frozen and kept at a low temperature for a long time are known as frozen food. The frozen food market has everything from ready-to-eat foods, desserts, and snacks, to ready meals, soup, vegetables, fruits, fish, meat, and seafood. Frozen foods are also free from preservatives since microorganisms cannot grow on them because the temperature of the food is below -9.5 °C (15 °F), which prevents food spoilage.

India Frozen Food Market Forecast and Trends

Growth Drivers

Increasing Working-Class Population in India

The frozen food business has gradually risen, notably in ready meals, frozen meat, on-the-go food, and other categories, due to the hectic lives of millennials and the booming working population. Frozen meals have become increasingly popular in cities as they need less time and effort to prepare than fresh produce. In addition, the rise in disposable income of many households, along with the impulsive buying habit among consumers, has increased frozen food consumption.

Expanding Online Sales Channels for Frozen Food

Online buying is one of the newest consumer trends among Indian buyers. The rise of the frozen food sector has been spurred by the digitization of the retail industry. The emergence of new applications, greater smartphone usage, and unfettered internet access have made frozen food purchases easier and more convenient for consumers. Furthermore, as a result of the pandemic's outbreak and the risk of virus infection when walking outside, people are increasingly turning to online shopping for frozen foods.

Restraints

High Inclination of Indian Consumers Towards Fresh and Organic Food Products

The general Indian population considers frozen food to be a poor substitute for fresh meals. Food that has been preserved for more than a year is thought to have lost all of its nutritious value. While nutrients like vitamin C and folate can degrade as a result of temperature fluctuations, nutrients in frozen veggies are preserved by keeping them at a continuous low temperature or below the freezing point. This frozen food myth may be dispelled by enhancing customer awareness of the quality of frozen meals.

Impact of COVID-19 on India Frozen Food Market

The demand for frozen food witnessed significant growth post the COVID-19 pandemic outbreak. During the lockdown, frozen meals were the most practical and cost-effective option for families. Frozen food products have a longer shelf life than fresh produce, allowing people to avoid making regular journeys to the shop and becoming infected with the virus. Furthermore, easy availability of frozen food through online channels during the lockdown period and shortage of stocks in the offline stores also act as a major driving factor for the market growth.

India Frozen Food Market - By Product Type

Based on product type, India frozen food market is segmented into fruits & vegetables, frozen dairy products, bakery products, meat & seafood products, convenience foods & ready meals, and others. The convenience foods and ready meals segment account for the largest market share. These kinds of frozen-ready meals are nutrient-dense and delicious. They also have a much longer shelf life, making them handier to use, which is driving its market growth.

India Frozen Food Market - By Distribution Channel

Based on the distribution channel, India frozen food market is segmented into offline and online channels. The offline distribution channel holds the largest share in the market. The rise of offline distribution channels is fueled by the availability of ideal freezing and temperature-controlled facilities in convenience shops and supermarkets. As a result of national lockdowns established during the coronavirus epidemic and the fear of being exposed to the fatal virus while going out, many customers have rushed to online platforms to purchase frozen goods. Due to this, the online segment is anticipated to register the highest CAGR during the forecast period.

India Frozen Food Market - Regional Insights

Geographically, India frozen food market is segmented into North India, South India, East India, and West India. South India dominates India frozen food market. The presence of a large working-class population in urban cities including Chennai, Hyderabad, Bengaluru, etc., plays a crucial role in propelling the demand for frozen food in this region. West India also covers a substantial market share owing to the presence of a large working-class population in states such as Maharashtra and Gujarat.

Competitive Landscape

The leading market players of India frozen food market are Bikaji, Capricorn Food Products India, Chevon, Iscon Balaji Foods, Kohinoor Foods, Kuppies, Mccain, Meatzza, Nutritotal India, Top Fresh International, and other prominent players.

India frozen food market is fragmented but has a limited number of industry participants. Therefore, it holds huge growth opportunities for new entrants. The companies constantly launch new products to cater to the needs and tastes of diverse consumer groups of the country. They significantly focus on improving their distribution channel and invest in advertising and marketing to boost their product penetration. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.

Recent Development

• In March 2022, SwissBake India, a leading food processing company, announced the expansion plans into frozen foods which will initially include frozen bread and frozen cakes.

Scope of the Report

By Product Type

• Fruits & Vegetables
• Frozen Dairy Products
• Bakery Products
• Meat & Seafood Products
• Convenience Foods & Ready Meals
• Others

By Distribution Channel

• Offline Channel
• Online Channels

By Region

• North India
• South India
• East India
• West India

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
   4. Breakdown of Primary Research Respondents, By Region
   5. Assumption & Limitation
3. Executive Summary
4. India Frozen Food Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   3. Technological Landscape/Recent Development
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
5. India Frozen Food Market Overview
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Product Type
         1. Frozen Ready Meals
         2. Frozen Meat & Poultry
         3. Frozen Seafood
         4. Frozen Vegetables & Fruits
         5. Frozen & Refrigerated Soups
         6. Frozen Potatoes
         7. Others
      2. By Distribution Channel
         1. Offline Channel
         2. Online Channel
      3. By Region
         1. North India
         2. South India
         3. East India
         4. West India
6. Competitive Landscape
   1. List of Key Players and Their Product Types
   2. Market Share Analysis, 2021
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Development (Merger, Acquisition, Partnership.)
7. Impact of Covid-19 on India Frozen Food Market Industry
8. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
   1. McCain Foods
   2. Venky’s
   3. Mother Dairy
   4. Godrej Tyson Ltd.
   5. Hyfun Foods
   6. Al Kabeer Group
   7. Innovative Foods (Sumeru)
   8. Apex Frozen Foods Ltd.
   9. ITC Ltd.
   10. Capricorn Food Products India Ltd.
   11. Top Fresh International Pvt. Ltd.
   12. Other prominent players

9. Key Strategic Recommendations

*Financial information in case of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

List of Figures

Figure 1        India Frozen Food Market Segmentation

Figure 2        India Frozen Food Market Value Chain Analysis

Figure 3        Company Market Share Analysis, 2021

Figure 4        India Frozen Food Market Size, By Value (USD Million), 2018-2028

Figure 5        India Frozen Food Market Share, By Product Type, By Value, 2018-2028

Figure 6        India Frozen Food Market Share, By Distribution Channel, By Value, 2018-2028

Figure 7        India Frozen Food Market Share, By Region, By Value, 2018-2028

List of Tables

Table 1         India Frozen Food Market Size, By Product Type, By Value, 2018-2028 

Table 2         India Frozen Food Market Size, By End-User, By Value, 2018-2028                

Table 3         India Frozen Food Market Size, By Region, By Value, 2018-2028         

Table 4         McCain Foods Company Overview                               

Table 5         McCain Foods Financial Overview                                

Table 6         Venky’s Company Overview                             

Table 7         Venky’s Financial Overview                              

Table 8         Godrej Tyson Ltd. Company Overview                                   

Table 9         Godrej Tyson Ltd. Financial Overview                                   

Table 10        Hyfun Foods Company Overview                                

Table 11        Hyfun Foods Financial Overview                                 

Table 12        Innovative Foods (Sumeru) Company Overview                               

Table 13        Innovative Foods (Sumeru) Financial Overview                                

Table 14        ITC Ltd. Company Overview                             

Table 15        ITC Ltd. Financial Overview                             

Table 16        Capricorn Food Products India Ltd. Company Overview                               

Table 17        Capricorn Food Products India Ltd. Financial Overview                                

Table 18        Top Fresh International Pvt. Ltd. Company Overview                                  

Table 19        Top Fresh International Pvt. Ltd. Financial Overview