Report Overview

Increasing preference for convenience food products in the working population and growing availability of a variety of ready to mix products are projected to propel the expansion of the India ready to mix food market during the forecast period between 2023 and 2029.

India Ready to Mix Food Market - Industry Trends & Forecast Report, 2029

India ready to mix food market size was estimated at USD 372.86 million in 2022. During the forecast period between 2023 and 2029, the size of India ready to mix food market is projected to grow at a CAGR of 15.4% reaching a value of USD 1010.63 million by 2029. Major growth drivers for the India ready to mix food market include increasing export of food and agricultural products from India, high disposable income, improving living standards, and changing eating habits of consumers. The increase in demand for convenient food products is fueling market growth, as reported by the India Brand Equity Foundation. The Indian retail industry has seen an influx of new players, making it a dynamic and fast-paced industry. Additionally, the adoption of new technologies for removing oil from food after frying and increasing shelf life is expected to create lucrative growth opportunities. The market for India's ready to mix food is projected to continue growing due to the continuous development of innovative technology for preparing processed and convenience food products. Furthermore, the increasing export of food and agricultural products from India provides significant growth opportunities for the players in the India ready to mix food market during the period in analysis.

India Ready Mix Food Market – Overview

Ready to mix food refers to a type of convenience food product that is pre-mixed and requires minimal preparation and cooking time. These products usually come in the form of a dry mix or powder and can be quickly and easily combined with other ingredients to make a complete meal or snack. Examples of ready to mix food products include cake mixes, pancake mixes, spice blends, and soup mixes. The market for ready to mix food has grown significantly in recent years, driven by changing consumer preferences and the need for convenient and time-saving food options. MTR, which was a forerunner in this market, initially introduced its product line with South Indian breakfast mixes. However, they have now expanded their offerings to encompass over 60 products within this segment. The market for ready to mix food is expanding with the aim of assisting working women and young individuals in preparing their dishes effortlessly. Complete meals can be readily prepared using ready to mix products. While the market comprises just a few national players, stiff competition emanates from regional and local contenders.

India Ready to Mix Food Market

Growth Drivers

Growing Preference for Convenience Food Products among Working Population

In recent years, there has been a growing trend of busy working individuals seeking convenient food options that require minimal time and effort to prepare. It has led to an increase in demand for ready to mix food products in India, which offer an easy and convenient solution to meal preparation. Ready to mix food products come in the form of pre-mixed ingredients that can be quickly combined and cooked to make a meal. They offer several advantages to the working population, such as saving time and reducing the need for extensive meal planning and preparation. These products can be prepared quickly and easily, even by individuals with limited cooking experience. The increasing demand for ready to mix food products has also led to innovation and product diversification within the market. Manufacturers are developing new and improved products to meet the changing needs and preferences of consumers. It has led to the introduction of ready to mix products for various types of cuisines and meals, including snacks, desserts, and complete meals. Overall, the growing preference for convenient food options among the working population has played a significant role in driving the growth of the ready to mix food market in India. As more and more individuals lead busy lives, the demand for quick and easy meal solutions is expected to continue to rise, further fueling market growth.

Restraints

High Cost Associated with Ready to Mix Foods

The India ready to mix food market growth may be restrained by the high cost associated with these products. While ready to mix food products offer convenience and time savings, they can also be relatively expensive compared to traditional cooking ingredients and methods. The high cost of these products may limit their appeal to price-sensitive consumers, who may opt for cheaper alternatives or choose to prepare meals from scratch. Additionally, the perceived lack of freshness and nutritional value of ready to mix food products may also deter some consumers from purchasing them. However, manufacturers are working to address these concerns by developing more affordable ready to mix food products and improving their nutritional value.

Impact of COVID-19 on India Ready to Mix Food Market

COVID-19 pandemic had a positive impact on the India ready to mix food market. With the closure of restaurants and eateries during the lockdowns, consumers were forced to cook at home, leading to an increase in demand for convenience food products like ready to mix food. The pandemic also led to an increase in health consciousness among consumers, and manufacturers responded by introducing healthier options in the ready to mix food category, such as multigrain mixes and low-sugar variants. Rise of e-commerce platforms and online grocery stores, consumers have shifted to online purchasing of ready to mix food products, which has created a new distribution channel for manufacturers. The shift to online purchasing has also helped manufacturers to improve their digital presence and marketing strategies, leading to increased brand visibility and sales. Also, with the Indian government's focus on boosting the domestic food processing industry and promoting local brands, the India ready to mix food market has gained support, with several initiatives and policies announced to incentivize domestic manufacturing and distribution of food products.

India Ready to Mix Food Market

Segmental Coverage

India Ready to Mix Food Market – By Application

By application, the India ready to mix food market is divided into Snacks Mix, Curry Mix, and Dessert Mix segments. The snacks mix segment held the highest share in the India ready to mix food market. These products offer convenience to busy individuals who prefer quick and easy snack options. The snacks mix segment provides a wide range of flavors and tastes to cater to diverse consumer preferences, and manufacturers continuously introduce new and unique flavors to attract customers. The affordability of snacks mix products makes them accessible to a larger section of the population, including price-sensitive consumers. Also, traditional Indian snacks, such as namkeen and bhujia, are popular among consumers of all ages and are suitable for various occasions. These factors collectively contribute to the snacks mix segment's dominance in the India ready to mix food market.

India Ready to Mix Food Market – By Distribution Channel

Based on distribution channel, the India ready to mix food market is divided into Supermarket/Hypermarket, Convenience Stores, Independent Small Grocers, and Online segments. The supermarket/hypermarket segment held the highest share in the India ready to mix food market, supermarkets and hypermarkets formats offer a wide variety of products, including ready to mix food products, all under one roof. They became increasingly popular in urban areas of India, owing to their convenience and the ability to cater to the needs of a diverse customer base. Moreover, these retail formats often offer discounts and promotional schemes, which attract customers to purchase ready to mix food products in bulk. Also, the growth of the e-commerce industry and online grocery stores has further contributed to the dominance of the supermarket/hypermarket segment, as these platforms offer consumers the convenience of purchasing ready to mix food products from the comfort of their homes. As a result, manufacturers of ready to mix food products have focused on strengthening their presence in the supermarket/hypermarket segment through various marketing and promotional strategies to increase their market share and profitability.

Competitive Landscape

Major players operating in the ready to mix food market include Priya Foods, Fortune foods, MTR Foods Pvt. Ltd., Gits Food Products Pvt. Ltd., ITC Limited, Bambino Agro Industries Ltd., Kohinoor Foods Limited, Ushodaya Enterprises Pvt. Ltd., iD Fresh Food (India) Pvt. Ltd., Haldiram's Food International Pvt. Ltd., Maiyas Beverages and Foods Pvt. Ltd., and Rasoi Magic Foods (India) Pvt. Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In September 2021 - Bambino Agro Industries Limited announced its intention to acquire a pasta mill from Italy that has a production capacity of 2,000 kg/hr. The aim is to establish a manufacturing facility in Gohana, Sonipat, and Haryana, with an estimated total capital expenditure of approximately Rs. 2,400 crore.

Scope of the Report

By Application

• Snacks Mix

• Curry Mix

• Dessert Mix

By Distribution Channel

• Supermarket/Hypermarket

• Convenience Stores

• Independent Small Grocers

• Online