149 sample india frozen food market overview, 2016 2022

Bonafide Research - A Brief Profile Bonafide Research & Marketing Pvt. Ltd. is a multi-disciplinary research and consulting company which provides all the information streams required to solve strategic, business and marketing problems. Bonafide is a “one-stop-shop” offering syndicated research reports, custom research solutions and marketing services for a variety of industry verticals.

We focus on delivering high quality research services to business professionals, organizations and individuals, thus supporting in maximizing success from the current industry information.

We bring first-hand information and prudent analysis of various industries, technologies, economic and non-economic market parameters, potential markets, and key competitors in the industry and give rational forecast for market trends to help clients identify prospective growth areas and gain competitive edge.

Our strength lies in monitoring industry trends and data analysis using credible secondary data sources from Paid databases and Public domain.

Team Profile

Bonafide is a group of young professionals from varied backgrounds who have come together to create a team working in multiple areas across domains with an ever-increasing array of services. The team comes with a rich educational background from some of the world’s finest institutions, possessing post-graduate education in one or more of the following disciplines – Business Management, Engineering, Statistics, Economics, Mass Communication, English Honors., etc. Each member of the team is an expert of his/her own industry so they can deliver analysis, comments, opinions and advice on the latest market trends and conditions. Research analysts gather, identify and analyze the most reliable information and data to give an insight into the market which helps clients meeting their objectives. The team has handled several market research & consulting assignments with fortune 500 companies.

India Frozen Food Market Overview, 2016-2022

Page 2

TABLE OF CONTENTS 1. Executive Summary 2. Global Frozen Food Market Outlook 3. India Frozen Food Market Outlook 3.1. Market Size By Value 3.1.1. Overall Market 3.1.2. Retail Frozen Food Market 3.1.3. Commercial Frozen Food Market 3.1.4. Export Frozen Food Market 3.2. Market Size By Volume 3.3. Market Share 3.3.1. By Company 3.3.2. By Segment (Volume) 3.3.3. By End User 3.3.4. By Sales Channel 4. India Frozen Vegetables Market Outlook 4.1. Market Size By Volume 4.1.1. Overall Market 4.1.2. Frozen Green Peas Market 4.1.3. Frozen Mixed Green Vegetables Market 4.1.4. Frozen Corn Market 4.1.5. Frozen Cauliflower Florets Market 4.2. Market Share By Product Type 4.3. Manufacturing Process 5. India Frozen Snacks Market Outlook 6. India Frozen Seafood Market Outlook 7. India Frozen Poultry Market Outlook 7.1. Market Size By Volume 7.2. Market Share By Product Type 8. India Frozen Red Meat Market Outlook 8.1. Market Size By Volume 8.2. Market Share By Product Type 9. Company Profiles 9.1. Al Kabeer Exports Private Limited 9.2. Mother Dairy Fruit & Vegetable Pvt. Ltd. India Frozen Food Market Overview, 2016-2022

Page 3

9.3. Venky's (India) Limited 9.4. Innovative Foods Limited 9.5. Godrej Tyson Foods Ltd. 10. Disclaimer

India Frozen Food Market Overview, 2016-2022

Page 4

LIST OF FIGURES Figure-1: India Frozen Food Market Size – By Value 2011-2016 (INR Crore) Figure-2: India Frozen Food Market Size Forecast – By Value 2017F-2022F (INR Crore) Figure-3: India Retail Frozen Food Market Size – By Value 2011-2016 (INR Crore) Figure-4: India Retail Frozen Food Market Size Forecast – By Value 2017F-2022F (INR Crore) Figure-5: India Commercial Frozen Food Market Size – By Value 2011-2016 (INR Crore) Figure-6: India Commercial Frozen Food Market Size Forecast – By Value 2017F-2022F (INR Crore) Figure-7: India Export Frozen Food Market Size – By Value 2011-2016 (INR Crore) Figure-8: India Export Frozen Food Market Size Forecast – By Value 2017F-2022F (INR Crore) Figure-9: India Frozen Food Market Size – By Volume 2011-2022F (Million Kilogram) Figure-10: India Frozen Food Market Share – By Company 2016 & 2022F Figure-11: India Frozen Food Market Share – By Segment 2016 & 2022F Figure-12: India Frozen Food Market Share – By End User 2016 & 2022F Figure-13: India Frozen Food Market Share – By Sales Channel 2016 & 2022F Figure-14: India Frozen Vegetables Market Size – By Volume 2011-2016 (Million Kilogram) Figure-15: India Frozen Vegetables Market Size Forecast – By Volume 2017F-2022F (Million Kilogram) Figure-16: India Frozen Green Peas Market Size – By Volume 2011-2016 (Million Kilogram) Figure-17: India Frozen Green Peas Market Size Forecast – By Volume 2017F-2022F (Million Kilogram) Figure-18: India Frozen Mixed Green Vegetables Market Size – By Volume 2011-2022F (Million Kilogram) Figure-19: India Frozen Corn Market Size – By Volume 2011-2022F (Tons) Figure-20: India Frozen Cauliflower Florets Market Size – By Volume 2011-2022F (Tons) Figure-21: India Frozen Vegetables Market Share – By Product Type 2016 & 2022F Figure-22: Flow diagram of freezing process of vegetable based products Figure-23: India Frozen Snacks Market Size – By Volume 2011-2016 (Million Kilogram) Figure-24: India Frozen Snacks Market Size Forecast – By Volume 2017F-2022F (Million Kilogram) Figure-25: India Frozen Seafood Market Size – By Volume 2011-2016 (Tons) Figure-26: India Frozen Seafood Market Size Forecast – By Volume 2017F-2022F (Tons) Figure-27: India Frozen Poultry Market Size – By Volume 2011-2016 (Tons) Figure-28: India Frozen Poultry Market Size Forecast – By Volume 2017F-2022F (Tons) Figure-29: India Frozen Poultry Market Share – By Product Type 2016 & 2022F Figure-30: India Frozen Red Meat Market Size – By Volume 2011-2016 (Tons) Figure-31: India Frozen Red Meat Market Size Forecast – By Volume 2017F-2022F (Tons) Figure-32: India Frozen Red Meat Market Share – By Product Type 2016 & 2022F

LIST OF TABLES Table-1: Key Facts of Al Kabeer Exports Private Limited Table-2: Key Facts of Mother Dairy Fruit & Vegetable Pvt. Ltd. Table-3: Key Facts of Venky's (India) Limited Table-4: Key Facts of Innovative Foods Limited Table-5: Key Facts of Godrej Tyson Foods Ltd. Note: Below figures are dummy, please purchase our report for precise information.

India Frozen Food Market Overview, 2016-2022

Page 5

3. India Frozen Food Market Outlook 3.1. Market Size By Value 3.1.1. Overall Market As India’s economy is booming, the average Indian household is also witnessing a change with more women joining the workforce to improve their lifestyle. This change is impacting food habits as everybody is rushing and depending more on fast cooked food categories like frozen food. Exposure to countless food trends surpassing traditional cuisines has fuelled the desire for variety amongst Indian consumers. As a result, the frozen food market, which was only INR XXXX crore in the year 2011, grew to INR XXXX crore in 2016 with a CAGR of XXXX% over last five years.

Figure-1: India Frozen Food Market Size – By Value 2011-2016 (INR Crore) 700 600 500 400 300 200 100 0 2011

2012

2013

2014

2015

2016

Source: Bonafide Research

Frozen food is both healthy and a comfort food category. People are becoming aware of the fact that the freshness and nutritive value of frozen food is preserved. It gives the convenience to store along with easy option to take out and use. Apart from retail presence, the frozen food players sell their products to QSR chains, in-flight kitchens, hotels, restaurants, etc. There is also a huge export market of frozen food in which domestic players export their products to various countries. Despite the cold chain and supply chain challenges, the industry is growing at a very fast pace and is ready to enter the fast changing

India Frozen Food Market Overview, 2016-2022

Page 6

food and beverage industry to meet the demand. Going forward, macroeconomic changes will favor consumption of frozen food. Rising labor cost is driving fine dining and reputed hotel chains to look at frozen raw materials as a means of saving time and cost. Rapid urbanization and growing penetration of refrigerator and microwave will broaden the target segment for frozen food. Increase in disposable income and growing number of working couples will also increase the frequency of eating out and consumption of convenient ready to eat food. The frozen food market is thus forecasted to reach INR XXXX crore by 2022, registering a CAGR of XXXX% over next five years.

Figure-2: India Frozen Food Market Size Forecast – By Value 2017F-2022F (INR Crore) 700 600 500 400 300 200 100 0 2017F

2018F

2019F

2020F

2021F

2022F

Source: Bonafide Research

As the economy evolves and new life styles get fixed, current impediments are expected to erode away. To overcome with transportation and utilities-related woes, manufacturers have started supplying their own equipment to transporters and retailers. Apart from this, innovation and differentiation in the frozen food sector will be the key for brands vying for the market share. More global products will be offered in the market and find greater space in refrigerators. The investment in developing distribution and supply chain capabilities, in not just the metros but in the tier II towns as well, will convert non-consumers to consumers, enhancing frozen food consumption.

India Frozen Food Market Overview, 2016-2022

Page 7

3.3. Market Share 3.3.2. By Segment (Volume) The frozen food industry, which started by offering basic frozen vegetables and fries, today offers a wide range of products, from fruits & vegetables to frozen meats and snacking to full meal options. In terms of product segments, frozen food market is generally segregated into frozen vegetables, snacks, poultry, seafood, red meat and others. Others include items like frozen fruits, ready meals, curries, chapattis, soup, etc. In 2016, frozen snacks and frozen vegetables together captured almost XXXX% of the market volumes.

Figure-11: India Frozen Food Market Share – By Segment 2016 & 2022F

2016

2022F Frozen Snacks Frozen Vegetables Frozen Poultry Frozen Seafood Frozen Red Meat Others

Source: Bonafide Research

Frozen snack is the largest segment with XXXX% of the total volumes, followed by frozen vegetables with XXXX% volume share. The emerging frozen vegetable business will attract many food giants to enter the category and hence it is expected to register highest growth among all the other product categories. The campaigns rose by the industrialists, at retail as well as institutional levels, to promote the frozen non-vegetarian items are believed to play a major role in the growth of segments like frozen poultry, seafood and red meat. Frozen ready meals which are at a very nascent stage will become more popular in coming years. As more players and brands will enter the frozen food market, more variety and product categories will emerge.

India Frozen Food Market Overview, 2016-2022

Page 8

4. India Frozen Vegetables Market Outlook 4.1. Market Size By Volume 4.1.1. Overall Market Frozen vegetables are increasingly becoming popular among consumers in India. By using various freezing techniques, vegetables are preserved from the farm up to the time it is consumed. There has been an increase in sales of frozen vegetables at the retail end with the increase in women workforce. The frozen vegetables market, which was XXXX million kilogram in 2011, grew with a CAGR of XXXX% to register volume sales of XXXX million kilogram in 2016.

Figure-14: India Frozen Vegetables Market Size – By Volume 2011-2016 (Million Kilogram) 70.00 60.00 50.00 40.00 30.00 20.00 10.00 0.00 2011

2012

2013

2014

2015

2016

Source: Bonafide Research

The biggest challenge that frozen vegetable players face is reaching new regions due to lack of cold chains and erratic electricity supply. However, players are now planning to cater to tier-3 cities provided there is a 24-hour power backup. The emergence of modern trade with professionally-managed chains, heightened consumer awareness of the benefits of 'freshly frozen' and an improved supply chain with cold stores located within cities have increased the availability of frozen vegetables in the market. Moreover, dwindling availability of domestic help in metros and quality-health issues with local home delivery restaurants has all helped to add the demand. Perceptions, too, are changing. The convenience of frozen

India Frozen Food Market Overview, 2016-2022

Page 9

processed vegetables has encouraged many women to increase the usage of these products as they reduce the preparation time drastically. Going forward, the market is expected to generate a sales volume of XXXX million kilogram by 2022, representing a CAGR of XXXX% in the next five years.

Figure-15: India Frozen Vegetables Market Size Forecast – By Volume 2017F-2022F (Million Kilogram) 70.00 60.00 50.00 40.00 30.00 20.00 10.00 0.00 2017F

2018F

2019F

2020F

2021F

2022F

Source: Bonafide Research

The emerging frozen vegetable business is also drawing the attention of FMCG majors. After fierce fight on the dairy front, Amul and Mother Dairy are now locking horns in the vegetable market. Steady demand from consumers, year-around availability and considered to be closer to fresh product with nourishment value are expected to give a boost to the frozen vegetable market in the forecast period.

India Frozen Food Market Overview, 2016-2022

Page 10

7. India Frozen Poultry Market Outlook 7.2. Market Share By Product Type Among all the frozen poultry products, chicken seekh kababs, nuggets and sausages are the most widely available and popular product types with volume share of XXXX%, XXXX% and XXXX% respectively. Chicken nuggets are one of the most commonly eaten dishes in the fast food restaurants and thus frozen nuggets have a huge institutional demand. These are either made of meat slurry and ground chicken or chicken breast. Frozen form of chicken seekh kababs are popular on the ground of sheer convenience as kebabs are traditionally cooked on skewers in a hot tandoor (Indian clay oven) over charcoal.

Figure-29: India Frozen Poultry Market Share – By Product Type 2016 & 2022F

2016

2022F Chicken Seekh Kababs Nuggets Sausages Others

Source: Bonafide Research

Sausage, is another product which is becoming highly popular on the Indian plate in local avatars. Consumers are going out of their way to improvise this product with products like sausage omelette, sausage chaat, sausage rice and vegetables, sausage rumali roll, curd sausage, etc. The popularity of frozen chicken sausage will continue to grow in India as it is easy to cook; part of it is pre-cooked which is called chicken 'keema'. The penetration of sausage as a popular snack, is still very niche. But it is expected that Indians will gradually put chicken sausage on their plate. By 2022, chicken sausage is expected to be XXXX% whereas chicken seekh kababs and nuggets will be XXXX% and XXXX% respectively.

India Frozen Food Market Overview, 2016-2022

Page 11

9. Company Profiles 9.5. Godrej Tyson Foods Ltd. Godrej Tyson Foods Ltd. is a joint venture between Godrej Agrovet Ltd., a part of the Godrej Group and Tyson Foods Inc. In 2008, Tyson purchased 51 percent ownership of Godrej Foods, Ltd., based in Mumbai. Godrej Agrovet Limited is a diversified agribusiness company that includes animal feed, oil palm plantations, agri-inputs and poultry industries. On the other hand, Tyson Foods Inc. is one of the world's largest processors and marketers of chicken, beef and pork. As of now, Godrej Tyson Foods Limited operates as a subsidiary of Tyson Foods Inc. Godrej Tyson Foods venture includes one chicken processing facility in Mumbai and another in Bangalore with completely integrated breeding and hatchery operations. Bangalore plant also has the added capability to produce cold cuts and breaded products. The company also has two poultry breeding and hatchery units, one in Maharastra (near Nashik) and another in Karnataka (near Bangalore). Through this partnership, the company is combining the expertise of Godrej Agrovet's supply chain with Tyson’s capabilities in vertically integrated poultry processing and product development.

Godrej Tyson engages in poultry processing and sells products under the brand name Real Good Chicken and Yummiez. Real Good Chicken is the flagship brand of Godrej Tyson that includes poultry and meat products. The company offers fresh and frozen poultry in a variety of cuts and its product range includes chicken malaitikka, tandoori tikka, chicken cut pieces, whole pre-cut chicken, chicken lollipop and drumsticks. Their chickens are Halal cut at the right age in state-of-the-art processing plants in India.

In 2006, the company launched Real Good Yummiez, which offers a range of vegetarian and non-vegetarian ready-to-cook items. Product range under this brand includes tikkis, cheese fingers, garlic fingers, green peas, nuggets, burger patties, vadas, popcorn, salami, sausages, kebabs, parathas, french fries and sweet corn, among others. The positioning of Yummiez is done as a ‘party maker’. For Godrej Yummiez, majority of sales happen through India Frozen Food Market Overview, 2016-2022

Page 12

general trade, and the brand regularly invests in this channel. It has distributed freezers to some outlets and has commercial schemes which allow traders to buy freezers from the company and repay the costs once the business expands. The 250 to 400 gm of pack brings in bulk of the sales, but the company is also banking on the 1 kg pack in near future. Under Yummiez, nuggets and kebabs are the most popular, followed by Punjabi chicken tikka. The company also caters to food service industry, quick service restaurants and modern retailers, with customized local tastes.

Godrej Tyson has seen significant jump in the revenue share of its ready-to-eat and readyto-cook products due to its efforts to revamp the segment. Real Good Yummiez currently accounts for around 24 percent of the company revenues compared to 17 percent two years back. Re-launch, re-packaging and increasing distribution of a couple of Yummiez products saw the segment grow robustly. In order to make products affordable, the company worked on the pricing front as well. Nuggets priced Rs 185 used to weigh 400 grams earlier and now 500 gm was made available for the same price. Nuggets being a western product, Godrej Tyson also brought in variants with Indian flavors.

Godrej Tyson Foods Ltd. has also entered the breakfast segment recently with an array of cold cuts, primarily sausage and salami variants. The breakfast category will see the relaunch of its cold cut segment and the pricing is set in the affordable range that targets the 'breakfast on the move' or office going customers. Over the next few years, Godrej Tyson is targeting an entry into 100 cities. The company currently has a presence in 68 cities and 5,000 point-of-sales.

The company has been working on strengthening its distribution by providing freezers in kirana stores, especially those in tier II cities. In 2014, it distributed 1000 freezers to retail shops, investing around Rs 5 crore for the initiative. Few years back, tier-II and tier-III cities accounted for a small share of company's total business but today the smaller cities contribute more than 45 percent to the revenue. GTFL is further looking to invest in such India Frozen Food Market Overview, 2016-2022

Page 13

back-end infrastructure which involves providing cold storage facility chillers and freezers across points-of-sale. These include both modern or organized retail outlets and kirana stores. Going ahead the company plans to re-launch other products in the portfolio and take up marketing initiatives that will expand the customer base as well as consumption.

Founded

Table-5: Key Facts of Godrej Tyson Foods Ltd. 2008

Parent Company

Tyson Foods Inc.

Founder

Godrej Agrovet Ltd., Tyson Foods Inc.

Key People

Arabind Das (Chief Operating Officer)

Industry

Food Godrej One, 3rd floor,

Headquarters

Pirojshanagar, Eastern Express Highway, Vikhroli (East), Mumbai – 400079, Maharashtra, India.

Manufacturing Plants

Mumbai, Bangalore Tel: +91-22-2518 8010 / 8020 / 8030

Contact Number

Fax: +91-22-2518 8485 Email: gavlho@godrejagrovet.com

Web Address Product

www.godrejagrovet.com Vegetarian and non-vegetarian ready-to-cook items, poultry and meat products

Brand

Real Good Chicken, Real Good Yummiez

Frozen Food Brand

Real Good Chicken, Real Good Yummiez

Overall Revenue (2015-16)

INR XXXX Crore Source: Company Website, Annual Report

India Frozen Food Market Overview, 2016-2022

Page 14

10. Disclaimer The contents of this report are based on information generally available to the public from sources believed to be reliable. No representation is made that it is timely, accurate or complete. Bonafide Research has taken due care and caution in compilation of data as this has been obtained from various sources including which it considers reliable and first hand.

However, Bonafide Research does not guarantee the accuracy, adequacy or completeness of any information and it is not responsible for any errors or omissions or for the results obtained from the use of such information and especially states that it has no financial liability whatsoever to the subscribers / users of this report. The information herein, together with all estimates and forecasts, can change without notice.

All the figures provided in this document are indicative of relative market size and are strictly for client’s internal consumption. Usage of the same for purpose other than internal will require prior approval of Bonafide Research.

India Frozen Food Market Overview, 2016-2022

Page 15