India Ready-To-Eat Food Market Forecast & Opportunties, 2023_sapmle Report

INDIA READY TO EAT FOOD MARKET

BY SEGMENT, BY DISTRIBUTION CHANNEL, BY STATE, COMPETITION FORECAST & OPPORTUNITIES

2013-2023

Published: March 2019 www.techsciresearch.com MARKET INTELLIGENCE . CONSULTING

Ta b l e o f C o n t e n t s

India Ready-to-Eat Food Market Forecast & Opportunities, 2013-2023

S. No.

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Contents

1.

Product Overview

2.

Research Methodology

3.

Executive Summary

4.

Voice of Customer 4.1.

Awareness About Ready-to-Eat Food

4.2.

Usage and Preferred Category

4.3.

Brand Preference

4.4.

Factors Influencing Purchase Decision

4.5.

Reasons For Purchase

5.

Global Ready-to-Eat Market Overview

6.

India Ready-to-Eat Market Outlook 6.1.

Market Size & Forecast 6.1.1.

6.2.

By Value

Market Share & Forecast

6.2.1.

By Segment ( Frozen Ready-to-Eat Food and Shelf Stable Ready-to-Eat Food)

6.2.2.

By Distribution Channel (Retail Sales and Institutional Sales) 6.2.2.1

6.3.

By Retail Sales (Online, Supermarket/ Hypermarket and Traditional Retail Stores/ General Stores)

6.2.3.

By Region (North India, South India, West India and East India)

6.2.4.

By State

6.2.5.

By Company

Market Attractiveness Index (By Segment) Š TechSci Research

Ta b l e o f C o n t e n t s S. No. 7.

Import & Export Analysis

8.

Market Dynamics

India Ready-to-Eat Food Market Forecast & Opportunities, 2013-2023

9.

3

Contents

8.1.

Drivers

8.2.

Challenges

Market Trends and Developments

10.

Supply Chain

11.

Policy & Regulatory Landscape

12.

India Economic Profile

13.

Competitive Landscape 13.1.

Company Profiles 13.1.1.

McCain Foods (India) Private Limited

13.1.2.

MTR Foods Pvt. Ltd.

13.1.3.

Gits Food Products Pvt Ltd.

13.1.4.

Haldiram Snacks Pvt. Ltd.

13.1.5.

ITC Limited

13.1.6.

Bikanervala Foods Pvt. Ltd.

13.1.7.

Godrej Tyson Foods Limited

13.1.8.

Darshan Foods Pvt. Ltd.

13.1.9.

Al Kabeer Exports Pvt. Ltd.

11.10.

Venky’s Group

14.

Strategic Recommendations

15.

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Product Overview

Ready-to-eat (RTE) food items can be defined as products which only require heating or addition of water to be ready for consumption. Convenience is the major factor associated with ready-to-eat food products, facilitating significant time saving for consumers. India Ready-to-eat food market has been segmented into two categories: Frozen Ready-to-Eat Food and Shelf Stable Ready-to-Eat Food.

Product Overview

Frozen Ready-to-Eat Food: This category includes food products which are preserved by freezing process, stored in a freezer and are kept frozen until used. Frozen food meets specific requirements such as convenience, nutritional adequacy, shelf stability, and storage. Frozen snacks like frozen french fries, cutlets, aloo tikki, etc., are ready-to-eat foods and require only few minutes frying before final consumption.

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Frozen Ready-to-Eat Food

Shelf Stable Ready-to-Eat Food

Shelf Stable Ready-to-Eat Food: This category includes heat and eat food products and instant food mixes which have been packed using retort technology. These can be easily stored at ambient (room) temperature and are thus ‘commercially sterile’.

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Research Methodology

All collected

Various aspects of the

information was then

market were

validated through

comprehensively

multiple sources and

monitored and

data warehouses in

analyzed by the team

order to present the

of industry experts.

and

most accurate and

TechSci Research also

distributors present in

precise information

identified and analyzed

about India ready-to-

trends, drivers and

eat food market.

challenges in India

Information

regarding

India ready-to-eat food market was gathered through

primary

research surveys with manufacturers, retailers India,

followed

exhaustive

by

secondary

research.

ready-to-eat food

The analyzed information was then presented in a chronological order to depict a meaningful and clear picture of India ready-to-eat food market. It should be noted that we have collected information related to the organized market only and all parameters are related to that including market shares.

market.

Evaluation & Validation

Analysis

Presentation

Research Methodology

Research

5

Š TechSci Research

Research Methodology Baseline Methodology Our dedicated team of industry experts has monitored and analyzed various aspects of India ready-to-eat food market.

The team has analyzed the outlook of the major segments of this market, while considering the major influencing factors, such as rising urbanization and growing trend of dual household income, changing lifestyles along with surging demand for packaged food products and growing need for convenience due to growing population of working women, etc. The study includes market forecasting, which would enable our clients to take better decisions while planning their strategy to achieve sustainability in India ready-to-eat food market.

Methodology Followed for Calculation of Market Size: Market Size by Value: Market size, in terms of value, for the year 2017 was calculated based on information collected through exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders, such as real chocolate manufacturers, distributors, etc.

The team interviewed more than 15 manufacturers/suppliers, 45 distributors/dealers/retailers and 10 industry experts in India ready-to-eat food market to obtain the overall market size during 2013-2023, which was validated by the Delphi technique. Taking standard deviation into consideration, the market size was averaged out, to arrive at

Research Methodology

the market size data for 2013-2023.

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Respondents were asked about the current and future market growth rates, market shares by segment and by region. Removing the outlier responses, the geometric mean of growth estimates and product wise revenue shares

generated across various segments were considered, to arrive at the final revenue shares. Revenue shares generated across various segments were further triangulated from other stakeholders depending upon the type of ready-to-eat food.

Š TechSci Research

Research Methodology

Methodology Followed for Calculation of Market Shares:

•

Market shares by segment, by region and by company were calculated based on the responses received through primary surveys with industry experts, in which the respondents were asked about the market shares or revenue generated from various distribution channels. The final shares were calculated by taking the geometric mean of the responses gathered from key opinion leaders after eliminating the outliers.

Methodology Followed for Forecasting: •

TechSci Research performed periodical checks on data collected through the surveys with logic checks and analyzed the survey results in SPSS/Tableau Software.

•

Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market.

Research Methodology

To forecast India ready-to-eat food market, TechSci Research used various forecast techniques such as:

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•

o

Moving Average

o

Time Series Analysis

o

Regression Analysis

o

Econometric and Judgmental Analysis

TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions. TechSci Research also used the impact analysis during short, medium and long term period to estimate the demand and to reach accurate market numbers. It should be noted that the figures compiled are only for the organized market including market share data.

•

Exchange Rate of 1USD=INR67 has been taken for calculations.

© TechSci Research

Research Methodology

Methodology followed for Consumer Survey •

For consumer survey, TechSci Research conducted the interviews with the target respondents.

•

Step 1: TechSci Research designed a questionnaire which, primarily, focused on understanding the customer preferences towards ready-to-eat food and the factors influencing their purchase decision. After successful design

and approval of the questionnaire, TechSci Research executed primary surveys with a mix of CATI & PAPI methodology.

•

Step 2: TechSci Research then analyzed the data collected through the responses generated across all the respondents and performed periodical checks on the same. The collected information was then coded properly to understand consumer behavior and the same was evaluated by our experts who monitored and evaluated the

data to depict meaningful insights.

•

Step 3: TechSci Research delivered the final draft of research report, comprising the analysis based on the

Research Methodology

responses generated through the survey, in a PDF format.

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Partial List of Companies Interviewed

McCain Foods India Pvt. Ltd., MTR Foods Pvt Limited, Gits Food Products Pvt Ltd., Haldiram Snacks Pvt. Ltd., ITC Limited, Godrej Tyson Foods Limited, Kohinoor Speciality Foods India, Venky’s India Pvt. Ltd., etc.

Secondary Sources

Company Annual Reports, Ministry of Corporate Affairs (MCA), Ministry of Agriculture & Farmers Welfare, Central Intelligence Agency, World Bank, Press Releases, Industry Magazines, Industry Reports, News Dailies, Credible Paid Databases, Proprietary Databases, etc.

© TechSci Research

INDUSTRY BRIEF

According to TechSci Research report, “India Ready-To-Eat Food Market By Segment, By Distribution Channel, By State, Competition, Forecast & Opportunities, 2023”, India ready-to-eat food market is projected to grow at a CAGR of more than 16%, during 2018-2023, on account of expanding distribution network, aggressive marketing strategies by major ready-to eat-food manufacturers, increasing number of modern retail chains and innovation in products offerings. Moreover, increasing urbanization, rapid development of fast food chains coupled with longer shelf life and easy availability of frozen food products is further anticipated to fuel growth in India ready-to-eat food market during forecast period India ready-to-eat food market is broadly segmented into frozen ready-to-eat and shelf stable ready-to-eat food. The former dominates the market and is anticipated to continue its dominance during forecast period as well on account of high penetration rate and easy availability of a wide variety of ready-to-eat products in different packaging formats at various retail points. Moreover, leading market players are offering frozen food products keeping in mind taste and preferences of consumers. Among regions, North India emerged as a major revenue generator in India ready-to-eat food market as the region is developing at a faster rate, which is resulting in improvement in lifestyle, increase in per capita disposable income due to higher working population and rise in migrant population supported by available employment opportunities. These factors are consequently resulting into need for convenience food, which, in turn, is increasing the sales of ready-toeat food products in the region. The majority of the demand in the northern region is emerging from Delhi & NCR (National Capital Region) area. In NCR area, Gurgaon and Noida are the key demand generators owing to existence of a large number of offices and other commercial hubs. The working population is among the major buyers of ready-to-eat food products in the region.

“India ready-to-eat food market is growing as rising number of consumers are gradually inclining towards easy, convenient and less time-taking food items such as ready-to-eat food products, which include frozen and shelf stable food items. Convenience is a major factor contributing to the demand for ready-to-eat food products in the country. Further, to promote benefits and create awareness about frozen food products, manufacturers are investing in marketing strategies and introducing new products in innovative packaging, which is helping them to increase brand value as well as sales of their products. These developments are expected to drive the market for ready-to-eat food products in India over the next five years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

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© TechSci Research

Sample Data-Snapshot India Ready-to-Eat Food Market Share, By Segment, By

India Ready-to-Eat Food Market Size, By Value, 2013, 2017,

Value, 2017 & 2023F

2018E & 2023F (USD Million) Shelf Stable Ready-to-Eat Food, 50.00%

Shelf Stable Readyto-Eat Food, 50.00%

2023F 2017

CAGR 2013-2017

CAGR 2018E-2023F

xx%

xx%

Frozen Ready-toEat Food, 50.00% Frozen Ready-to-Eat Food, 50.00%

Figure 10: India Urban Population Share (As a %age of Total Population), 2013-2017

2013

2013

2014

2015

2016

2017

2018E

2023F

2017

Figure 13: India Ready-to-Eat Food Market Share, By Distribution Channel, By Value, 2013–2023F

10

60.00%

60.00%

60.00%

60.00%

60.00%

60.00%

60.00%

60.00%

60.00%

60.00%

60.00%

40.00%

40.00%

40.00%

40.00%

40.00%

40.00%

40.00%

40.00%

40.00%

40.00%

40.00%

2013

2014

2015

2016

2017

2018E

2019F

2020F

2021F

2022F

2023F

Retail Sales

Institutional Sales

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Disclaimer :

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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. TechSci 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, TechSci 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 data 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 TechSci Research.

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