India Ready To Mix Food Market is Estimated To Witness High Growth Owing To Rising Urbanization
The India Ready To Mix Food Market is estimated to be valued at US$ 443.89 Mn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Ready to mix food products are convenience food products that can be easily prepared at home by just adding water, milk or eggs. These products come pre-packaged with all dry ingredients mixed in proper ratios and proportions. Some common examples include ready to mix paneer makhani, lasagne, biryani, upma etc. The rising number of working individuals and dual income households has increased the demand for convenient food options that can be prepared quickly.
Market key trends:
One of the key driving factors for the India ready to mix food market is the rapid urbanization in India. As per census data, nearly 35% of India's population resides in urban areas. It is estimated that India will be home to nearly 600 million urban dwellers by 2030. Rising disposable incomes and shift towards nuclear family structures has increased the preference for ready-to-cook and ready-to-eat foods among urban population. The hectic lifestyle and lack of time for cooking at home further propels the demand. Product innovations with regional flavors and nutrition-rich formulations is another trend being witnessed in the market. Major manufacturers are launching new products with added vegetables, whole grains and high protein varieties to cater to consumer demand for healthy convenience foods.
Porter's Analysis:
Threat of new entrants: The threat of new entrants is moderate in the Indian ready to mix food market as it has high capital requirements and established brand loyalty. However, the demand is growing rapidly which can encourage new players.
Bargaining power of buyers: The bargaining power of buyers is high in this market as it offers a varied number of product options. Buyers can switch between brands easily based on quality and price.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as the key raw materials like wheat, rice, spices etc. are widely available. However, companies try to maintain long term relations with suppliers for uninterrupted supply.
Threat of new substitutes: The threat of substitutes is low as ready mixes offer convenience over alternatives like home cooking. However, foods prepared outside offer competition.
Competitive rivalry: is high owing to the presence of established brands.
SWOT Analysis
Strengths: Wide product range, strong brand recognition, innovation in flavors catering to evolving tastes
Weaknesses: High operating costs, heavy reliance on seasonal crops, vulnerability to price hikes
Opportunities: Growing nuclear families, increasing urbanization, focus on health foods
Threats: Supply chain disruptions, stringent regulations on ingredients, slow industrial growth
Key Takeaways:
The Global India Ready To Mix Food Market Size is expected to witness high growth, exhibiting CAGR of 16% over the forecast period, due to increasing preference for convenience foods among urban nuclear families.
Regional analysis: The India ready to mix food market is dominated by South Indian states due to availability of key ingredients and traditional food habits. States like Tamil Nadu, Karnataka and Kerala collectively account for over 40% market share due to traditions of breakfast mixes.
Key players operating in the India ready to mix food market are Indian Tobacco Company, Mavalli Tiffin Room, Gits Food Products Pvt. Ltd., Kohinoor Foods, Priya Foods, and Bambino Agro-Industry. These established brands enjoy strong brand loyalty in their home states and are looking to expand nationally through product innovation.
Read More : https://www.newswirestats.com/india-ready-to-mix-food-market-sizedemand-growth/v
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