According to the Markets and Data Research report, “India Ready-To-Eat (RTE) Food Market Assessment, Opportunities and Forecast, FY2017-FY2031F”, India ready-to-eat (RTE) food market was estimated at USD 870.43 million in FY2023 and is anticipated to reach USD 2933.31 million by FY2031, growing at a CAGR of 16.4% during the forecast period. India ready-to-eat (RTE) food market is evolving at a robust pace, fueled by fast-moving modern lifestyles of consumers seeking convenient solutions for their meals without compromising on taste and quality. Due to time constraints and busy schedules, RTE food options have become a staple for many households. The trend is majorly popular amongst urban population where people have busier schedules and lesser time to cook meals. An increase in working women population contributes largely to the increasing demand for RTE food.
The creation of high-quality and innovative ready-to-eat meals have expanded in India as a result of rapid urbanization, surging demand for convenient food preferences among the working population, expansion of Indian retail chain sector, and new product releases. Furthermore, consumers looking for a healthy alternative to ready-to-eat foods should have enough options due to the growth in obesity and growing health issues. In recent times, individuals are eager to explore different types of cuisine and to try new dishes. The younger generation of consumers prioritizes food quality and is willing to invest in premium quality products without compromising their health. Considering these preferences, food producers in India are constantly striving to create unique food items, resulting in significant growth in the ready-to-eat food market.
Spread through 82 pages, the “India Ready-To-Eat (RTE) Food Market” report includes an in-depth TOC, over 17 market data figures, latest market developments, key drivers and opportunities, and a thorough study of major company profiles. Moreover, the report offers strategic recommendations, pricing analysis, market share analysis, and value chain analysis in detail.
Key Takeaways:
1. The demand for quick and hassle-free meal options is on the rise due to busy lifestyles of individuals in today’s fast-paced world.
2. With growing emphasis on health and wellness, consumers are willing to pay a premium amount for good quality RTE options offering unique taste experiences. Products with natural ingredients, lower sodium, reduced preservatives and higher nutritional value are in greater demand.
3. A noteworthy trend in the ready-to-eat food market is the focus on authentic Indian cuisine. Manufacturers are coming up with regional Indian flavors in their offerings to fulfil the taste preferences of consumers.
4. The market is experiencing increased sales through online platforms apart from traditional retail outlets including supermarkets and convenience stores. Online channels offer enhanced accessibility and convenience to consumers.
India Ready-To-Eat (RTE) food market is segmented in the following categories:
By Category: Instant Breakfast/Cereals, Instant Soups and Snacks, Baked Goods, Meat/Poultry, and Others
By Packaging: Canned, Frozen or Chilled, Retort, and Others
By Distribution Channel: Online and Offline
By End-user: Residential, Food Service, and Institutional
By Region: North, East, West and Central, and South
Based on category, instant soups and snacks hold dominance in the region with the highest market share. Instant soups and snacks, including items such as chips, noodles, and other savory snacks, hold the largest market share due to the convenience offered by them. These food items appeal to all age groups with a variety of flavors available in the market. These quick options are served as appetizers during social gatherings and are enjoyed between meals, highlighting their popularity in Indian households. The category of ready-to-eat food market offers accessibility as well as variety, contributing to their dominance and making them a staple choice for on-the-go consumption. Consequently, manufacturers constantly innovate to meet the evolving consumer preferences and maintain market dominance.
Based on packaging, canned packaging type has emerged as the driving force behind the India ready-to-eat (RTE) food market, exercising significant dominance of the market share. Several advantages such as longer shelf life, convenient storage, ease in distribution and transportation are offered by canned packaging type. Moreover, canned food items are popular among consumers as they are perceived as more durable and suitable for pantry storage purposes. The busy lifestyles of urban Indian consumers entirely resonate with the convenience factor offered by the packaging type, also, in case of lesser use of cutlery that adds to the sustainability factor. However, other packaging options such as frozen and retort are gaining prominence in the market owing to evolving consumer preferences and technological advancements.
Based on distribution channel, India ready-to-eat (RTE) food market is overwhelmingly dominated by offline channels share, reflecting the paramount role these channels play in distributing these products to the consumers. The dominance of offline channels can be attributed to established consumer habits, widespread availability of physical stores across urban and rural areas, and the preference for in-person shopping experiences, particularly for food items. Additionally, offline channels provide consumers with the opportunity to inspect products directly, developing trust and confidence in their purchases. While online channels are growing, especially in urban areas, offline distribution remains dominant due to its deep-rooted presence and accessibility across diverse regions of India.
Southern India stands as the dominant force in India ready-to-eat (RTE) food market with a significant influence. Known for its rich culinary heritage, states such as Tamil Nadu, Karnataka, Andhra Pradesh, and Kerala exhibit a strong liking for RTE food products. The region’s preference for convenient and flavorful meal solutions is fueled by a combination of factors such as hectic urban lifestyles, increasing disposable incomes, and a desire for traditional and regional cuisines. Metropolises such as Chennai, Bangalore, and Hyderabad, with their growing populations, further boost the demand for RTE foods. The robust market dominance underscores the importance of promoting the unique tastes and preferences of southern consumers, making it a focal point for RTE food manufacturers and retailers striving to attract a substantial market share in India.
Major Companies Operating in India Ready-To-Eat (RTE) Food Market Include:
- Haldiram Foods International Pvt. Ltd.
- Gits Food Products Pvt. Ltd.
- MTR Foods Pvt. Ltd.
- ITC Limited
- Venky’s (India) Limited
- Agro Tech Foods Limited (ATFL)
- Mccain Foods India Private Limited
- Bikanervala Foods Private Limited
- Kohinoor Foods Ltd.
- iD Fresh Food (India) Pvt. Ltd.
Companies in the India ready-to-eat (RTE) food market are actively involved in research and development (R&D) initiatives to promote innovation, improve current technologies, and create new solutions.
In July 2022, Continental Coffee, a brand of CCL Products (India) Ltd., launched its plant-based brand ‘Continental Greenbird’, debuting into the frozen food segment. The product range is specifically targeting the growing market of consumers seeking sustainable lifestyle options and dietary choices. By providing plant-based alternatives, Continental Greenbird strives to satisfy meat cravings while promoting guilt-free eating habits, balancing the gap between indulgence and sustainable choices.
“India Ready-To-Eat (RTE) Food Market Assessment, FY2017-FY2031F”, evaluates the future growth potential of India ready-to-eat (RTE) food market and provides statistics and information on market size, structure, and future market growth. The report intends to provide innovative market intelligence and help decision-makers to take investment decisions for their organizations more strategically. Moreover, the report identifies and examines the emerging trends along with key drivers, challenges, and opportunities in India ready-to-eat (RTE) food market.
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