India Frozen Food Market to Grow at CAGR 15% Till 2021 Says TechSci Research
Rapid urbanization, changing lifestyles, rising number of working women and increasing per capita disposable income to drive India frozen food market through 2021.
According to TechSci Research report, “India Frozen Food Market By Product Type, By Organized vs. Unorganized, Competition Forecast and Opportunities, 2011 – 2021”, India frozen food market is projected to grow at a CAGR of around 15%, during 2016-2021, on account of increasing number of modern retail chains, rising number of refrigeration facilities in small retail shops and rural households, rapid development of fast food chains, aggressive marketing strategies by major frozen food manufacturers, and longer shelf life and easy availability of frozen food products.
According to World Bank, GDP per capita in India stood at USD 158,159 in 2015. Rising GDP resulted in increased disposable income of consumers, especially in metros, Tier I and Tier II cities. Consequently, final household expenditure in India was more than 59% of the total GDP as of 2014. Rising disposable income levels is auguring well for India frozen foods market. McCain, Godrej Tyson, Venky’s, Darshan Foods, National Dairy Development Board (Mother Dairy), Al Kabeer Exports and Innovative Foods are some of the leading players operating in India frozen food market.
India frozen food market comprises frozen snacks, frozen meat, poultry & sea foods & frozen fruits & vegetables, etc. Frozen snacks dominated demand for frozen food in the country and the segment is anticipated to continue dominating the market through 2021, due to wide variety of products available in the segment.
Leading market players are offering frozen food products keeping in mind taste and preferences of consumers. Furthermore, developments in cold chain industry are also benefiting frozen food market in India. India cold chain industry is anticipated to grow at a CAGR of more than 24% in coming years. Moreover, North India emerged as major revenue generator in India frozen food market due to robust growth in employment opportunities and rising migrating population to North India.
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“Frozen food market in India is growing due to convenience associated with frozen food products. Demand for frozen food products in the country is growing owning to freshness and high nutritional value of these foods.
Further, in order to promote benefits and create awareness about frozen food products, manufacturers are investing in marketing strategies and introducing new products in innovative packaging, and this is helping increase its brand value and sales to a large extent. These developments are, in turn, expected to drive the market for frozen food in the country in the coming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Frozen Food Market By Product Type, By Organized Vs Unorganized, Competition Forecast and Opportunities, 2011 – 2021” has evaluated the future growth potential of India frozen food market and provides statistics and information on market structure, size, share and future growth.
The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in the India frozen food market.
Source: DAIRY NEWS OF INDIA