June 23, 2024

India Ready To Mix Food Market Is Driven By Changing Lifestyle And Rise In Disposable Income

 Ready to cook foods are pre-cooked or semi-cooked food products that require minimal or no additional cooking. They provide convenience to consumers with their short preparation time. Common ready to cook food products include ready to cook curry masalas, pastes, and dough mixes. The demand for such foods is rising in India due to changing lifestyles and increasing participation of women in the workforce. People are opting for easy to cook foods to save time on preparation of meals. This trend is prominent among urban nuclear families and young working professionals with less time to spare for cooking. The ready to cook food products offer convenience without compromising on the authentic taste of homemade meals. They are affordable and provide flexibility to consumers in terms of cooking methods and portion control.

The global India Ready to Mix Food Market is estimated to be valued at US$ 443.89 Mn in 2024 and is expected to exhibit a CAGR of 25% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the India ready to cook food market is the launch of new and innovative product offerings by companies. Food brands are focusing on introducing unique flavors and regional cuisine inspired ready to cook products. For example, companies are launching instant mixes for South Indian delicacies like idli, dosa to cater to the evolving taste preferences of consumers. Similarly, ready to cook options for North Indian tikkis, cutlets are gaining popularity. Another notable trend is the customization and personalization of ready mixes according to consumer needs. Companies offer custom blends of spices, herbs and other ingredients to provide ample flexibility to home chefs. This emerging trend is expected to drive the growth of ready to cook foods in India over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the market requires high initial investments and established distribution channels. There are also economies of scale and branding advantages for existing players.

Bargaining power of buyers: The bargaining power of buyers is high given the presence of several ready to mix food brands providing substitutes. Buyers can easily switch between brands based on price and quality.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as some key ingredients used have few substitutes and suppliers have pricing power. However, established players can source ingredients from multiple suppliers to avoid full dependency.

Threat of new substitutes: The threat of substitutes is high as conventional foods can be substituted for ready mixes. Alternate convenience food options are also substitutes that players need to counter.

Competitive rivalry: Competition in the market is high with the presence of both international and domestic players. Players compete based on new product development, pricing, branding and marketing initiatives.

Key Takeaways

The Global India Ready To Mix Food Market Size is expected to witness high growth. The market in India dominates regionally with high consumption levels and rising working population demanding convenience foods. The global India Ready to Mix Food Market is estimated to be valued at US$ 443.89 Mn in 2024 and is expected to exhibit a CAGR of 25% over the forecast period 2023 to 2030.

Regional analysis: The India ready to mix food market dominates regionally and is expected to grow at a CAGR of over 25% till 2030 led by states like Maharashtra, Karnataka, Tamil Nadu and Gujarat. Changing lifestyles and increasing disposable incomes are driving uptake in Metropolitan cities and urban areas.

Key players: Key players operating in the India Ready to Mix Food Market are ITC Limited, MTR Foods Pvt Ltd, Nestle (Maggi), GHCL Ltd and India Gate. Companies are launching new flavours, varieties and convenient packaging formats to appeal to diverse consumer base and increase market share.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it