Rising number of nuclear families and working women coupled with busy lifestyle of working class population continues to drive Ready-to-eat food market in India
According to a recently published report by TechSci Research "India Ready-to-eat Food Market Forecast & Opportunities, 2019", the country's ready-to-eat (RTE) food market is projected to grow at a CAGR of around 22% during 2014-19. The market is anticipated to grow on account of increasing working population, growing per capita disposable income, rising per capita expenditure on prepared food, increasing middle class and affluent consumers, etc. With the rising employment opportunities and changing lifestyle of consumers, the demand for ready-to-eat food products in the country is projected to grow during the forecast period as well. India has a large base of young consumers, who form majority of the country's workforce. These young consumers hardly find time for traditional cooking due to their busylife styles which further creates significant potential for ready-to-eat food products.
Though rising per capita disposable income of consumers, especially upper and lower middle income group, is driving India's ready-to-eat food market, a large chunk of Indian consumers are still price conscious, which poses a challenge for the ready-to-eat food manufacturers and suppliers. Further minor variation in prices directly affects the preference of brands/products among the Indian consumers. To offset this challenge, major players are increasingly focusing on offering high-quality RTE food products at lower prices.
"Retail chains are the key contributors in increasing the awareness about the ready-to-eat products among consumers. The presence of retail players such as Big Bazar, Easyday, etc., is also contributing towards increasing the demand for ready-to-eat food products in the country. However, as of now, such chains are not vastly present in the semi-urban and rural areas of India. Nevertheless, expansion plans of major retailers across rural and semi-urban areas in coming years is expected to increase consumer awareness and availability of ready-to-eat products in coming years, thereby driving the country's ready-to-eat food market." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm. Major players operating in India's ready-to-eat food market include ITC, Kohinoor, MTR and McCain among other.
"India Ready-to-eat Food Market Forecast & Opportunities, 2019" has evaluated the future growth potential of India's Ready-to-eat food market and provides statistics and information on market structure and consumer behavior trends. The report includes projections and demand forecasting. 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 available inready-to-eat food market in India.