Ready to eat food products provide convenience from preparation to consumption, saving time for busy consumers in India. Products ranging from instant noodles, cereals to soups and baked foods only requiring the addition of boiling water or heating in a microwave. The ever-changing dietary habits and hectic urban lifestyle has boosted demand for ready meals that can be prepared and consumed quickly.
The global Indian 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 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 major trends driving the growth of the ready to eat food market in India is increasing preference for quick convenient meals. Time constraint has become a key challenge for consumers as workplace stress and extended working hours have become the new normal. Ready to eat foods provide an easy solution without compromising on nutrition. Hence, demand is rising consistently across urban population for frozen snacks, soups, noodles and more. Another strong factor influencing the market is expanding rural penetration of ready to eat products. Manufacturers are focusing on developing product portfolio tailored to rural taste preferences with easy cooking options. This will further aid market growth over the forecast period by tapping into untapped rural markets of India.
Threat of new entrants: The Indian ready to mix food market is moderately competitive due to established brand presence. However, entry barriers are low for new domestic players.
Bargaining power of buyers: Buyers have moderate to high bargaining power due to the availability of substitutes.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute raw materials.
Threat of new substitutes: Threat of substitutes is high due to availability of alternate foods such as frozen foods.
Competitive rivalry: The competition among existing players is high due to established brand presence.
The global India Ready To Mix Food Market Demand is expected to witness high growth. The market size is projected to reach US$ 443.89 Mn by 2023 registering a CAGR of ~25% during the forecast period.
Regional analysis: The Western region dominates the market owing to fast paced life and rising disposable income of people. The Southern region is expected to grow at fastest CAGR during the forecast period.Indian Ready To Mix Food Market
Key players: Key players operating in the India Ready to Mix Food Market are ITC Ltd, MTR Foods, Nestle, General Mills, McCain Foods, Premier Foods and Unilever. ITC Ltd is the market leader with diverse product portfolio. Nestle and MTR foods are other prominent players focusing on product innovation.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it