Indian Ready-to-Cook Market Set to Explode
Growing workforce, increasing disposable income and rising demand for convenience products to drive ready-to-cook food market in India
According to recently published report by TechSci Research "India Ready-to-Cook Food Market Forecast & Opportunities, 2019", the Ready-to-cook (RTC) food market in India is expected to ride high on account of various factors such as increasing working population and rising per capita disposable income. Due to busier lifestyle, Indian consumers are gradually shifting towards RTC food instead of traditional cooking options. The RTC food market in India has been estimated to have reached USD120 million in 2014.
Since youth makes up a huge portion of the overall working population in India, convenience food products are witnessing higher adoption among young working professionals who hardly find time for traditional cooking. All of this is creating a favorable market scenario for RTC food products, which can be instantly cooked with minimal preparation and effort.
The report reveals that Big Bazar, Easyday, Auchan Mart, etc. are among the leading retailers of RTC food products in India, and their revenue share is expected to grow in future due to their expanding distribution network and exclusive outlet base. Besides the affluent class individuals, the rising middle class is also emerging as a major consumer of RTC food products in India. However, a large chunk of Indian consumers still remains untapped due to their lack of confidence on the nutritional value of RTC products and their price conscious behavior. With small change in prices, consumers in India change their brand preferences quite quickly. To offset this challenge, companies are increasingly focusing on introducing high-quality RTC food products at lower price brackets.
"Northern region has been continuing its dominance in India's RTC market, however, the country's western and southern regions have also been witnessing significant surge in demand over the last five years. Moreover, over the last few years, most of the leading RTC players in India have been increasing their focus on research and development activities to expand their product offerings and make their products available to all class of consumers at lower price points," said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"India Ready-to-Cook Food Market Forecast & Opportunities, 2019" has evaluated the future growth potential of India's Ready-to-Cook 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 in making sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities in Ready-to-cook food market in India.