The latest report published by IMARC Group, titled “Indian Frozen Foods Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the Indian frozen foods market exceeded the value of INR 73 Billion in 2018. Frozen food products are processed and stored in a way so that they retain their freshness for a long time. Additionally, they are affordable, tasty and easy-to-cook, and are available year-round, regardless of the season. Over the years, westernization has influenced the food preferences and palatability of the Indian consumers, especially the young and working population. As most frozen foods are generally par-fried and require less cooking time, a gradual rise in consumer acceptance has prompted them to try these products. In line with this, manufacturers have introduced various frozen food products ranging from raw fruits, vegetables and meat products to ready-to-cook snacks and full-meal options.
The evolution of the organized retail sector has created numerous growth opportunities for the expansion of the frozen foods market in India since these products require proper freezing and cold chain facilities for transportation and storage. Initiatives by the Government of India are further propelling the growth of the market. Recently, the Government established ‘The National Centre for Cold-Chain Development’ to advance new cold-chain facilities and expand the existing ones, in order to develop the cold-chain sector in the country. Apart from this, the Food Safety and Standards Authority has made regulations, under the “Food Safety and Standards Regulations, 2010,” to monitor the manufacturing, processing and storing of frozen foods, among other food products. Moreover, frozen food manufacturers are launching healthier, value-added products which consist of lower cholesterol, fat and calorie content than traditional frozen foods to expand their consumer base. On account of these factors, the market value is projected to exceed INR 188 Billion by 2024, at a CAGR of 17% during 2019-2024.
- Based on product types, frozen vegetable snacks represent the most popular product type, accounting for the majority of the overall market share. Other major types of frozen foods in India include frozen meat products, and frozen fruits and vegetables.
- Region-wise, North India enjoys the leading position in the market. North India is followed by West and Central India, South India and East India.
- The competitive landscape of the market has also been analyzed with some of the key players being Mother Dairy, Venky’s, Innovative Foods (Sumeru), Al Kabeer, McCain Foods, Godrej Tyson Ltd. and Hyfun Foods.
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