In order to sustain in the competitive market and cater to increasing consumer demand, key ready to mix food companies are focusing on widening their offerings.
Valley Cottage, NY -- (SBWIRE) -- 11/29/2016 -- Future Market Insights (FMI), with sharp focus on emerging trends, delivers key insights on the India Ready to Mix Food market in its recent report titled, "Ready to Mix Food Market - India Industry Analysis and Opportunity Assessment, 2014 – 2020". FMI estimates that the India Ready to mix food market will expand at a CAGR of 15.7% and reach a valuation of US$ 284.4 Mn by 2020.
Consumer convenience is the key factor driving the India ready to mix food market. Additionally, increase in working women population due to increased standards of education, high disposable income of households, and growing organised retailing in India are other factors contributing to the growth of the market. Furthermore, increase in overall disposable income and private label penetration is expected to strengthen the growth of the Indian Ready to Mix food market in the next five years. In order to sustain in the competitive market and cater to increasing consumer demand, key ready to mix food companies are focusing on widening their offerings.
The India ready to mix food market is segmented on the basis of application and distribution. By application type, the India ready to mix food market is segmented into snacks mix, dessert mix, and curry mix. Among these, snacks mix segmentis projected to account for around 50.9% market share by 2020, owing to the consumer demand. The curry mix sub-segment on the other hand, is expected to record a double-digit CAGR of around 15.8% during the forecast period.
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By distribution channel, the India ready to mix food market is segmented into retailers, kirana shops, online purchase, and others. In terms of market share contribution to the overall ready to mix market, the retailers sub-segment is expected to record highest CAGR of 16.2%, followed by online purchase during the forecast period.
FMI lead analyst sheds light on why India ready to mix food market will become a mainstream product in convenience food industry in the near future. "Hectic lifestyle, growing demand for packaged food coupled with increasing disposable income is expected to fuel the growth of the ready to mix market in India over the next five to six years," she said.
Although, weak distribution channel, price sensitive consumers, and low awareness level among the consumers in India are expected to hinder the market growth; adoption of new technology for better cooking performance of the products and increased exhibitions, seminars, workshops to promote it are the key trends expected to drive growth of the India ready to mix food market in the near future.
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Recently, MTR Foods Pvt. Ltd. introduced new range of snacks variants such assalty banana chips, pepper banana chips, spicy banana chips, and Huli Thengols (snack made of yogurt) for consumers who are constantly looking for varieties in authentic snacks. Apart from MTR Food Pvt. Ltd. The other prominent players in the India ready to mix food market include ITC Ltd., Gits Food Products Pvt. Ltd., Kohinoor Foods Ltd., Ushodaya Enterprises Private Ltd.,and BambinoAgro Industries Ltd.