India's food industry is rapidly evolving with changing lifestyles and busy schedules. Ready to mix food which just requires adding water, milk or other ingredients is one segment that has seen tremendous growth in the last few years to meet the rising demand of convenience food.
Growth of Ready Mix Food Segment
The ready to mix food segment in India has grown at a CAGR of over 20% in the last 5 years. Major factors that have contributed to this rapid growth include rising disposable incomes, nuclear families, dual income households and preference for convenience. Ready to mix foods can save significant time in preparation as they just require mixing with a few other ingredients compared to preparing the dish from scratch.
According to studies, almost 60% of urban households today regularly consume some form of ready to mix food products. The market size is estimated to cross Rs. 30,000 crores by 2025. Major categories that have witnessed growth include ready to mix pancake, dosa, idli mixes, instant noodles, paste and sauces. Industry analysts expect the segment to grow even faster in the coming years driven by wider availability, product innovation and expansion in rural markets.
Rising Product Portfolio and Innovations
To sustain the high growth rates, food companies are constantly expanding their portfolio and introducing varied product ranges within ready to mix foods. For example, major players like MTR Foods and ID Fresh Foods have over 50 stock keeping units (SKUs) each across categories today compared to just 10-15 products 5 years back.
Some of the product innovations seen recently in the India Ready To Mix Food segment include organic, gluten free, high protein, low carb varieties. Regional mixes focusing on local delicacies from states like Gujarat, Maharashtra and South India have also become popular. Functional health mixes containing nutrients like fiber, vitamins, iron are witnessing strong uptake.
Easy cooking formats like 1-minute noodle cups, pouches requiring just hot water and microwave versions are gaining demand from young professionals. Companies have also launched smaller affordable packs targeted at individual consumption. Overall, readiness to experiment and customize products as per changing needs of consumers is a major factor driving innovation.
Evolving Consumer Preferences
As more Indians become aware of different cuisines from various parts of the world, their preferences in daily food are undergoing a transformation. Today's consumers want tasty and wholesome food options that fit their busy lifestyles as well as satisfy their evolving tastes.
To meet this demand, ready mix food companies are coming up with international and fusion flavors. For instance, pasta mixes, pizza bases, taco shells make consumption of global dishes very convenient at home. Regional spice mixes, organic grains, ancient millets are being incorporated to offer healthful yet indulgent options.
Innovation in packaging formats is another key trend. Ready mixes now come in resealable and portable pouches, tins, jars making them suitable for travel or meal-prepping for the whole week. Interactive recipes on packs encourage consumers to experiment in the kitchen more. Overall, focusing on taste, nutrition, and new flavors is helping boost the popularity of ready mixes.
Rural Outreach and Future Prospects
One area that remains largely untapped is rural Indian markets which account for over 60% of the population. Distribution penetration of organized ready mix brands is still low compared to cities. However, this is gradually changing as companies focus on developing appropriate products and expanding reach through general trade channels.
Demand for convenience foods is surging in small towns as well due to cable TV exposure, mobile internet and economic development. Regional ready mixes relevant to local cuisines along with affordable packs will play a key role in tapping this opportunity. Partnerships with e-grocers, cloud kitchens can boost access in poorer connectivities.
Overall, as trends like nuclear families, women workforce participation rise, readiness for labor saving innovative kitchen products will keep fuelling the ready mix food segment in India. Entry of more global players, focus on nutritious indigenous ingredients, customized regional needs are likely to further transform the industry landscape creating exciting times ahead for this sunrise segment. The future certainly looks bright for the evolving ready to mix food industry in India.
Explore more information on this topic, Please visit -
https://www.trendingwebwire.com/india-ready-to-mix-food-size-and-trends-analysis/
Comments
0 comment