How Big is Frozen Food Market in India?
The latest report by IMARC Group, titled “India Frozen Foods Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028″, the Indian frozen foods market size reached INR 144.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach INR 353.3 Billion by 2028, exhibiting a growth rate (CAGR) of 16% during 2023-2028.
India Frozen Foods Market Outlook Report:
Frozen foods are food items that are preserved by the freezing method. They are stored in the form of ice crystals and can remain frozen for long periods of time without spoiling. When food is frozen, the food’s enzymes and bacteria are kept in a dormant state, which prevents it from spoiling. Freezing food at a low temperature also helps to preserve its taste, texture, and nutritional value. They are available in many supermarkets and come in many forms, such as frozen meals, fruits, vegetables, fish, seafood, and even desserts. The demand for frozen foods is increasing across the Indian market as it is a convenient way to store food for long-term use.
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Is the Frozen Food Market Growing?
The growing preference for convenient food majorly drives the market in India. This can be supported by the growing working population coupled with inflating disposable income levels of the masses. Due to their busy lifestyles, consumers are increasingly seeking convenient and time-saving solutions for food preparation, this is significantly supporting the market. With the expanding retail sector, the number of modern grocery and food stores has rapidly increased offering a range of services, including cold chain facilities, providing consumers with access to various frozen food products, which, in turn, impacts the market favorably.
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Is Frozen Food Business Profitable in India?
Along with this, easy product availability across multiple channels, from grocery stores, convenience stores, and online retailers, allowing for easy customer access, is positively influencing the market. With the rise of private-label products, frozen foods are becoming increasingly affordable since they offer consumers an economical alternative to mainstream brands, making frozen foods a more accessible option for budget-conscious shoppers, which is acting as a growth-inducing factor. Furthermore, numerous manufacturers are focusing on innovative and convenient packaging for frozen foods, such as resealable bags and microwaveable containers that allows for easy storage and reheating of frozen foods, offering more convenience is creating a positive market outlook. Some of the other factors driving the market include rapid urbanization and the advent of home delivery services.
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Key Market Segmentation:
Top Frozen Foods Brands in India:
- McCain India Pvt Limited
- Venky’s (India) Limited
- Mother Dairy Fruit and Vegetable
- Godrej Tyson Foods Limited
- Al Kabeer Group
- Innovative Foods Limited (Sumeru)
Breakup by Product Type:
- Frozen Vegetable Snacks
- Frozen Fruits and Vegetables
- Frozen Meat Products
Breakup by Region:
- West and Central India
- North India
- South India
- East India
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