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Sep, 04 2014

Ready-to-Eat market to grow 22%, TechSci Research Studyrn

Major players operating in India's RTE food market include ITC, Kohinoor, MTR and McCain amongst other.

According to a recently published report by TechSci Research, Indian Ready-to-eat Food Market Forecast & Opportunities, 2019, the country's ready-to-eat (RTE) food market is projected to grow at a CAGR of around 22 percent during 2014-19. The market is anticipated to grow on account of increasing working population, growing per capita disposable income, rising per capita expenditure on prepared food, increasing middle class and affluent consumers, etc.

India has a large base of young consumers who form majority of the country's workforce. These young consumers hardly find time for traditional cooking due to their busy life styles which further creates significant potential for ready-to-eat food products in the country. Though rising per capita disposable income of consumers, especially upper and lower middle income group is driving India's ready-to-eat food market, a large chunk of Indian consumers are still price conscious, which poses a challenge for the ready-to-eat food manufacturers and suppliers. Further minor variation in prices directly affects the preference of brands and products among the Indian consumers. To offset this challenge, major players are increasingly focusing on offering high-quality RTE food products at lower prices.

Sharing his view on the same, Karan Chechi, Research Director, TechSci Research, said, "Retail chains are the key contributors in increasing the awareness about the ready-to-eat products among consumers. The presence of retail players such as Big Bazar, Easyday, etc., is also contributing towards increasing the demand for ready-to-eat food products in the country. However, as of now, such chains are not vastly present in the semi-urban and rural areas of India. Nevertheless, expansion plans of major retailers across rural and semi-urban areas in coming years are expected to increase consumer awareness and availability of ready-to-eat products in coming years, thereby driving the country's ready-to-eat food market." 

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