July 25, 2024

Rising disposable incomes expected to boost the growth of India Ready To Mix Food Market

The global India Ready To Mix Food Market is estimated to be valued at US$ 443.89 Mn in 2023 and is expected to exhibit a CAGR of 16.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Overview:

Ready to Mix Food refers to a type of food product which only requires addition of water before consumption. It provides convenience to consumers by saving their preparation time in the kitchen. Some popular ready to mix food products available in India include idli, dosa, uttapam mixes and various snack mixes. These products offer nutritional value and ensure versatility in food preparation. Their long shelf-life and ease of cooking make them suitable for modern lifestyle.

Market key trends:

The India ready to mix food market is witnessing notable growth owing to rising demand for convenience foods among busy consumers. Growing population of working professionals and nuclear families have fueled the sales of ready to mix products. Rising health-consciousness among Indians have also propelled the demand for healthy and organic ready to eat mixes in the market. Introduction of regional and flavored mixes by key players is further expanding their consumer base. E-commerce platforms are effectively marketing these products to tap consumers in tier II and III cities, driving the online sales. Stringent safety regulations have ensured quality of ready mixes, allowing consumers to rely on branded products.

Porter’s Analysis:

Threat of new entrants: The threat of new entrants into the Indian ready to mix food market is moderate. Establishing brands and gaining consumer recognition in this market requires considerable investment. However, low raw material and labor costs provide some advantages to new entrants.

Bargaining power of buyers: The bargaining power of buyers is high in this market as there are many established brands providing similar products to choose from. Buyers can negotiate on price if they make bulk purchases.

Bargaining power of suppliers: The bargaining power of suppliers is moderate. While suppliers of raw materials like wheat, maida, rice have a strong presence, branded ready to mix food companies can switch to alternate suppliers if needed.

Threat of new substitutes: The threat of substitutes is low. While substitutes like homemade mixes exist, ready mixes provide convenience which is difficult to substitute.

Competitive rivalry: The competition in the market is high and expected to intensify further with the entry of global players and private label brands offering different products.

Key Takeaways

The Global India Ready To Mix Food Market Size is expected to witness high growth, exhibiting CAGR of 16% over the forecast period, due to increasing availability of convenient food options and changing consumer food habits.

Regionally, Southern India dominates the market currently due to high consumption of traditional South Indian food mixes like idli and dosa batters. However, Western India is expected to be the fastest growing market due to urbanization and rising number of working professionals preferring convenient ready to eat food options.

Key players operating in the India ready to mix food market are Indian Tobacco Company, Mavalli Tiffin Room, Gits Food Products Pvt. Ltd., Kohinoor Foods, Priya Foods, and Bambino Agro-Industry. These companies offer a wide variety of traditional and global mixes catering to the diverse food preferences across India. They are focusing on product innovation, branding and marketing activities to strengthen their market position.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it