India Frozen Food Market to Witness a CAGR of 18.4% through 2028

Published | 17 May 2022

The India frozen food market is growing at a high CAGR because of the hectic lives of working-class people and increased consumer expenditure on ambient (shelf-stable) meals

A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that India frozen food market was worth USD 1.1 billion in the year 2021. The market is projected to grow at a CAGR of 18.4%, thereby earning revenues of around USD 3.4 billion by 2028. The India frozen food market is flourishing at a high rate owing to the hectic lives of working-class people and increased consumer expenditure on ambient (shelf-stable) meals. Because of its convenience, millennial consumers now consider frozen food to be a viable option. Furthermore, in order to maintain their meals cost-effective and timely, fast-food restaurants (such as KFC, Domino's, and Subway), bars, motels, and hospital canteens have increased their usage of frozen foods. However, high consumer inclination towards fresh and organic food products may act as a huge restraining factor for the market growth

Increasing Launches of New Products Present Lucrative Growth Opportunities for India Frozen Food Market

The rising demand for frozen food in the Indian market presents lucrative growth opportunities to the India frozen food market. Due to this, various food giants and small companies are launching new products to grab consumer share and boost their revenue. For instance, ITC, the Indian conglomerate company recently entered the frozen food segment under the ITC Master Chef brand which includes products such as frozen snacks, fruits, and vegetables. This is anticipated to drive the market growth in the forecast period.

Rising Focus Towards Improvements in Cold Chain Industry is Driving India Frozen Food Market

With technical improvements such as new temperature-controlled packaging choices, the cold chain business is continuously developing. Market participants are actively investing in new technology to extend the shelf life of chilled or retarded dough, frozen meat and vegetables, and partially or completely cooked items. These developments have been prompted by rising customer expectations and demand for frozen goods.

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India Frozen Food Market - By Distribution Channel

Based on distribution channel, the India frozen food market is segmented into offline and online channels. The offline distribution channel holds the largest share in the market. The rise of offline distribution channels is fueled by the availability of ideal freezing and temperature-controlled facilities in convenience shops and supermarkets. As a result of national lockdowns established during the coronavirus epidemic and the fear of being exposed to the fatal virus while going out, many customers have rushed to online platforms to purchase frozen goods. Due to this, the online segment is anticipated to register the highest CAGR during the forecast period.

India Frozen Food Market - Regional Insights

Geographically, the India frozen food market is segmented into North India, South India, East India, and West India. The frozen food market in India is dominated by South India. The existence of a strong working-class population in major urban cities such as Chennai, Hyderabad, Bengaluru, etc., contributes significantly to the region's frozen food consumption. Moreover, because of the presence of a huge working-class population in regions like Maharashtra and Gujarat, West India also accounts for a significant portion of the market.

Impact of COVID-19 on India Frozen Food Market

Following the COVID-19 pandemic outbreak, there has been a huge increase in demand for frozen foods. Frozen meals were the most practical and cost-effective alternative for families during the lockdown. Frozen foods have a longer shelf life than fresh foods, allowing consumers to avoid making frequent trips to the store and contracting the virus. Furthermore, during the lockdown time, the simple availability of frozen through online channels, as well as a scarcity of stock in conventional retailers, is a key driving force for market development.

Competitive Landscape

The leading market players of the India frozen food market are Bikaji, Capricorn Food Products India, Chevon, Iscon Balaji Foods, Kohinoor Foods, Kuppies, Mccain, Meatzza, Nutritotal India, Top Fresh International, and other prominent players.

The India frozen food market is fragmented but has a limited number of industry participants. Therefore, it holds huge growth opportunities for new entrants. The companies constantly launch new products to cater to the needs and tastes of diverse consumer groups of the country. They significantly focus on improving their distribution channel and invest in advertising and marketing to boost their product penetration. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.

Don’t miss the business opportunity of the India frozen food market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the India frozen food market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the India frozen food market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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