A study on Indian ‘Ready-to-Eat’ Food Industry
Indian lifestyle is undergoing a massive socio-economic change, which is also being reflected in food habits. Owing to this fact, India is experiencing a significant growth in the ‘Ready-to-Eat’ Food industry. The Indian ‘Ready-to-Eat’ industry is making a huge progress and Ready-to-eat foods market in India is expected to reach Rs 2900 Cr by 2015.
The popularity of ready-to-eat packed food now is no longer marks a special occasion. People want value for time, money in terms of quality and variety. The food processing industry is one of the largest industries in India and it is the ranked fifth in terms of Production, Consumption, Export and Expected growth. Processed food market in India accounts for 32% that is Rs. 1280 billion or 29.4 billion US $ in a total estimated market of Rs. 3990 billion or 91.66 US $. The demand for this industry comes from the global Indians as well. NRI’s and others are looking for convenient food, (almost) authentic dishes and entrée on the go. This demand for ready-to-eat meals has captured a large amount of the food retail market in India and around the world. Walk in into any desi grocery shop in North America and one can find a wide assortment of emerging desi brands. Also Euromonitor International, a market research company says that amount of money Indian spend on ready to eat snacks & food is 5 billion US $ in a year while on abroad Indian or Indian subcontinents spend 30 billion US $ in a year.
The factors contributing to this growth would be changes like cold chain development, disintermediation, streamlining of taxation, economies of scale on the supply side, coupled with increasing disposable incomes, diminishing culinary skills and the rising need for convenience on the demand side. The new technologies and techniques like retorting or sterilization process, which are developed to store the ready to eat food...
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