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India $3.1 billion frozen food market expected to continue growth trajectory in forecast period to 2026
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Tuesday, 18 May, 2021, 15 : 00 PM [IST]
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Dublin, Ireland
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The ‘India Frozen Food Market by Segments, End Users, Regions, Company Analysis, Forecast’, has been reported by ResearchAndMarkets.com's offering. India Frozen Food Market is expected to continue its growth trajectory in the forecast period, and its market will be $ 3.1 billion by 2026, from $ 1.1 billion in 2020.
Years ago, India was known for only French fries and basic frozen vegetables. But in the span of 5 to 10 years frozen food industry in India has completely revolutionised. With the evolution of Modern retail outlets like Food Bazaar, DMart, Spencers, and online grocery stores like Big Basket, Groffers frozen food industry in India is witnessing a positive growth.
Frozen food consists of frozen fruits, vegetables, fish and marine produce, meat, ready meals, bakery products, soups, and appetisers that provide domestic consumption and export opportunities. India's frozen food industry is at a nascent stage and expected to surge rapidly. Also, freezing expands the shelf life of foods like fish, seafood, vegetables, and fruits while keeping their nutrition intact and wholesomeness alive. That provides an opportunity to stabilise the price in the market.
The surging number of Farmer Producer Organisations, solar-based refrigeration technologies, freezing and chilling facilities would boost the values of the farmers in India. Besides, for more than two decades, government agencies like the Ministry of food and Processing (MOFPI) have taken several steps to boost cold chain manufacturing and infrastructure facilities and continue to do so, like incentives and numerous schemes for the growth of this market.
India Frozen Food Growth Trends will be in double-digit CAGR due to all these factors. It is expected to grow with a CAGR of 18.85% from 2020-2026.
Factors Driving the Frozen Food Industry in India
Due to changing lifestyle, there is considerable growth in customer penchant towards convenience foods, which indirectly favours frozen products' rising demand, since it requires much less time and effort than regular cooking.
India has witnessed a significant surge in the number of employed women in recent years. With the growth in the number of working women, it becomes considerably tricky for them to cook meals, which results in consuming frozen ready meals.
With the introduction of organised retail stores, there has been growth in the freezers and cold storage section.
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