According to recently published report of Bonafide Research “India Frozen Food Market Outlook, 2021”, frozen food market was growing at a CAGR of 27.35% in the period 2010-2014. The market is expected to almost triple by the end of year 2021 and will grow at a CAGR of 16.96%. Western India has the largest share in revenues due to huge urban population and increased income of people. Frozen snacks and Vegetables constitute for more than half of the total frozen food market.
The Indian market has been witnessing the entry of many brands offering a host of products across various processed food categories. As the market matures and consumers become more convenience driven, one segment, which has evolved significantly, is frozen food. It is slated for deeper market penetration and entry of more players and products. It is also forcing modern retail chains and standalone grocery stores to focus on quality offerings. Over the last ten years, shift in consumers’ shopping pattern at the grocery store indicates that consumption is being driven by processed foods.
The demand for frozen food in India is led by increasing urbanization, change in the lifestyles and the emergence of the mall culture. Exposure to myriad food trends transcending traditional cuisines has fuelled the desire for variety amongst Indian consumers. An increased policy support from the government in terms of investment for cold chain projects, import duty reductions, preferential taxes as well as 100% FDI in cold chain facilities, will see more private sector investing in supply chain infrastructure (cold chain, storage, preservation and better transportation) and skill development."