Various studies and industry estimates have pegged India’s frozen food market to be around USD 500 million currently. One such industry report, “India Frozen Food Market Outlook, 2021” says that the frozen food market of India has been growing at a CAGR of 15-20% in recent years. One industry forecast suggests that the frozen food industry in India is growing at a CAGR of over 16% and will reach $ 754 million by 2023.
According to a TechSci Research report, “India Frozen Food Market By Product Type, By Organized Vs Unorganized, Competition Forecast and Opportunities, 2011-2021”, India’s frozen food market is projected to grow at a CAGR of around 15%, during 2016-2021.
The report says that this double-digit growth will be driven by an increasing number of modern retail chains, rising number of refrigeration facilities in small retail shops and rural households, rapid development of fast-food chains, aggressive marketing strategies by major frozen food manufacturers, and longer shelf life and easy availability of frozen food products.
The processed food market, of which frozen is a sub-part, has witnessed the entry of many brands offering a variety of products across different processed food categories.
“The concept of frozen and ready-to-eat-food products is new to the Indian market. However, the market for frozen food is gradually expanding. The number of companies introducing their products in this segment is increasing by the day with players like Amul, ITC, and Godrej introducing new products and variety in the market. So, frozen and ready-to-eat food products have a very good potential in the coming future,” says Rajesh Francis, Managing Director of MagSons, the largest frozen food store chain in Gujarat.
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