F&V Frozen Food Market - Potential and Growth Opportunities .. by Mihir Mohanta, GM Supply chain, Mother Dairy Fruits & Vegetables Pvt. Ltd.
In recent times, the per capita consumption of different frozen, cut & packed products has gone up significantly and many food manufacturers are invested in the value addition of F&V preservation, the frozen foods industry remains strong and continues to grow.
Currently, the frozen foods industry is experiencing a significant increase in domestic sales everyday. According to the results of a recent study conducted by the Research and Markets, India’s frozen food market is forecast to grow at a CAGR of 7.7% and reach USD 1,841.28 Million by 2027.
The frozen food industry in India is still not very large and market potential is yet to be explored. Under several financial assistance schemes by the Government, the establishment of good cold chain infrastructure is very critical, needs more technology intervention.
It can reach every crevice of the country and global interest in the Indian frozen food is phenomenal. Moreover, it is pertinent to note that the frozen food industry is growing by leaps and bounds across the globe as well. A recently released Comprehensive Research Report by Market Research Future (MRFR) stated that the frozen foods market has the ability to capture a spurring growth rate of 5.93% between 2022 and 2030.
It underlined that the market value for this industry by 2030-end could be close to USD 338.5 Billion. These statistics stand testament to the fact that frozen foods are being welcomed with open arms among modern households, but what is the driving force behind this transition?
When both husband and wife are working and living in a nuclear family, frozen foods are a staple and a must have meal. Frozen form of foods are a convenient and affordable way to incorporate healthy foods into a daily diet; from ready-to-eat meals to dairy items, vegetables, and high-protein snacks, and what not!
Frozen foods not only help to ensure cost efficiency, but also contribute towards reducing food wastage. The rising popularity of frozen foods in the modern households and millennials has also pushed the supermarkets to ensure a wide range of healthy frozen food options in store.
These snacks are adapted as per different tastes and preferences of its customers across all age groups, which is another reason that contributes to its spurring presence in almost every household in the country.
In short, the frozen food industry has come a long way in carving its niche amongst Indian plates and the growth opportunities for investors are bright.
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