INDIA’S FROZEN SECTOR SET FOR TRIPLE VALUE GROWTH
India’s frozen food sector is forecast to almost triple in value over the next five years, according to a report released by Research and Markets.
The study predicts that the sector will be worth $3.1 billion (€2.5bn) in 2026, up from $1.1 billion last year, with annual growth running at almost 19%.
The new report, “India Frozen Food Market by Segments, End Users, Regions, Company Analysis, Forecast,” echoes other research that has forecast rapid growth for the sector.
Reports last year suggested the sector would be worth 188 billion rupees ($2.6 billion) in 2024, up from 74 billion rupees ($1.0 billion) in 2019, representing a compound annual growth rate of 17%.
In a press release, Research and Markets said India’s frozen food sector had been “completely revolutionised” in the past decade thanks to the growth of retail outlets such as Dmart, Food Bazaar and Spencers, along with an expansion in online shopping.
“For more than two decades, government agencies like the Ministry of Food Processing Industries have taken several steps to boost cold chain manufacturing and infrastructure facilities and continue to do so,” the statement said.
A consumer trend towards convenience food and an increase in the number of women who work, which restricts the time families have available to prepare meals, is also behind the sector’s growth, according to Research and Markets.
Writing last year, Amrit Goel, a director at Shri Bajrang Alliance, the Indian conglomerate with a large agricultural division, said the influence of western lifestyles, a more organised retail sector with cold chain facilities, and rising disposable income were all increasing demand in India for frozen foods.
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