According to a new report by Future Market Insights, the growth of organised retail and an increase in the number of working women with less time to spend in the kitchen have also been contributing to the growth of the ready-to-mix market.
Usually grouped into snacks, dessert and curry mixes, ready-to-mix food lines should soon see a period of expansion bringing wider offerings, it said.
In one example, MTR Foods has recently introduced new range of snacks variants including salty, pepper and spicy banana chips, and Huli Thengols—a snack made of yogurt—for a market that is constantly looking for new varieties in authentic snacks.
Other prominent players include ITC, Gits Foods, Kohinoor, Ushodaya Enterprises and BambinoAgro Industries.
The snacks mix segment is projected to account for around 51% of market share by 2020, owing to strong demand. The curry mix sub-segment, meanwhile, should record strong growth of around 16%.
Organised channels are predicted to see strongest sales growth, at 16%, followed by online purchasing.
“Hectic lifestyles and growing demand for packaged food, coupled with increasing disposable income, are expected to fuel the growth of India’s ready-to-mix market over the next five to six years,” the report said, predicting that ready-to-mix foods will soon be seen as mainstream convenience products.
The market is, however, hindered by a combination of weak distribution channels, price-sensitive consumers and low awareness of ready-to-mix products by shoppers.
This year, companies are expected to focus on adopting new technology for better cooking performance, while increasing their attendance at exhibitions, seminars and workshops to drum up business.