Frozen Foods Market May See a Big Move in India | ITC Ltd, Venky's, McCain Foods, Apex Frozen Foods Ltd

HTF Market Intelligence released a new research report of 68 pages on title 'Frozen Foods Market in India 2021’ with detailed analysis, forecast and strategies. The study covers geographic analysis that includes regions like APAC (India) and important players/vendors such as Apex Frozen Foods Ltd., Godrej Agrovet Ltd., ITC Ltd., Venky's (India) Ltd., Capricorn Food Products India Ltd.,HyFun Frozen Foods Pvt. Ltd., Innovative Foods Ltd., Mother Dairy Fruit and Vegetable Pvt. Ltd., Top Fresh International Pvt. Ltd., McCain Foods (India) Pvt. Ltd.

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Summary
In recent years, the demand for frozen food has witnessed sharp growth in India. The rapid growth in the number of modern retail stores and online grocery stores, along with proper refrigeration facilities are the key factors influencing this demand. Improved shelf-life and packaging of frozen foods has further propelled growth. Some of the key players that operate in the market are Apex Frozen Foods Ltd., Godrej Agrovet Ltd., ITC Ltd., and Venky's (India) Ltd..

Market insights:
The frozen food market was valued at INR 98.79 Bn in 2020 and is anticipated to reach INR 224.90 Bn by 2025, expanding at a compound annual growth rate (CAGR) of ~18.17% during the 2021 – 2025 period. Rise in the number of millennial and gen-Z consumers opting for convenience food, improved awareness and acceptance of frozen food among the urban and semi-urban people are some of the significant factors that push the market forward. Development of the cold chain infrastructure in India and constant support are further propelling the market. However, proper cold storage and supply infrastructure are yet to develop adequately and this is a barrier to the growth of frozen food market’s growth.

Segment insights:
Based on sales channel, the market is segmented into retailers, food service providers, and exporters. In terms of revenue, the export segment dominated the frozen food market, accounting for 44.62% of the overall revenue share in 2020. The retailers segment (online and offline stores) was valued at INR 25.81 Bn in 2020 and is expected to show maximum growth rate during the forecast period, expanding at a CAGR of ~20.94%. The food service providers segment was valued at INR 28.90 Bn in 2020 and is expected to reach INR 70.66 Bn by 2025.

COVID-19 impact analysis:
The frozen food business in India was disrupted due to the pandemic and several prominent manufacturers incurred huge losses due to the shutdown of food joints. However, the overall market witnessed a mixed impact experiencing both positive and negative growth. On the one hand, the demand from food service sectors declined and on the other hand, the online sale of packaged ready-to-eat snacks skyrocketed. Consumers seeking frozen snacks in local flavors helped bring in new product ranges during lockdown. Consumers' perception toward the processed frozen food products changed positively as the manufacture and packaging of these items were done in a hygienic way ensuring sanitization. Online orders of frozen foods and groceries also increased during the nationwide lockdown. The government also introduced policies such as Integrated Development of Horticulture (MIDH) which have provided financial support for building and enhancing cold storage facilities in India, amid the COVID-19 crisis.

Companies covered:
• Apex Frozen Foods Ltd.
• Godrej Agrovet Ltd.
• ITC Ltd.
• Venky's (India) Ltd.
• Capricorn Food Products India Ltd.
• HyFun Frozen Foods Pvt. Ltd.
• Innovative Foods Ltd.
• Mother Dairy Fruit and Vegetable Pvt. Ltd.
• Top Fresh International Pvt. Ltd.
• McCain Foods (India) Pvt. Ltd.

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Chapter 1: Executive summary

Chapter 2: Socio-economic indicators

Chapter 3: Introduction
3.1. Market definition and structure

Chapter 4: Market overview
4.1. Frozen food market in India – An overview
4.1.1. Frozen food market in India – Size and growth forecast

Chapter 5: Market segmentation
5.1. Frozen food market in India – Segmentation
5.1.1. India frozen food market share based on sales channel (2020 and 2025e)
5.1.2. India frozen food market for retailers – Size and growth forecast (2018–2025e)
5.1.3. India frozen food market for service providers – Size and growth forecast (2018–2025e)
5.1.4. India frozen food market for export– Size and growth forecast (2018–2025e)

Chapter 6: Porter’s Five Forces analysis
6.1. Porter’s five forces analysis

Chapter 7: COVID-19 impact analysis
7.1. Impact on stakeholders
7.1.1. Consumers
7.1.2. Frozen food manufacturers
7.1.3. Government
7.2. Changes ahead

Chapter 8: Market influencers
8.1. 8.1. Key influencers and their impact
8.2. Market drivers
8.3. Market challenges
Continued…
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