Key regions: Russia, United States, United Kingdom, Canada, India
The Ready-to-Eat Meals market in India is experiencing subdued growth, impacted by factors such as changing consumer preferences, rising health consciousness, and convenience offered by online food services. Despite this, the Convenience Food market within The Food market is still seeing significant growth.
Customer preferences: With the rise of urbanization and busy lifestyles, consumers in India are increasingly turning to ready-to-eat meals as a convenient and time-saving option. This trend is further fueled by the growing number of working professionals and dual-income households. Additionally, as more women enter the workforce, there is a rising demand for quick and easy meal solutions. This shift towards convenience is also leading to an increased interest in healthier options, such as low-calorie and organic ready-to-eat meals.
Trends in the market: In India, the Ready-to-Eat Meals Market of the Convenience Food Market within The Food market is experiencing a surge in demand due to changing lifestyles and busy schedules. This has led to the emergence of a variety of options such as frozen meals, pre-packaged meals, and meal kits. Additionally, there is a growing trend of incorporating local and regional flavors into these meals, catering to the diverse Indian palate. This trend is expected to continue, with the market projected to witness a significant growth in the coming years. This presents an opportunity for industry stakeholders to innovate and expand their product offerings to cater to the evolving consumer preferences. Furthermore, with the rise of e-commerce and online food delivery services, the convenience of ready-to-eat meals is expected to further increase, making it a lucrative market for players in the food industry.
Local special circumstances: In India, the Ready-to-Eat Meals market is driven by the increasing urbanization and busy lifestyles, leading to a demand for convenient and quick meal options. The country's diverse culinary culture also influences the market, with a variety of regional and traditional flavors being incorporated into these meals. Additionally, the government's focus on promoting the food processing industry and increasing foreign investments in the sector have contributed to the growth of the Ready-to-Eat Meals market in India.
Underlying macroeconomic factors: The Ready-to-Eat Meals Market of the Convenience Food Market within The Food market in India is influenced by macroeconomic factors such as the country's economic health, government policies, and global economic trends. India's growing economy, with a GDP growth rate of 6.8% in 2018, is driving the demand for ready-to-eat meals as consumers have higher disposable incomes and are seeking convenient food options. Additionally, the Indian government's initiatives to promote food processing and modernize the food industry have also boosted the growth of the ready-to-eat meals market. However, challenges such as inflation, fluctuating exchange rates, and limited infrastructure in certain regions may hinder market growth.
Data coverage:
The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).Modeling approach:
Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.
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