Frozen Food Market in India 2023 – 2028

Frozen Food Market in India 2023 – 2028

The frozen food market, which comprises chilled fruits and vegetables, snacks, meat, poultry and seafood, and ready-to-cook meals, has grown significantly in recent years. As frozen products require little time and effort for cooking, the growing consumer preference for convenience foods indirectly supports the increasing demand for frozen products. Some of the key players that operate in this market are Apex Frozen Foods Ltd., Godrej Agrovet Ltd., ITC Ltd., and Venky's (India) Ltd.

Market insights:

The frozen food market in India was valued at INR 144.30 Bn in 2022. It is expected to reach INR 367.97 Bn by 2028, expanding at a CAGR of ~16.97% during the 2023 – 2028 forecast period. The growing customer preference for convenience foods indirectly promotes the rising demand for frozen items, as preparing them takes minimal time or effort. The noticeable shift in consumer eating habits is driving up demand for frozen food products by driving up demand for ready-to-eat food items. In addition, increasing urbanization is a major factor in increased incomes and better living standards, both of which have a big impact on how affordable frozen food products are.

Segment insights:

Based on sales channel, the market is segmented into retailers, food service providers, and export. The retailer segment is the fastest-growing one because the demand for packaged French fries, burgers, and chicken snacks has been high since the onslaught of the COVID-19 pandemic.

COVID-19 impact analysis:

The COVID-19 pandemic has positively impacted the frozen food market. However, growth was interrupted during the second wave (April 2021 – May 2021). Nonetheless, steady recovery of retailers and food service providers is expected to drive the market during the forecast period. Consumers' perception toward the processed frozen food products changed positively as these items ensured better sanitization than the foods available from street-side vendors. During the pandemic, various food and grocery delivery start-ups such as Licious, iD Fresh Foods, and Grofers reported an increase in the sale of ready-to-eat and frozen food items.