About 79 per cent of households prefer to have instant food due to steep rise in dual income level.
Over the years packaged food industry is mushrooming in India like never before. The total processed foods market size currently stands at Rs 2500 crore, out of which RTC’s market size is Rs 700 crore (barring noodles and pasta) and is expected to grow around 20-25 per cent over the next five years.
It’s all about TIME
To an astonishment South Indian market especially Bengaluru is becoming the play market for the packaged and processed food segment in the country. Players like MTR, Maiyas Beverages and Food and CP Foods are ruling the fast evolving Bengaluru market which is ruled by tech and corporate crowds. "There has been a major shift in food habits in the metropolitan cities. About 79 per cent of households prefer to have instant food due to steep rise in dual income level, standard of living and convenience,” shared a research by ASSOCHAM.
With 20-25 per cent growth on average, the industry is set to touch $50 billion market by 2017. “The consumption of packaged food is much higher in the urban areas, especially metros, where life is fast-paced; attracting lot more companies to launch new types of products and variants,” added the research.
Entering the race
Citing the growth the segment and the land offers, Charoen Pokphand Foods Public Company Limited (CP Foods), one of the leading agro -industrial and food conglomerate with a presence in over 40 countries announces the launch of its entry into the packaged foods business in India.
Specially crafted by its in-house chefs the company will be unveiling a range of branded products that will include CP Frozen Chicken, CP Chilled Chicken, CP Easy Snacks- Veg and Non Veg and CP Eggs amongst many others that will cater to different taste buds.
"India is a key market for CP Foods globally and the launch of CP packaged foods is an extension to our commitment to deliver high quality chicken and value added products straight from farm-to-fork. The packaged food industry is estimated to grow up to $50 billion by 2017 and we aim to play a significant role in it with the launch of India’s “Best” chicken processing plant in Chittoor.” said Sanjeev Pant, Senior Vice President, CP Foods India.
The group has also brought MC Mary Kom as CP Foods India's Brand Ambassador. Speaking about her association with CP Brand, World Boxing Champion MC Mary Kom said, “As a Mother and being an athlete by profession, I understand the importance of good nutrition for our bodies and that there should be no compromise when it comes to high quality, nutritious and tasty food for myself and my family.”
In India, CP Foods is the first poultry manufacturer to introduce “Air Chill Technology” which is a method of chilling dressed chicken which ensures freshness, food safety and longer shelf life. CP branded products is made with high quality chicken raised in Bio Secure (i.e. environmentally controlled & hygienic farms). A complete integration of supply chain right from the farm to the consumers is completely controlled and managed by CP Foods, thus ensuring total quality, food safety and high nutrition. The CP food production and processing facility is in Chittoor in Andhra Pradesh and CP Food Innovation Centre is in Bangalore.
Hence, with new players in the segment, the industry is really going to disrupt the fast evolving food market.