Paper Title: Growing Popularity of Convenience Food Market in India: Identifying the Reasons for Purchase Amongst the Customers in Solan City (H.P.)
Authors: Karan Berry
Abstract: Convenience food is any commercially prepared food designed for ease of consumption. This category of food includes prepared foods such as ready-to-eat foods, frozen foods, shelf-stable products and prepared mixes such as cake mix. The Indian food industry has grown rapidly in the past few years. India is the second largest food producer in the world after China, with the potential of being the number one in the future.
In India, the packaged food industry, with a 90% contribution of ready-to-eat segment in 2013, has been growing at a Compounded Annual Growth Rate (CAGR) of 15% from 2007 to 2013. The total value of Indian food processing industry was around US$12 billion in 2012 and is expected to be around US$194 billion by 2015 (Kulkarni, 2014). Major players in the packaged food sector are Nestle, Parle Agro, Britannia, GlaxoSmithKline Consumer Healthcare, Cadbury, MTR, Kwality Dairy, and REI Agro.
This study aims to highlight the growing popularity of convenience food market in India through various reviews and identify the reasons for purchase of convenience food products amongst the customers in Solan city through a well-structured questionnaire based upon their experience, knowledge, opinion and feelings. The identified reasons are finally grouped under various factors like changing lifestyle, economic inflation and health consciousness which have lead to the growth of convenience food market.
With a well-integrated supply chain and a good marketing strategy, a tremendous opportunity lies for convenience food industry in India.