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FOOD AND BEVERAGES

Ready-to-eat becoming the largest market in the food industry, globally

Ready-to-eat becoming the largest market in the food industry, globally
The Siliconreview
14 September, 2020

Ready-to-eat food products are growing big and are becoming the most extensive market after the pandemic. During COVID-19, people are at home and are mostly depending on canned or frozen foods. Keeping this in mind, the industry increases the production of ready-to-eat products like curries/ meals, batters, instant mixes, desserts, and frozen snacks. The demand for packed food has increased from 25 to 30% after post-COVID-19.

The increase in new distribution channels of the ready-to-eat products is also a reason behind the sale's rise. Companies such as Haldiram's, which sold its ready-to-eat products through Amazon and Flipkart, have now tied up with Swiggy and Zomato to market its products in western countries.  ITC has tied up with Swiggy, Zomato, Dunzo, and Scootsy to expand its presence while also introducing ITC-On-Wheels, a mobile store that offers a range of the company's products to consumers at their doorsteps.

MTR Food is no different from this trend; the firm that sells packaged food claims to have seen an uptake of about 20%, despite facing issues such as supply chain, sourcing, and market access. E-commerce contribution in the last two months has doubled. To leverage growth, MTR Foods claims to be investing in its e-commerce platform. The firm is also spending money on digital advertising, which currently accounts for almost 10% of the overall spending.