Frozen Foods Market in India 2020


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In recent years, the demand for frozen foods has shot up in India, following the rapid increase in the number of supermarkets and retail stores, along with proper refrigeration facilities. The frozen foods market in India was valued at INR 85.27 Bn in 2019 and is expected to reach INR 192.96 Bn by 2024, expanding at a compound annual growth rate (CAGR) of ~17.74% during the 2019-2024 period.
Several government schemes like Integrated Development of Horticulture (MIDH) and Pradhan Mantri Kisan Sampada Yojana (PMKSY) have provided financial support for building and enhancing new cold storage facilities in India. The advancement in cold chain infrastructure has further supported the supply and distribution of frozen food products in tier I cities. This has spurred growth in the country’s frozen food market.
Improved shelf-life and packaging of frozen foods has further fueled market growth. Consequently, several frozen food providers are investing in various technologies to store frozen vegetables, frozen meat/fish, and partially and fully-cooked food for longer durations. With busy lifestyles and rising disposable income, frozen ready-to-cook (RTC) and ready-to-eat (RTE) products are becoming consumers’ preferred choice.

Market segment insights:
Based on sales channel, the Indian frozen food market is segmented into retailers, food service providers and export. In 2019, the export segment held ~47.64% of the total market revenue. The frozen food export was the leading sales segment in 2019 contributing to ~47.64% of the total market revenue during the year. This segment is anticipated to dominate till the end of 2024, as the demand for food continues to rise globally.
Retailer segment is expected to be the fast-growing segment, expanding at a CAGR of 21.44% during the forecast period and is expected to account for ~22.78% of the frozen food market revenue by 2024. The rising popularity of convenience foods including frozen vegetables, frozen meat and frozen snacks among working women, millennials, and Gen-Z consumers is expected to push retailers to increase their storage capacity of frozen foods. Moreover, surge in smartphone usage and increased penetration of the Internet have created opportunities for online grocery stores like BigBasket, Amazon and Grofers to enter the frozen food market in India.

Market competition:
Owing to stringent regulations in terms of food safety and higher capital requirements for building reliable infrastructure to store frozen foods, the threat of new entrants remains low in this market. Moreover, presence of established players like ITC, McCain Foods, Mother Dairy and Godrej Yummiez has further increased the entry barrier for the new players to establish their businesses.
However, the intensity of rivalry among established players is very high. Frozen food products are mostly undifferentiated, and hence market players compete in terms of pricing and brand loyalty.
Companies covered
• Apex Frozen Foods Ltd.
• Godrej Agrovet Ltd.
• ITC Ltd.
• Venky’s (India) Ltd.
• Capricorn Food Products India Ltd.
• HyFun Frozen Foods Pvt. Ltd.
• Innovative Foods Ltd.
• Mother Dairy Fruit and Vegetable Pvt. Ltd.
• Top Fresh International Pvt. Ltd.
• McCain Foods (India) Pvt. Ltd.

Additional information


Geography Covered

Date Published



Table of Contents

Chapter 1: Executive summary

Chapter 2: Socio-economic indicators

Chapter 3: Introduction
3.1. Market definition and structure

Chapter 4: Market overview
4.1. India frozen food market overview
4.1.1. India frozen food market size and growth forecast (2017-2024e)
4.1.2. Frozen food market share – sales channel split (2019 & 2024e)

Chapter 5: Market segmentation – based on sales channel
5.1. Frozen food market segmentation – based on retailers
5.1.1. Market size and growth forecast (2017-2024e)
5.2. Frozen food market segmentation – based on food service providers
5.2.1. Market size and growth forecast (2017-2024e)
5.3. Frozen food market segmentation – based on export
5.3.1. Market size and growth forecast (2017-2024e)

Chapter 6: Porter’s five forces analysis

Chapter 7: Market influencers
7.1. Key influencers and their impact
7.2. Market drivers
7.3. Market challenges

Chapter 8: Competitive landscape
8.1. Apex Frozen Foods Ltd.
8.1.1. Company information
8.1.2. Business description
8.1.3. Products/services
8.1.4. Key people
8.1.5. Financial snapshot
8.1.6. Key ratios
8.1.7. Key financial performance indicators
8.1.8. Key business segments
8.1.9. Key geographical segments
Note: Similar information covered for all other public companies. Private companies’ data given on best effort basis
8.2. Godrej Agrovet Ltd.
8.3. ITC Ltd.
8.4. Venky’s (India) Ltd.
8.5. Capricorn Food Products India Ltd.
8.6. HyFun Frozen Foods Pvt. Ltd.
8.7. Innovative Foods Ltd.
8.8. Mother Dairy Fruit and Vegetable Pvt. Ltd.
8.9. Top Fresh International Pvt. Ltd.
8.10. McCain Foods (India) Pvt. Ltd.

Chapter 9: Appendix
9.1. Research methodology
9.2. About Netscribes
9.3. Disclaimer