According to the survey, the average rate of annual spending on packaged food by Indian households has increased by 32.5% during the period between 2010-2015.
The size of packaged food in India is set to witness a jump to $50 billion (approximately Rs 33.39 lakh crore) by 2017 from the present level of $32 billion (approximately Rs 21.37 lakh crore) growing by a Compounded Annual Growth Rate (CAGR) of 35% on the back of increasing popularity and demand for ready-to-eat food, snacks as such food is convenient and gaining consumer confidence, states the Associated Chambers of Commerce and Industry of India (Assocham) survey.
According to the survey, the average rate of annual spending on packaged food by Indian households has increased by 32.5% during the period between 2010-2015.
The survey also highlighted that 76% of parents, mostly both working, with children under five-year in the big cities are more into ready-to-eat meals at least 10-12 times per month in some form or the other.
D S Rawat, Secretary General of Assocham said that 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.
About 76% of the nuclear family feels that they have less time to spend in the kitchen. It is in this background that home delivery business model for cooked food has grown multi-fold.
Nearly 79% of unmarried people prefer the convenience food.The main categories of packaged food are bakery products, canned or dried processed food, frozen processed food, ready-to-eat meals, dairy products, diet snacks, processed meat and health products and drinks, points the survey.
There has been a major shift in food habits in the metropolitan cities, about 79% of households prefer to have instant food due to a steep rise in dual income level and standard of living and convenience.
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