Increasing disposable income, changing lifestyle and increasing number of modern retail outlets to drive India condiments market through 2024.
According to a report released by TechSci Research, ‘India Condiments Market Forecast & Opportunities 2014-2024’, the India condiments market is anticipated to register growth at a CAGR of over 13%, during 2019-2024. The market is anticipated to witness tremendous growth on account of the introduction of innovative products and their easy availability through online, traditional and modern trade. Moreover, rising awareness about international cuisine coupled with increasing modern retail outlets offering price and convenience advantages would further steer growth in the market over the next five years.
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Among regions, North and West region are the leading regions in the India condiments market. Both the regions are expected to experience expanding demand for condiments during forecast period as well owing to changing lifestyles and adoption of various condiments and their varieties along with rising population in these regions. On the basis of type, India condiments market is segmented into sauces and ketchup, pickle, mayonnaise & dressings and others. Of all, sauces and ketchup segment dominates the market due to relatively new concepts and numerous variants available in the segment. Nestle India Limited, Field Fresh Foods Private Limited (Del Monte), Hindustan Unilever Limited, Cremica Food Industries Limited and Dr. Oetker India Pvt. Ltd. are some of the leading players in India condiments market.
“India condiments market is witnessing growth owing to consumers having interest in different tastes and multi-cuisines. Moreover, rapid urbanization, development in economy with consumers having higher incomes at their disposal and growing working-class population base in the country is shifting focus of people towards innovative products such as sugar-free, gluten-free and non-GMO condiments which is fueling the trend of healthy living as consumers, nowadays, are becoming conscious about health and are searching for products that provide health benefits along with taste. Additionally, increasing focus on R&D activities in food industry is resulting innovative product offerings with improved quality, which would further steer growth in the market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
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“India Condiments Market Forecast & Opportunities, 2024” has evaluated the future growth potential of condiments market and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision-makers to take a sound investment decision. Besides, the report also identifies and analyses the emerging trends along with essential drivers, challenges and opportunities present in India condiments market.
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