BURNABY, Canada, April 19, 2016 /PRNewswire/ --
Growing disposable income and busy lifestyles of young and working population coupled with increasing internet penetration and rising smartphone users to drive India foodtech market through 2021
According to a recently released TechSci Research report, "India Foodtech Market Forecast & Opportunities, 2021", the foodtech market in India is projected to grow at a CAGR of over 12% during 2016 - 2021. Growth in the market is anticipated on account of increasing disposable income, growing average household income and rising trend of double-income-no-kids concept. Backed by growing internet penetration from 10% in 2011 to 27% by 2015, and increasing smartphone users from 123 million in 2014 to 167 million by 2015, coupled with budding e-commerce market and rising young working population, the foodtech market in India is anticipated to grow at robust pace during forecast period.
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Another major factor propelling demand for foodtech in India is the growing youth population, primarily in urban regions of the country. The country has a large base of young consumers who form majority of the workforce and due to time constraints barely get time for cooking. In India, the concept of ordering food online is gaining popularity due to various convenience provided by the companies in terms of delivering food at the doorstep of the customer, option of alternate payment methods, and continuous announcement of attractive cashbacks/ discounts offers.
On the basis of operation type, the India foodtech market has been segmented into two categories, namely, restaurant based and food aggregators. In 2015, restaurant based dominated the overall market, and is anticipated to maintain its dominance over the next five years. However, in terms of growth, the other segment i.e. food aggregators segment is expected to outpace restaurant based segment over the next five years. Food aggregators acts as a mediator between customers and restaurants, and provides the option of choosing from different cuisines from multiple restaurant and food outlets registered with them.
"Yum Foods, Jubilant Foodworks, Zoamto, and McDonald's are the leading players in India foodtech market. These players are anticipated to maintain their dominance in the market through 2021, predominantly on account of their future expansion plans. With increasing private equity and venture capital funding, the foodtech companies are focusing towards expanding their business in Tier II & III cities across India. With growing competition, online food ordering companies are focusing on providing faster delivery in major metro cities to increase their customer base.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"India Foodtech Market Forecast & Opportunities, 2021", has analyzed the potential of India foodtech market and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by the industry.
About TechSci Research:
TechSci Research is a global market research and consulting company with offices in Canada, UK and India. TechSci Research provides market research consulting services in six verticals - Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power. The company uses proprietary innovative business model that focuses on improved productivity that also ensure the creation of high-quality reports. With more than 100 client engagements with fortune 500 clients, TechSci Research enjoys the status of a premium market research services provider in the industry.
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