May 03 2024, 08:26
Why Indians would rather eat restaurant food than buy ready-to-cook:
Ready-to-cook and ready- to-eat meals have existed as a category for decades. But most of these companies have not grown the way Indians are ordering in.
Never mind the cookery shows, Youtube channels, or the Masterchef hysteria. Indians don't want to cook. Earlier this month Ministry of Statistics and Program Implementation along with ICICI Securities came up with a report on India's spending habits on foods and beverages. While the report reveals an alarming shift towards processed food and beverages' consumption especially in urban areas.
If you say that's obvious given the swarm of food delivery riders in every nook, we say hold on; there is another bunch of brands that should have benefited from this "away from kitchen" trend. Brands such as ITC Master Chef, Kitchens of India by ITC, Godrej Yummiez, MTR,from kitchen" trend. Brands such as ITC Master Chef, Kitchens of India by ITC, Godrej Yummiez, MTR, Venky's, Sumeru's, Prasuma, McCain, and Haldiram's are all pushing this category.
Have consumers made these brands their preference? Let the data answer this. A quick look at the finances of these companies will show that despite being around for decades unless backed by the distribution metal of a FMCG giant such as ITC, McCain's and Godrej, most of these companies have barely crossed Rs100 crores mark. A big part of the sales for these brands also come from B2B revenue.
What is going on, why have Indian consumers never warmed up to this category? Why do Indians prefer ordering in an oily fried rice over a healthy ready-to-eat Bissi bele bhaat, which is just a 2-minute microwave away?
"Ready to cook and ready to eat meals have existed as a category for decades, many players have come and gone.
While Indians are perhaps moving towards cooking lesser, they continue to prefer ordering in rather than these packaged options. And in all honestly, pricing wise it comes out to be the same, so why wouldn't they?" asks Devangshu Dutta, founder, Third EyeSight Retail Management Consultancy.
Dutta adds, "If you go to any southeast Asian country, the need to cook at home is negligible. You have well- prepared, nutritious, tasty food available at the supermarkets like Seven Eleven or similar stores."
source: et
May 04 2024, 09:25
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