Freeze! An expanding market

Globally, the frozen food market is expected to grow at a CAGR of 6.15 per cent to reach $310 billion by 2021.
Freeze! An expanding market

KOCHI: Kerala has emerged one among the top 10 states in domestic consumption of frozen food products in the country, with the market projected to grow at a Combined Annual Growth Rate (CAGR) over 16 per cent to reach $754 million by 2023. The industry stood at $310 million in 2017.

Rapid urbanisation, an increasing number of refrigeration facilities in small retail shops and rural households, and growing cold chain industry are expected to significantly contribute the growth of frozen food market in the country over the coming years, said Kochi-based Innovative Foods CEO Mithun Appaiah. The group owns the Sumeru brand of frozen food products. "Moreover, growing organised retail and e-commerce industry are among a few other factors anticipated to propel demand for frozen food in India," said Mithun.

Globally, the frozen food market is expected to grow at a CAGR of 6.15 per cent to reach $310 billion by 2021. "Developing markets such as ours is likely to experience higher growth," said Mithun. India has one of the largest consumer bases which specifically also has a high propensity towards food and beverages. "Our research analysis pointed out that with an increase in fast-paced lifestyle, the rise in the number of double income homes, women in the workforce and young professionals living alone, consumption has increased dramatically," said Mithun.

India exports of frozen foods stood at $ 1.3 billion in 2017, with the US, middle east, Singapore, Australia and some of the European countries emerging as major consumers.Catering to the increasing health-conscious consumers, the brand uses 'Individual Quick Freezing' (IQF) technology (also known as flash-freezing), which ensures food items stay separate after they are frozen.

"Fresh vegetables produce enzymes that cause the loss of colour, flavour and nutrients. Simple freezing leads to the formation of large ice crystals in the cells of the product/produce, thereby leading to loss of nutrients, texture and taste," said Mithun. He adds IQF deactivates enzymes and prevents the formation of large ice crystals in cells of the product thereby preserving the taste, texture and nutrients in them.

With a growth of 35 per cent last fiscal, Sumeru claims to have emerged as one among the top three brands in Kerala with very high equity from the consumers across the state.

Being a brand which has originated out of Kochi, Sumeru has taken itself across India to more than 100 cities and towns and now rapidly expanding across the globe.

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The New Indian Express
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