The Indian consumer has become busier and increasingly health-conscious, seeking food items with a longer shelf life, writes ARCHIT GOEL.
There is no doubt that Frozen Food is a rapidly growing industry. The new India demands convenience, while keeping in mind taste, hygiene and preservative-free food. Especially over the last few years, the Indian consumer has become busier and increasingly health-conscious, seeking food items with a longer shelf life, without tampering the products in its natural form.
According to a report by Polaris, the global frozen food market was valued at USD 252.19 billion in 2021 and is expected to reach USD 389.90 billion by 2030, at a CAGR of 5.1% during the forecast period (2022-2030). Busy, fast-paced lifestyles ensure that there is a growing demand for food items that can be quickly and easily prepared. Increased disposable income and the fact that online shopping has deeply influenced consumer behaviour are factors that also encourage the growth of the frozen food industry. In India, the frozen food market was worth USD 1.1 billion in the year 2021, and the market is projected to grow at a CAGR of 18.4% and earn revenues of around USD 3.4 billion by 2028.
And where there is demand, there is scope for supply. This is where Goeld Frozen Foods (under Shri Bajrang Alliance Limited, a listed company) comes in. Established in May 2020 during the worldwide pandemic, Goeld aims to address the need for fresh and hygienic food. Ensuring a high level of quality standard and protocol at the manufacturing end, Goeld caters to a wide range of consumers and taste buds with their frozen food brand, which offers a wide variety of products such as Indian Breads, Snacks, Curries, Meals and Ready-to-Eat vegetarian dishes. The intent is to provide a range of superior quality 100% vegetarian frozen food products at an affordable price.
What sets them apart is that their products are made using only the freshest and highest quality ingredients, which means that their products are not only delicious, but nutritious as well. All their products are manufactured in 100% vegetarian kitchens, which is a very rare scenario in the food processing industry.
The scope and benefits of the frozen food industry are immense. With consumers becoming more health conscious, the food packaging and manufacturing industry have also been constantly evolving to keep food fresh and nutritious. Research and new technology make it easier for the industry to produce tasty and healthy options that remain fresh without preservatives, colours or other additives.
The benefits extend to the farmers as well. The advent of the frozen food industry helps them to yield more and add more value to their fresh produce. As this is a perishable commodity, and freezing keeps the produce in their natural form and preserves the nutrition, wastage is minimized for farmers. Advances in infrastructure and logistics help ensure that products of a high quality reach the end consumer, and Goeld specifically ensures that they are logistically close to bigger cities. The farmers in their factory in central India have started cultivating a wide variety of crops, resulting in an increase in the quality of living of over 500 farmers.
The growth strategy adopted by Goeld is to expand their product range and reach out to more people. The range of products will be completely free from preservatives, colours and artificial flavours containing zero trans-fat. These products are now available in the markets of Mumbai, Pune, Bengaluru, Hyderabad,Vizag, Punjab, Lucknow, Kanpur, Ahmedabad, Surat, Raipur, Jaipur and many more cities across supermarkets, modern trade and e-commerce. Moreover, the company has also taken itself overseas by supplying to international markets like New Zealand, Australia, Netherlands, USA and will also expand the range of product offerings internationally as well. The expansion plan includes diversifying the product line, expanding the customer base, and increasing marketing efforts. This will also involve creating new marketing campaigns, developing new products, or expanding into new markets.
The current array of frozen food products includes wholesome meals such as Garlic Naan, Cheeseful Naan, Mix Veg Paratha, Paneer Paratha, Gobhi Paratha,Malabar Paratha Aloo Paratha, ; snacks such as Paneer Cheese Samosa, Mac & Cheese Pops, Veg Seekh Kebab, Oozy Cheese Corn Bite, Spinach Cheese Pocket, Veg Spring rolls, Veg Momo; curries such as Paneer Butter Masala, Dal Makahani, Pindi Chhole; and vegan items such as Quinoa Patty, Soya Shami Kebab and Lachha Paratha. (The author is Executive Director and CFO of Shri Bajrang Alliance Ltd)