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Food-Tech Industry and Trends

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Food-Tech Industry and Trends Food- Tech Industry and Trends A REPORT RESEARCHED BY CRAFT DRIVEN MARKET RESEARCH CONTACT: +91-9540756743 Aakanksha Aggarwal FOUNDER | CRAFT DRIVEN MARKET RESEARCH May, 2016 We help to knit your dreams! Food-Tech Industry and Trends A REPORT RESEARCHED BY CRAFT DRIVEN MARKET RESEARCH CONTACT: +91-9540756743 Aakanksha Aggarwal FOUNDER | CRAFT DRIVEN MARKET RESEARCH May, 2016 We help to knit your dreams! Craft Driven Market Research Message This century has come up with a new generation of entrepreneurs. Many start-ups are opening up in India. With currently 4200 start-ups, India is globally at third position in the number. There is no doubt that the environment is favourable for start-ups and they have become a driving force for dynamic nature of the market. With increasing number of start-ups, there are increasing number of investments as well and all the industries have become closely involved with each other. This rising number of start-ups has given a way to e-commerce in different fields. Initially it began with discounted products and apparels and soon it entered vigorously into can service. No lately, there has been an increasing trend of food- tech based start-ups. Currently there are more than 150 food-tech in India, out of which some are at national level and many at regional levels. Many have got funding as well for improved operations and this trend is giving a boost to food industry. Currently, most of the food-tech start-ups are being operated in metro cities with few tier-1 cities but the studies depict that soon they will explore the untapped markets of tier-2 cities. Also, there are various trends changing in the industry. Beginning from restaurant take-outs, it has moved to home cooked food delivery and recently to diet specific food as well. In future, it is expected to see more changes in this industry owing to increasing competition. Craft Driven Market Research has made an effort to bring the attention of investors towards this industry and make their investments judicially considering the factors which are determinants of success of a start-up in food-tech industry. The Government of India’s efforts to launch Start-up India initiative will increase the number of start-ups in this field and thus it becomes necessary for start-up founders as well as investors to promote only those services which are suitable for market demands. Craft Driven would like to thank the reviewers of this report who helped in editing it and making it worthy of read. Craft Driven expects that food-tech industry continues to make progress and bring India in the forefront in this domain. Aakanksha Aggarwal Founder Craft Driven Market Research Email: [email protected] Phone: +91-9560847547 We help to knit your dreams! Figures 1. City wise number of registered stores 2. Categories of food-techs 3. Percentage of funded vs Contents: non funded food-techs 4. Funding in specific 1. Consumer Segmentation categories 2. Key market clusters 5. Number of investments 3. Emerging categories category wise 4. Investments and amount raised 6. Number of companies 5. Logistics funded 2013-18 6. Role of logistics in food delivery 7. Market Penetration business 8. Total orders- Projection 7. Popular third party delivery 9. Self-Preparation vs on companies order 8. Market Penetration 10. Table- M&A’s 9. Total orders- Projection 11. Table-M&A’s 2 10. Business structure & M&A’s 11. Findings and analysis We help to knit your dreams! About the Report Online shopping is increasingly becoming more vital to people and this trend has been travelling developing nations vigorously. There is an ever growing need of products and services alike with higher margins and easy accessibility. This has led a way for online shopping and e-commerce. People look for a wide variety of goods that includes standard as well as premium goods such as organic food, grocery, clothing, accessories, personalised gifts and even cabs. The trend started with clothing, books, electronics and then got extended to cabs and now recently to food delivery. In this report, we discuss comprehensive range of challenges with food delivery start-ups in India. We will highlight where this industry is headed towards. This report will also address several questions such as whether the market is moving in the right direction, is the market profitable enough for investors, and why many companies in the domain are closing down. This report will also discourse on several logistic issues associated with the industry will highlight key factors in the same industry that will include investments, major segments and new trends. This report has several purposes and will interest a wide audience. It will support founders of food delivery companies to better strategize keeping in mind all the issues that are discussed in the report. The report will support them to understand new trends and probable future outcomes out of those trends. Investors will be benefited by getting an insight to how companies need to be evaluated for promising future. The report will be helpful for them in avoiding futile investments. In addition to this, the report will be of tremendous support to those who are beginning to start another food-tech company. This report is mainly focused on current trends of food-tech industry and has been supported by various databases, market analysis and surveys to authenticate the results. Projections have been done by author’s understanding and knowledge of the industry. We help to knit your dreams! Recent decade has seen tremendous change in Consumer Segmentation the way India shops and sells. With an internet user base of 354 million in June 2015, e- With increasing number of internet users, commerce has become one of the favourite online business penetration has increased words among the corporate society. Various tremendously. Today, internet is accessed by entrepreneurs, businesses and ventures are 40 million Indians everyday with 58,000 new looking into e-commerce every year with users connecting every day (BCG, 2015). India higher scope and bringing up varied has the third largest internet population after commercial models. The whole sector has seen the US and Canada with a projection of 500 extensive growth with 12.6 billion USD million users in 2018. The major reasons revenue in 2013 (PwC, 2014). With increasing behind this increase are penetration up to rural penetration of smart phones, more online areas, increased internet usage by older market spaces that include F&B organizations, generation, increasing infrastructure of retail, logistics and fashion industry, are more telecom industry and growing number of e- focussed on increasing their online visibility. E- commerce and other internet based service commerce reduces several costs related to providers. Based on the above factors, internet physical presence of stores but at the same online consumers can be segmented into the time increases expectations of customers. following; With increasing expectations, challenges increase but dynamic nature of Indian market Rural consumers: With 68% of India’s set it apart and give a leverage to grow in population living in rural areas (The World liberal manner. Although, 92% of business still Bank, IBRD, IDA, 2014), and many internet comes from the corner stores and physical based companies targeting tier-II and lower outlets, yet there is high potential of growth segments of the market, the number of rural for online stores (KPMG, 2014). consumers is increasing at a sharp rate. Also, with more data enabled smart phones We help to knit your dreams! penetrating the market, this segment has Youth: This segment comprises of population become more active in recent years. Many companies like Coca Cola have penetrated this segment in 1990s by introducing products below 25 years of age and this segment makes focussed specifically to rural market. Currently, 18.1% of total Indian population (CIA World major consumption is in the industry of Book facts). They are the key drivers of personal care, hair care and teeth care (BCG, increasing sales of online services and 2015). products. Most of the e-commerce websites are designed based on their interests. Their Working Population- Women: This segment major spending area is of packaged food which comprises of working women population in the is followed by apparels, accessories, gadgets age range 24-54 years. India has one of the and mobiles. lowest female labour force participation rates (FLFP), it is currently at 33% (2012) and still Middle income and lower middle income: growing every year (IMF, 2014). Their According to NCAER, in 2016, India’s middle increasing number is a major factor for income population would be 267 million. This increasing online shopping and their increased segment is important for e-commerce spending power has also supported several websites selling discounted products such as online stores. Major kick has been given to Flipkart, Amazon, Snapdeal but does not quite online stores in clothing and food. appeal to providers selling food or other luxury items. Their increased spending capacity has Working Population-Non women: This boosted online market in India. segment also comprises the population in the age range of 24-54 years. This customer Key market clusters for online food delivery segment is the highest spender on online market: transactions. According to Census 2011, more than 40% of India’s population comes under A study done on 70 food tech start-ups this segment. Their major spending is on food operational in 2016 reveals that most of the and beverages closely followed by luxury food tech companies are based in metro cities products (BCG, 2015). Bangalore, Delhi and NCR region. Very few No. of registered City companies Ahmedabad 1 Bangalore 12 Rajasthan 1 Chandigarh 1 Chennai 2 Cochin 1 Delhi 1 Faridabad 1 Gurgaon 6 Hyderabad 2 Mumbai 4 New Delhi 10 Pune 2 Unknown 28 Figure1.
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