Frozen food industry eyes $750 m turnover

Deccan Chronicle.

Business, Market

The industry is expected to show a compounded annual growth rate of 16 per cent in the country.

An eco system for frozen food infrastructure is rapidly evolving and is gaining traction. This only goes to say that the market will grow quickly — Mithun Appaiah, chief executive officer of Innovative Foods Ltd

Kochi: The growth of frozen food industry in the country, projected to touch a business turnover of $750 million in 2023 from the existing levels of $310 million, is expected to gain traction with the improvement in supply-chain logistics.

Speaking to this newspaper, Mithun Appaiah, chief executive officer of Innovative Foods Ltd, promoters of Sumeru brand of frozen food, said, “An eco system for frozen food infrastructure is rapidly evolving and is gaining traction. This only goes to say that the market will grow quickly.”

He said supply logistics to ensure last mile delivery is key in the industry which is facing the challenges of the loss in temperature and stores not managing their infrastructure. “Sumeru monitors its vehicles with GPS enabled tracker system for checking temperature on a real time basis,” Mr Appaiah said. “This helps us reach our products in the best form to consumers across the country.”

The industry is expected to show a compounded annual growth rate of 16 per cent in the country. Apart from the products under the Sumeru brand, Innovative Foods Limited with a turnover of Rs 70 crore serves customised products for food service businesses across the country and has built long-standing relationships with potential QSR (quick service restaurants) chains including well-known international brands.

The company also offers these solutions to multiple HORECA (hot-els/restaurants/cafes) brands within the country and also in different parts of the world.

Sumeru products are exported to more than 12 countries including the US, Middle East, Singapore, Australia and Europe. According to Mr Appaiah, Sumeru has wide accepatnce among the Indian Diaspora in these countries. “We also have the largest and the most holistic range in the country’s frozen food space with representation in all categories of vegetarian and non-vegetarian products including seafood,” he added.

The company has no immediate plans for tapping the capital market as the internal resources are enough in meeting the requirements, Mr. Appaiah said.

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