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Indian Exotic Vegetables Market to be Aided by the Expected Growth in the Indian Fruits and Vegetables Market at a CAGR of 5% over the Forecast Period of 2020-2025.

According to a new report by EMR titled, ‘Indian Exotic Vegetables Report and Forecast 2020-2025’, the Indian exotic vegetables market is being driven by the Indian fruits and vegetables market, which stood at 322 MMT in 2019. The Indian fruits and vegetables market is further expected to grow at a CAGR of 5% between 2020 and 2025.

The Indian exotic vegetables market is being driven by government policies like 100% foreign direct investment in trading in the region. The exotic produce industry in India is growing by 15% to 20% per year. Out of the total market, vegetables accounted for over half the market share. In India, the domestic demand for fruits and vegetables is high as the country has a large vegan and vegetarian population. The country is one of the leading producers of fruits and vegetables. The thriving foodservice sector in the region is providing further impetus to the industry, resulting in the increased interest of farmers in producing good quality yield. In the region, the market is, however, majorly dominated by unorganised sector and is highly fragmented. The region exports nearly 5,000 million tons of fruits and vegetables to Italy, along with other regions.

The developing retail sector and the growing e-commerce sector is aiding the growth of the market in the region. In August 2018, Godrej Nature's Basket, a key player in the industry, announced that as the company closed its last financial year at Rs 3.5 billion, it aims to close FY19 at Rs 4.5-5 billion with the support from new collaborations, and further touch Rs 10 billion by FY20. The company presently has 32 stores across Mumbai, Pune, and Bengaluru, and as part of its expansion strategy, plans to add another 12-15 own stores in these cities, further adding another 12 stores under Magsons, Goa's retail chain, through the collaboration. Moreover, the global players are shifting their consumer base from mature to emerging markets witnessing the various growth opportunities in such regions. In August 2019, Amazon India, a subsidiary of Amazon.com, Inc. (NASDAQ: AMZN) launched the Amazon Fresh Store through its e-retail platform, Amazon.in., where customers can get their daily essentials delivered to their homes within a span of two hours at time slots that are convenient to them. The company, in January 2020, announced its plan to build large delivery hubs for Amazon Fresh in India. Such developments are expected to further aid the growth of the exotic vegetables industry in the region over the forecast period.

Market Breakup by Variety, Sector, Distribution Channel, Major Indian Vegetable Producing States, and Major Indian Vegetable Consuming States:

  • The Indian exotic vegetables industry, based on variety, is categorised into mushrooms-button, sweet corn, baby potatoes, cherry tomatoes, broccoli, coloured capsicum, zucchini, lettuce, and purple cabbage, among others. 
  • On the basis of sector, the industry is divided into organised and unorganised sectors.
  • By distribution channel, the industry is segmented into unorganised retail, supermarket/hypermarket, online, and exports, among others.
  • On the basis of major vegetable producing states in India, the industry is segmented into West Bengal, Uttar Pradesh, Bihar, Madhya Pradesh, and Gujarat, among others.
  • The major vegetable consuming states in India are Uttar Pradesh, Maharashtra, Bihar, Madhya Pradesh, and West Bengal, among others.

Key Findings of the Report:

  • The Indian exotic vegetables market is being driven by the rapidly developing economy and increasing health awareness among the consumers in the region. 
  • The growing population and rising consumer disposable incomes in the region is providing further impetus to the industry for its growth. 
  • Significant investments by the government to strengthen the industry is further aiding the market growth in the region. 
  • Improving infrastructure and warehouse facilities in the region, coupled with the growing demand for organic products, is providing a further boost to the industry. 

Key Offerings of the Report:

  • The EMR report gives an overview of the Indian exotic vegetables market for the periods (2015-2019) and (2020-2025). 
  • The report offers historical (2015-2019) and forecast (2020-2025) market information for the varieties, sectors, distribution channels, major vegetable producing states, and major vegetable consuming states in the Indian exotic vegetables market.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter's Five Forces models. 

The major players in the Indian exotic vegetables market are Shreenath Agro Tech Pvt Ltd, Lawrencedale Agro Processing India Pvt Ltd., Nisarg Nirman Agro Products Pvt. Ltd., S. P. Vegetables, Anusayafresh, Green Earth Fresh Produce (P) Ltd., Reliance Retail, Big Basket, and Natures Basket Limited, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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