LT Foods, known for brands such as Daawat and Royal, is betting big on the ready-to-cook and ready-to-eat segment.
Amit Mehta, Vice President of Foods Business at LT Foods and Managing Director of Kameda LT Foods, stated that the company, which has forayed into the meal kit solution and instant foods categories, will become a ₹400-500-crore business within the next 5 years.
The meal kit solution is still a niche category in India -- for starters, LT Foods has launched three variants of biryani kits in India as well as in some international markets, Mehta said.
“In the next 12 months, we would be introducing at least three new recipes in the meal kit segment. We are not only looking at meal options but also see potential for innovation in desert space in the RTE segment. Of course, rice will continue to be the key ingredient for these products.“ he added.
Mehta explained that meal-kits growing acceptability is being driven by consumers seeking convenience but does not take away the joy of cooking. At the same time, instant foods and meal kits are finding growing salience among me-pressed Gen-Z and millennial customers, whose involvement in the kitchen is gradually reducing.
“We think meal kit solutions can be a ₹2000 to 4000-crore business opportunity in the next few years. We want to play the role of a category creator. We expect this segment to grow in double digits after achieving the maturity stage,” he added.
He added that the company is tapping channels such as quick commerce, e-commerce, modern trade stores and standalone specialty stores in the urban regions to expand the distribution of the portfolio.
“I believe both instant foods and meal kits will become big platforms for us in the future. We believe with growing disposable incomes, consumers are looking for more and more innovations and we are positioned well to tap into these opportunities with our portfolios,” Mehta added.