40-45% YoY growth: The rise of frozen foods in India and beyond

In this episode of the Food Frontiers series, India Business and Trade engages with Mr. Anchit Goel, Director and CFO at GOELD, and discusses the GOEL Group’s successful venture into the FMCG sector, particularly focusing on frozen foods.

He explains the growing demand for frozen food in India, driven by changing lifestyles and the rise of e-commerce. Goel emphasizes the importance of authenticity in product development, citing the success of their Hyderabadi samosa after aligning it with traditional preferences.

Anchit Goel shares insights into their shift to renewable energy, with their factory now being 100% solar-powered, underscoring their commitment to sustainability. Looking ahead, Anchit Goel is excited about their participation in Indus Food 2025, where they plan to showcase their largest-ever display of frozen foods and engage with global clients.

IBT: What inspired the Goel Group’s decision to enter the FMCG sector, and why did you choose to focus on frozen food for this venture, considering it’s a relatively underdeveloped category in the F&B space? 

Anchit Goel: Our family has a diverse portfolio of businesses, with the primary focus being on mining, steel, and power. Beyond these, we’ve also ventured into sectors like healthcare, education, and biofuel. Being part of a joint family system with strong working hands gave us the opportunity to explore new horizons. Steel and power are capital-intensive businesses, but FMCG, while not as capital-heavy, is time-intensive. We saw an opportunity to diversify and test this space, as there is immense potential in FMCG. 

Now, coming to the question of why frozen food. This project was handed to one of my cousins and me to explore potential FMCG categories. We considered everything from rice mills and flour mills to manufacturing products like cornflakes. After extensive exploration, we realized that frozen food is the “what’s next” category for our country. 

Whether knowingly or unknowingly, all of us consume frozen food daily. It’s an underdeveloped and underrecognized segment in India. But during my visits to markets like the UK, US, Australia, and the Middle East, I observed that frozen food is integral to people’s lives, including Indians living abroad and local populations. Even in India, we’ve been using frozen products for decades without realizing it. Think of green peas—since the 90s, households have been freezing peas during the season for use throughout the year. That’s a form of homemade frozen food. 

Every home in India is, in essence, a small frozen food factory. With India’s rapid GDP growth and the evolving lifestyles of the next generation, we felt that frozen food would soon become an indispensable part of everyday life. And we’re already seeing this shift reflected in our numbers. 

IBT: How do you see the growth potential of this segment in India and globally? You have talked about some key forces driving this demand, but how do you see it growing visibly the overall food segment in the coming years? 

Anchit Goel: I’m personally observing a 40-45% year-on-year growth in our business, and I firmly believe this category will continue to grow by 20-25% annually. The rise of e-commerce has been a significant enabler—e-commerce platforms now fully embrace frozen foods and have the necessary infrastructure to support them. I recently visited a dark supply store of a major e-commerce chain and was pleased to see that nearly 30% of their area was dedicated to freezers. 

India is becoming ready for this transformation, while the global market is already ahead and evolving. For example, during my visit to Australia in September, I noticed a fascinating trend—it’s not just the Asian or Indian diaspora buying frozen Indian foods. Australians themselves are seeking products like onion bhajiya and samosas. Samosas have become almost ubiquitous, appearing on menus at five-star hotels, three-star hotels, and even roadside restaurants. 

This category has immense potential, with new products constantly entering the market. For example, in India, frozen chapatis are poised for significant growth. With people increasingly living away from their families and the sentimental value attached to homemade food, frozen options offer a convenient solution. This allows people to recreate a sense of home, even when they’re far from their loved ones.

IBT: How have you conceptualized your entire product portfolio? What inputs did you take from the market? How did you strategize it? 

Anchit Goel:  When we were setting up the factory, we received advice from several equipment suppliers and industry experts about how products should be made. However, once we entered the market, we realized one crucial fact—products need to be crafted in a way that matches the expectations of consumers when they receive them at their doorstep. 

This led us to focus on staying authentic rather than being overly innovative. For instance, when we developed our Hyderabadi samosa, we noticed that it wasn’t performing well initially. So, my team and I traveled to Hyderabad, Vijayawada, and other regions, not to high-end hotels but to the roadside vendors, to truly understand the product. Through extensive surveys, we discovered that a Hyderabadi samosa is supposed to be soft with characteristic bubbles on its surface—not crispy. 

Once we returned and aligned our product to its authentic form, the results were remarkable. As soon as we showcased the revamped product to our consumers, channel partners, and customers, demand skyrocketed. Now, we produce four to five containers of this single SKU every week. 

To me, innovation means “do not over-innovate.” Yes, it’s important to consider capacities, volumes, and R&D, but trying to do too much can be counterproductive. The key is to stick to our roots and honor authenticity. This approach, I believe, will continue to drive success over the next 10 to 20 years. 

IBT: Internationally, when you talk about your market expansion, which markets are currently performing well and which ones do you see as the future potential? 

Anchit Goel: Markets like the UK, US, Australia, and the Middle East are very well-established for us. These regions have a significant Asian and Indian diaspora who are regular consumers of our products. Additionally, even the local populations in these areas have begun to embrace frozen Indian food, which aligns with our core expertise. 

The presence of the Indian community globally is immense, and credit for this also goes to the efforts of our Honorable Prime Minister. It’s incredible to see Indians thriving everywhere. For instance, in May, I was in one of the remotest parts of the world for work and still came across an Indian restaurant. It highlights the vast reach of our culture and community.

Looking ahead, we see significant potential in secondary markets such as Mauritius, South Africa, Hong Kong, and Thailand. Thailand, for example, has recently introduced visa-free travel for Indians, which is a major step forward. Indians love to travel and holiday, and this creates opportunities for us in these regions. While the major markets are already well-established, these secondary countries are emerging as promising areas for expansion, and we’re keen to tap into their potential. 

IBT: You have shifted your operations to renewable energy. What inspired this change, and how is it impacting your carbon footprint? What would be your suggestions for other companies considering such a shift which is so critical today? 

Anchit Goel:  Our mission to transition to renewable energy, specifically solar energy, began two years ago, and we’ve been working towards it ever since. Today, I’m proud to say that our factory is 100% solar-powered. Making this shift is not as challenging as it may seem. All you need is a parcel of land or even rooftop space to set up solar units. There are many vendors available, and the government is very supportive of such initiatives. 

From a financial perspective, solar energy does save money. While this wasn’t our primary motivation, it’s a great added benefit for those considering the shift. You can look at it from both a sustainability and a commercial standpoint. 

When I shared this achievement with my associates, the happiness I felt was unmatched. Their responses were overwhelmingly positive. Our factory now operates with nearly zero carbon emissions and adheres to a zero-discharge policy. We reuse all our water through water and sewage treatment plants, and we maintain a lush green area on our premises using treated water. 

Additionally, we compost all food waste, which goes to our leased farms. For instance, vegetable scraps from our processes are repurposed as feed for the 100+ cows in our family business, ensuring they receive nutritious food beyond raw hay. This recycling approach ensures that nothing goes to waste, and we maintain a truly sustainable operation. 

I encourage all my industry peers to consider adopting such practices. Beyond the tangible benefits, achieving zero discharge and a zero-carbon footprint brings an incredible sense of fulfillment and pride. It not only helps the planet but also positions you as a responsible leader, giving you the confidence to stand out in the world.

IBT: GOELD has been a consistent participant at the Indusfood Trade Fair. Could you share your experience from the past editions and tell us what is planned for Indusfood 2025? 

Anchit Goel: When we launched our frozen food unit, I sought advice from industry stalwarts, and many recommended Indusfood as a must-attend trade fair. Unfortunately, we started just after the COVID-19 pandemic, and the lingering effects were unavoidable. During our first participation, many delegates, including our team, contracted COVID, which was a challenging experience—not just for the event or organizers but for everyone globally. 

By the second edition in Hyderabad, things had improved, and we had a more positive experience. Last year in Noida, we connected with exceptional individuals, and the event significantly strengthened our network and relationships with associates from various countries. 

For Indusfood 2025, we’re planning something truly grand. We’ve secured one of the largest booths to showcase our biggest-ever display of frozen foods. This confidence stems from the success and trust we’ve built over the years. We’re making a major investment because we believe it will pay off, especially with an expanded delegation and more significant opportunities this year. 

We’ll be unveiling new products, supported by a live kitchen where we can customize recipes on the spot. Our entire New Product Development (NPD) team will be present, enabling real-time tweaks or re-developments based on client feedback. Importantly, we’ll use the exact frozen products that we export globally for all demonstrations, ensuring authenticity. 

Our booth will also feature unique experiences, including lounges where we’ll discuss themes like the impact of energy on life and the balance between innovation and staying true to our roots. 

The entire team is excited to be part of this journey, and we’re proud to participate as one of the largest exhibitors this year. The support from TPCI has been phenomenal, and I truly believe Indusfood is a fantastic platform for Indian manufacturers. We can’t wait to showcase everything we’ve prepared for 2025!

---

Mr. Anchit Goel, is a third generation business leader from the Goel Group, which is Central India’s leading conglomerate having business interests across mining, iron and steel, pipes, hydroelectricity, solar power, healthcare, education, media, biofuel, ethanol and now in frozen foods, natural organic oils and oleoresins and natural nutritional supplements. He’s a dynamic and results-oriented entrepreneur with over 10 years of experience in leading financial strategy, business development and organizational leadership. He’s adept at steering companies through growth, restructuring and financial optimization with a strong ability to develop innovative solutions, maximize profitability and drive sustainable business success. 

From the steel industry to agriculture and food processing, it’s truly a remarkable journey backed by the relentless pursuit of innovation and quality. He has a proven track record, also building high performance teams and cultivating strong stakeholder relationships. Goel, is the brand which he has driven from its inception into a multi-format packaged frozen foods, natural oils, oleoresins and food supplements. 

It has become one of the fastest growing vegetarian frozen foods brands in the country. In this very short span of time, over a few years, it has a variety of certifications already, SEDEX, Halal, GMP, Kosher, FSSAI, FSSC 22000, ISO, BRCGS, Food Safety and FDA. Their product range includes a variety of Indian breads, snacks, curries and meals, meticulously prepared using locally sourced ingredients and state-of-the-art freezing techniques to preserve freshness and flavor.