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Food Industry
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In recent years, India has emerged as a major player in the global food market. Supported by a massive population and growing middle class, the food industry has become an important sector of India's economy.
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The main drivers for the growth in India’s food market are rapid urbanization, increasing disposable incomes, increasing number of working women, and changing lifestyle preferences. This has resulted in higher demand for convenience foods and ready-to-eat products.
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The food industry in India is highly fragmented, with large numbers of small and medium-sized companies. It is also highly competitive, with prices often lower than in other countries. This has helped Indian companies to become major suppliers to other countries.
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India has also become a major exporter of food products. Its exports include rice, spices, sugar, processed food, and dairy products. India has recently seen a surge in exports of organic foods, mainly due to its growing organic farming sector.
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The food industry in India is expected to see further growth in the coming years, driven by rising demand and increased investments. Government initiatives, such as the setting up of food parks and modernizing the food supply chain, are also likely to help. With its vast potential, the food industry in India is expected to be an important contributor to the country’s economy.
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Growth
1. By 2023, the Food market is expected to make US$963.60bn in revenue, increasing yearly by 7.23% (CAGR 2023-2027).
2. Bread & Cereal Products will account for the largest share of this market volume at US$173.90bn.
3. Per capita, earnings will be US$678.70.
4. E-commerce will account for 1.2% of the total income in this market.
5. By 2027, the Food market will reach a total volume of 663,725.9mkg, with an annual growth rate of 6.0% in 2024.
6. On average, each person will consume 419.25kg of food in 2023.
Future growth in Food Industry: Eat healthy live healthy.....
Market Trend's
The food industry in India is expected to see further growth in the coming years, driven by a number of key trends.
● One key trend to watch out for is the rise of organic and sustainable food production. India is already the world's third-largest producer of organic foods, and this trend is likely to continue in the coming years. With an increased emphasis on health, safety, and the environment, more and more food manufacturers are turning to natural and sustainable ingredients, making India a leader in the organic food industry.
● Another trend to watch out for is the rise of food technology and the emergence of food delivery services. In recent years, India has seen a huge rise in the number of food delivery companies, such as Swiggy and Zomato, which make it easier for people to order food from their favorite restaurants. This trend is likely to continue in the future, with more and more companies entering the market to
provide convenient food delivery services.
● Furthermore, the Government of India has also been taking steps to modernize the food supply chain and increase investments in the industry. This includes setting up food parks, allowing foreign direct investment, and providing incentives to promote the development of the industry.
● Additionally, India is also likely to benefit from increased opportunities due to the increasing demand for food products in other countries.
The food industry in India is thus expected to continue its growth in the coming years, driven by a number of key trends. With the right investments and initiatives, it is likely to be a major contributor to India’s economy.
Other industry trends in the food processing industry are as follows:
1. UHT processing and aseptic packaging techniques are used to create dairy products with extended expiration dates.
2. The consumption of fruits and vegetables has risen, and companies are strengthening their connections with farmers and instituting contract farming to meet the demand.
3. Refined heat exchange systems and higher pasteurization are being used to modernize mechanical systems.
4. The sale of frozen and processed foods is on the rise as they offer convenience and nutrition.
5. The advent of the internet has drastically altered the way consumers buy products, as they now have access to more information and options than ever before.
Government Schemes and Policies in the Food Processing Industry:
On May 3, 2017, the Government of India approved the umbrella Central sector scheme, the SAMPADA- Scheme for Agro-marine processing and the Development of Agro-processing Clusters, with an allocation of Rs.6000 crore for the implementation
period from 2016 to 2020. This scheme has since been renamed the Pradhan Mantri Kisan SAMPADA Yojana (PMKSY).
What is Pradhan Mantri Kisan SAMPADA Yojana (PMKSY)?
This comprehensive package will contribute to the development of modern infrastructure with efficient supply chains from farm to retail and is expected to considerably increase the growth of the food processing sector in India.
Furthermore, it will provide better returns to farmers, double their income, create numerous employment opportunities in rural areas, minimize agricultural wastage, and raise the processing level.
The trend that drives the Food Industry.....
Future
The future of the food industry in India looks exciting and full of potential. With the country's population expected to reach 1.5 billion by 2050, the food industry will need to adopt innovative approaches to providing food to all its citizens.
The growth of the food industry in India will also bring with it increased competition, with more players entering the market to provide innovative products and services. This could lead to lower prices and better quality, giving consumers more options to choose from.
Finally, the future of the food industry in India also lies in the development of new and improved processing methods. The country is already making strides in the development of food processing technologies, such as vacuum freeze-drying and high-pressure processing, which can help improve the quality, shelf life, and safety of food products. These trends will further revolutionize the food industry, making it more efficient and cost-effective.
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