With rising production of various products and increasing global demand for Indian foods, India is fast gaining the status of eastern center of food industry.
According to Executive Director of Protein Foods and Nutrition Development Association of India, (PFDAI), JS Pai, with rising production of different products such as animal products, vegetables, fruits and milk, India is becoming an eastern centre of food industry. Food processing industry too is growing hand-in-hand with production to address rising export and domestic demand, as reported by THE FINANCIAL EXPRESS.
PFDAI revealed that with a size of about Rs 4.0 Lakh Crore ($ 94 Billion), the food industry in India is growing at around 9% annually. Also, it is equal to one-fifth of $550 Billion US food industry.
The growing demand for the Indian food and spices worldwide is considered as a major growth factor for food industry in India. Thus, the surging demand is encouraging suppliers of food ingredients and products to produce those products, which are appropriate for production of these foods on a large-scale.
Moreover, a large number of Indian customers suffering with any disease and stress aren’t only looking for nutritional food but also for the food, which provides them protection against various diseases. Thus, the demand for healthy products such as herbal tea, yogurts and ice creams containing probiotics, diabetes management functional foods and cholesterol management functional foods is increasing in the market and leading to growth in health food industry of the country.
Further, the increase in funds provided by the Indian government for development and upgradation of technology and establishment of new food processing units is improving the availability of functional and healthy food products for consumers. Also, the growing Indian population is pushing the food demand in the country.
A Senior Research Analyst at RNCOS said, “In spite of being one of the prime food producers in the world, India has a very little share in international food trade. This indicates vast growth opportunities for Indian exporters and investors in the Indian food market as there is a huge demand for nutrients and organic food in the country and worldwide.”
Related Market Research Reports:
World Organic Foods And Beverages Report (2006)
European Organic Food Market
UK Health Drinks Market
