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GITEX’s sixth edition focuses on qty food ingredients at apt price pts
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Saturday, 25 March, 2017, 08 : 00 AM [IST]
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Our Bureau, Bengaluru
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The sixth essay of Gitex, presented by Firstmr Business Analytics (an associate of Giract), highlighted quality food ingredients at appropriate price points. The day-long event, which took place in Bengaluru, included product demonstrations.
With a focus on cheese powders for noodles, pasta, extruded snacks, soup premixes and seasonings, there were technical sessions by experts representing Lactosan and DKSH at the event. They provided participants with opportunities to learn more about the Indian snack industry and network with industry stakeholders and expert companies.
Kaushik Shankar, research director, Firstmr Business Analytics, said, “Innovation is imperative for a mature market. There seems to be little need for innovation at this point in the food ingredient space in India.”
Quoting the leading management expert Peter Drucker, who said systematic innovation therefore consists in the purposeful and organised search for changes, and in the systematic analysis of the opportunities such changes might offer for economic or social innovation, he added, “Quality ingredients should be positioned at an appropriate price point, supplied on time and in the right quantities. Besides, it should be supported by technical assistance in formulation and troubleshooting.”
“There is a need for both incremental and groundbreaking innovation. A packaged food is the result of integrated information flow between stakeholders like the food ingredient sector and the processed food manufacturer,” said Shankar in his presentation.
“The Indian market has evolved rapidly without going through the painful learning steps that the West and China went through,” he pointed out.
The current value of the processed food market in India is approximately $39-40 billion, and this is expected to touch $66 billion by 2018. The industry is registering a compounded annual growth rate (CAGR) of 11 per cent.
Delving on the global food industry, Shankar said that high value and high growth were reported from China, Russia and India.
“High value and low growth are reported from the United States, 28 European Union (EU) countries and Japan. Low value and high growth are seen in Brazil, Indonesia, Malaysia and Thailand. Low value and low growth are seen in Australia, New Zealand and South Africa,” he added.
“The strategic moves for the agri food industry will need product concepts, business model and search for partners,” Shankar said.
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