|
|
|
You can get e-magazine links on WhatsApp. Click here
|
|
|
|
|
|
Fi India & ProPak India opens door to $535 bn ingredients, pkg and processing industry
|
|
Tuesday, 27 September, 2022, 08 : 00 AM [IST]
|
|
Our Bureau, Bengaluru
|
Owing to the rising popularity and demand, there is a huge opportunity for food ingredients market to expand in India. The India food ingredients market is currently estimated at $1584.08 million. Increasing use of food ingredients coupled with growing ready-to-eat foods & convenience foods has surged its demand.
Food remains an integral part of Indian culture and each region has its unique cuisine. The Covid-19 pandemic accelerated a significant shift in food habits, including consumer buying preferences, consumption patterns, and overall behaviour. Greater awareness of the possible health problems related to foods has led to the growth of demand for health and wellness products and ingredients. These trends have created a vast spectrum for the use of ingredients. According to research reports, the Indian food ingredients market will grow at a CAGR of 6.7% during the forecast period of 2022 to 2029.
The grand opening of Food ingredients India and ProPak India by Informa Markets in India took place at the Bangalore International Exhibition Centre (BIEC). The show provided a unique opportunity for all stakeholders to discuss the food ingredients and packaging ecosystem and emerging trends in these sectors. This year’s edition is the first in South India and saw participation from over 250 leading companies, 1000+ brands, 35+ speakers and 7000+ visitors from across the industry, reaffirming the need and focus of an industry event to boost and facilitate the Food & Health ingredients and packaging sectors.
Addressing the opportunities in this sector, Yogesh Mudras, MD, Informa Markets in India, at Fi India and ProPak India, said, “The Indian food industry is poised for exponential growth, currently growing at a CAGR of 11%, with a projected output of US$535 billion by 2025. This high-growth and high-profit sector has emerged due to its immense potential for value addition, particularly within the food processing industry. Consumers' awareness of ingredients, changing food habits, consumption patterns, low production costs, and ever-changing diet fads, food preferences and hygiene aspects of food packaging have significantly contributed to the boom in food and health ingredients, processing, and packaging industries..”
Through the Ministry of Food Processing Industries (MoFPI), Government of India is taking all necessary steps to boost investments in the food processing industry. GoI has continued the umbrella PMKSY scheme with an allocation of Rs 4,600 crore till March 2026. The Indian food processing industry accounts for 32 per cent of the country’s total food market, one of the largest industries in India and is ranked fifth in terms of production, consumption, export and expected growth.
|
|
|
|
|
|
|
|
|
|