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By 2020, food market to reach Rs 42 lakh crore: Boston Consulting Group
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Tuesday, 27 January, 2015, 08 : 00 AM [IST]
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Our Bureau, New Delhi
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fiogf49gjkf0d The Indian food market which is growing at compound annual growth rate (CAGR) of 17 per cent is expected to reach Rs 42 lakh crore by 2020. In 2014, the Indian food market size was Rs 23 lakh crore, according to statistics released by Boston Consulting Group (BCG), a management consulting group, recently.
Rohit Ramesh, principal, Boston Consulting Group, said, “The present size of Indian market estimated in 2014 was Rs 23 lakh crore and it is expected to reach Rs 42 lakh crore by 2020, along with a three-time increase in average household income from 2010-2020. Indian food habit is evolving over the years with increase in the consumption of fresh dairy products, protein and healthy foods.”
According to experts, food expenditure is perceived second to health expenditure in India. The higher disposable income, women working and the urbanisation of people is increasing the consumption level in the country.
Ramesh stated, “Currently the Indian food market constitutes 41 per cent of fresh perishable dairy, 34 per cent staples and 15 per cent on beverages and foods.”
Meanwhile, India is witnessing lots of new concepts and innovations in the food and beverages segment. Bigger global chains like Burger King, Carl's Jr, Wendy's, Pita Pan are entering India.
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