Food Processing – Poised To Catapult The Food Industry In India To Newer Heights
From scarcity to a land of surplus, it has been a long, hard and finally an enriching journey, for the food industry in India. The industry is on the brink of more significant and accelerated growth, as it increases its contribution to the world’s food economy every year.
The dynamic growth in every area of the economy, coupled with the changing consumer expectations has catapulted the food industry to a fast-tracked growth. It is emerging as a high-growth and high- profit industry and shows enormous potential, especially in the food processing segment.
Accounting for around 32 per cent of the country’s total food market, the food processing industry is among the prominent drivers in the growth of the best food industry in India. It plays a critical role in linking Indian farmers to consumers, both in the domestic and international markets.
The evolving lifestyle of the consumer, a need for value-addition and convenience is spearheading a massive change in the way food is viewed and consumed across the globe. This, in turn, is making way for sweeping changes in the way the chief contributor to the food industry, agriculture, is engaged.
The evolving agricultural sector has resulted in increasing the quantity and quality of the crop and is also helping the Indian farmers improve their profitability and economic status. Modern agriculture is opening new vistas of growth for the Indian farmer, the food industry and consequently the Indian economy.
Factors Influencing the Growth of the Indian Food Industry
- A growing population coupled with increasing urbanisation has given a big boost to the food industry
- The increasing number of women joining the workforce has led to a demand for foods that are convenient and hassle-free. While at the same time retain the vital nutrients of the raw product.
- The dual income of the family has also resulted in increasing the buying power of the family. This, in turn, had added to the growth of the food industry.
- Overall also, there is an improvement in the standard of living in the country, which has seen an increase in demand for food.
- The opening of malls and supermarkets across the country further helps in shopping for food more pleasurable and efficient. Extensive product display gives consumers a variety to choose from. They have the comfort to compare and pick food products that will work most for them.
- Online shopping is now leading the ballgame and enhances the experience of buying, for the ever-busy consumer of today. The new age food processing companies in India are sharpening their consumer focus by effectively harnessing this platform.
How are consumers changing the face of the food industry in India?
The fast-paced lifestyle and hectic work schedules have led to great difficulty in maintaining work-life balance for the consumer. It has also seen an increase in lifestyle diseases like diabetes, hypertension etc. in people. All these factors, coupled with an increasing awareness are steering the consumer to ask for products that are healthy. Along with that, take care of their nutrition on a daily basis, yet are convenient and readily available.
Responsible and ethical processing of foods is the need of the consumer. The call is for food that is healthy, convenient, interesting and affordable. Packaged products like ready-to-eat/drink foods, useful intermediary food items, frozen foods, are increasingly becoming popular.
The Indian food processing industry ranks as the 5th largest in the country for production, consumption, and export. It is all set to take the Indian food industry to greater heights and the world economy by a storm.