Growth Galore
The food processing sector is predicted to be worth a massive $535 billion by FY26! This surge is thanks to India's rising consumption, strong exports,
and government initiatives like 'Make in India'. Experts highlighted the strategic importance of the food ingredients industry. They also mentioned the contribution of the sector, which is 7.7% to the country’s manufacturing output and supports over 7 million jobs.
Organic's Rise
The organic food market is experiencing a quantum leap, with an estimated CAGR of 20.13% to reach $10.8 billion by 2033. Consumers are willing to pay more for healthier choices, making this segment a key driver of growth. Regulations and consumer awareness also help. By 2025, the organic food market could touch Rs 75,000 crore.
Farmer's Prosperity
Boosting food processing is crucial for Indian farmers, supporting nearly 68% of the population and boosting incomes. Ingredients like turmeric exemplify the dual role of taste and health. Experts emphasized the need for regulatory support, especially regarding labeling and standards to guide this expansion, particularly by the FSSAI.
Global Stage
India's presence in the global food arena is expanding significantly, and industry leaders are now visible worldwide. This transformation signifies India's growing influence, moving beyond domestic markets. India's offerings are now globally relevant, enhancing both the economy and farmer's profits, and this event showcased the transformation happening across the country.
Tech's Touch
Technological advances like AI and smart packaging are also boosting the food industry. The sector is set to become a global hub. The Fi India and ProPak India event, organized by Informa Markets, highlighted the changes. The event, which took place on September 5, saw over 350 exhibitors from India and other countries and was attended by over 15,000 professionals from 50 countries.
