When it comes to serving or eating delicacies, we generally define and acknowledge the chef, the spices, the culinary excellence etc. but we do not go beyond this. We do not talk about food market and its important statistics. In fact knowing the food market is as important as knowing other financial or manufacturing markets. Hence to acquaint you with the Indian Food Market and its importance in our life, here we give some points which will inform you about the same:-
- Vast raw material resources
- Diversity of raw material and multiple crops every year
- Low production cost backed by skilled workforce
- Big contract manufacturing opportunities
- Changing consumption pattern – more and more people turning to processed food from fresh food
- Food accounts for a large share of consumer spending in India, i.e., over 35%
- Ever growing food market with a huge population of 1.08 billion and growing at the rate of 1.6% per annum
- Food market is estimated to treble to US$ 900 billion by 2020 from US$300 billion in 2011-12
- Export of agricultural products increased phenomenally over 50% from US$ 6.3 billion in 2009-10 to around US$ 15 billion in 2011-12
- Industry friendly Government policies
- Tax incentives
- Incentives for Infrastructure development like food parks, cold storage, packaging industry
- Setting up of 20 mega food parks across the country
- Opportunities for contract farming, captive supplies of raw materials, direct access to farmers
- Investment in supply chain in order to improve costs, tighten supplies and minimize wastage
Raindrops Basmati Rice 