Healthy prediction: Indian Food-Packaging Industry
The Indian packaged food industry is predicted to reach the average annual growth of up to a fifth that will double in value to reach US$30bn in three years’ time, says a leading trade body in the country.
According to the research from The Associated Chambers of Commerce and Industry of India (ASSOCHAM), changing demographics, improvements in packaging and processing, along with greater urbanisation and rising incomes will come together to drive impressive growth in the sub-continent.
The team said that current and future foreign investment would play a key role in fuelling expansion in the sector.
An ASSOCHAM analyst said: “Factors that have fuelled this industry’s growth are the arrival of food multinationals, rising popularity of quick-service restaurants, modern retail trade, technological advancement, changing urban lifestyles”.
Snacks, bakery products, ready-to-eat products and processed dairy and meats along with frozen foods, condiments and probiotic products are forecast to see demand hikes as increased affluence, keluaran hk, better production and distribution chains develop.
Many key global players are already established in the country such as Hindustan Unilever (tea, instant coffee, biscuits, pulses, instant beverages), Nestle (instant coffee, milk and milk products, ready-to-eat foods), PepsiCo (aerated drinks, fruit juices, cereals, snacks) and Haldirams (sweets, namkeens, syrups).
Trade Body Secretary General DS Rawat said that the increasing sophistication of India’s consumers are also pushing demand for “upscale flavours and ingredients”.
Rawat also added that the Indian food processing market was one of the largest in terms of production, consumption, and export and import prospects.
A booming economy had caused similar trends to emerge as seen in Western Europe and North America over the past decade – convenience, healthy eating and surge in demand for functional ingredients both in food and beverage products.
The association conducted a survey last year and discovered that over two-thirds of the working consumers favoured packaged food over eating street food or preparing meals themselves.
The trade body estimated that the country’s food processing industry would growth annually between 40% and 60% over the next five years due to the government changing trade rules that would encourage more investment and a larger presence from foreign companies.