Food processing industry needs to drive breakthrough innovation especially by creating innovative products for the country’s 700 million rural consumers, says FICCI-AT Kearney study “Indian Food Processing Industry: Keeping Pace with evolving consumer needs”. The study indicates that the industry needs to differentiate itself through consumer awareness on one hand and through superior food quality, safety, and hygiene on the other; moving ultimately towards self-regulation. At the same time, beyond taste, consumers are focusing on price and quality. The industry will need to assess the perceived value of products and the price people are willing to pay. The study was shared with key stakeholders at the inaugural of Food World India, a global convention of food business and industry organized by the Federation of Indian Chambers of Commerce and Industry (FICCI).
Speaking at the inaugural, Minister for Food Processing Industries Harsimrat Kaur Badal has emphasized the need to reduce wastages in food supply chain. Smt. Badal said that the food processing industry through backward linkages can help the farmers with inputs and better farm practices so that the industry gets good quality raw material and farmers get better prices for their produce in a win-win partnership. So the way out is to make the food processing sector grow. This will also reduce inflation and will benefit the consumer. The Minister underlined that food processed is food saved. She also emphasized the need for providing skills and skill development and invited concrete suggestions from the industry.
Food World India has brought together CEOs and stalwarts of processed food industry to discuss strategy to align India`s opportunities with the global trends in food business and to address the challenges affecting the growth of the sector in India.