Indian food processing industry is likely to register a consistent growth rate of over 10 per cent from 2015 onwards, says a study by PHDCCI and Technopark. Private sector in this segment has already begun to invest to realize its impending worth. Currently, Indian food processing industry is growing at an average growth rate of 8.4 per food products (file)
The study “India: World’s Emerging Food Leader” has also projected that its food processing sector, which ranks at fifth presently world over in terms of production, growth, consumption and export is likely to reach at US$194 billion by end of 2015.
Releasing its findings, President PHD Chamber Mr. Sharad Jaipuria said, “on domestic front, demand for processed food and food products comprise a third of total demand. Thus, the growing population along with desire for convenience would drive the demand for processed food as India has already started its journey towards increasing its share in the global food trade. In 2012-13, India registered a 63 per cent growth in the exports of agricultural products and processing foods which would naturally multiply in times to come”.
Make in India in food processing sector in view of PHD Chamber has begun to happen as private sector has already committed to invest in the expansion of its manufacturing units in the food processing sector as some of the key players in food processing industry have already committed thousands of crores of investment which will begin to fructify shortly.
The Chamber is also of the view that for sustainable and inclusive growth of the sector, collective efforts from all the stakeholders are required focusing whole value chain from farm to fork. It reiterates that in view of abundant resources in India, Indian food processing industry has immense potential to cater to the demands of the rising population. There is a dire need to develop this sector by reducing post harvest losses and develop innovative technologies and promote international trade.