Punjab received Rs 1200 crore investment in the food processing sector. Such various sponsorship and initiatives by the Indian government have helped the industry to grow at a fast pace. The upcoming development projects and market trends in the food processing industry have played a crucial role in contributing to India’s social and economic growth.
The food processing industry is expected to reach a compound annual growth rate CAGR of ~11.5% by the year 2023. This will make the industry to reach a value of INR 14,972.9 Billion.
Indian food processing industry in India ranks fifth for its production and experts. As the economy holds a huge good infrastructure and diverse agro-climatic conditions which makes India one of the largest food processing hubs.
Hindustan Unilever Limited, PepsiCo India Holdings Private Ltd, Cadbury India, Nestle India Limited and several other international market players who are investing in the Indian market.
There are 10 segments of the Indian food and beverage industry which are as follows:
- Breakfast cereals
- Dairy food
- Organic food
- Ready meals
- savory snacks
- Naturally healthy beverages
- Pet food
Though the aforementioned segments are considered to be the primary ones, the Indian food processing industry is growing through increased segments. This is helping new research projects to explore new opportunities. The Indian food processing industry is expanding with breakfast cereals growing at a CAGR of ~19.23%, on the other hand, savory snacks at ~33.59% by 2023.
The Ministry of Food Processing Industries in India has come up with fiscal incentives. The government is also planning for promotion of several schemes such as Pradhan Mantri Kisan Sampada Yojana, Mega food park scheme, the scheme of the cold chain, etc. The new developmental infrastructure initiatives of the government are projected to help in the growth of the food processing market.
The government’s initiatives in the foreign investment shall encourage the various employment and agro investment opportunities in the India Food Processing Market. The industry also has the support of development and research centers such as NDRI, CFTRI, NRDC, CIFT among others.
Despite such government initiatives and contribution of the market players, the industry faces challenges such as high cost processed food, transportation problems, and distribution hurdles network, etc.
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