Changing lifestyles, growing income of the middle-class and rising production of fruits, vegetables and milk, are turning north India, comprising Punjab, Haryana and Himachal Pradesh and parts of Jammu & Kashmir, into hub of the food processing industry.
Financial incentives from Himachal Pradesh and Haryana and liberal policies of the Punjab Government have helped attract big players to this region. In addition, a large number of local brands have also strengthened their hold over the market. The Indian food market is set to more than double by 2025. The market size for the food consumption category in India is expected to grow from US$155 billion in 2005 to US$344 billion in 2025 at a compounded annual growth rate (CAGR) of 4.1 per cent.
Investment target
In India, the food processing industry is one of the largest in terms of production, consumption and export prospects. The government has set an investment target of Rs 1,00,000 crore for the food processing sector by 2015. This is expected to almost double the country’s presence in the global food trade to three per cent. The investments of one lakh crore, as estimated by the government will, undoubtedly, catapult the growth of this sector, and put it at the higher growth trajectory.
The Expert’s Thought: FSSAI is the milestone in the Food Industry. If it is effectively implemented, it would ensure food security, food safety and Hygiene aspects of the Industry.
January 6th, 2012 at 12:35 pm
Even in Nigeria, the increasing awareness of the benefits of functional food products has increased the intake of foods with inherent therapeutic advantage.