Indian Food Processing Industry
by, December 4th, 2008 at 11:02 AM (4326 Views)
Green revolution has transformed India from a land of shortage to a land of surplus. India is presently the world's second largest producer of food, and has the potential of being the biggest with developing food and agricultural sector. Growing economy, surplus food and changing lifestyle has shifted the consumption pattern, from cereals to more varied and nutritious diet of fruit and vegetables, milk, fish, meat and poultry products. This gradual progression has given rise to the food processing industry in India. The food processing sector in the country with its vast potential has emerged as one of the major driver of economic growth and is often hailed as a sunrise industry.
Interestingly, the fact is while the country抯 GDP growth rate had increased from 3.5% in 2002-03 to 9% in 2006-07; the food processing sector has grown from 7% to 13.1% during the same period. However, market experts are of the opinion that in future, the food products is going to contribute majorly towards India抯 GDP growth.
India抯 food processing sector primarily covers fruit and vegetables; meat and poultry; dairy products, alcoholic beverages, fisheries, plantation, grain processing and other consumer product groups like confectionery, chocolates and cocoa products, Soya-based products, mineral water, high protein foods etc.
India presently accounts for less than 1.5% of international food trade, which indicates that both investors and exporters are yet to gain more from the Indian food processing industry. The industry requires about Rs 29,000 crore in investment over the next five years to create necessary infrastructure, state-of-the-art-technology and expand production facilities to match the international quality and standards. To promote the sector, the Indian government had taken several steps such as de-licensing of the sector, several duty and tax relief, financial assistance for infrastructure building and setting up of food processing units.
It is expected that in future bulk investments and modern food processing technologies are going to turn the fortune for Indian food processing industry. The sub-sectors such as soft-drink bottling, confectionery manufacture, fishing, aquaculture, grain-milling and grain-based products, meat and poultry processing, alcoholic beverages, milk processing, tomato paste, fast-food, ready-to-eat breakfast cereals, food additives, flavours etc will become the driving force behind the Indian food processing industry.
For more information please visit: Indian Food Processing Industry - Business Market Reports
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