Nuffoods Spectrum - December 2023

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How Funding is Propelling Food Industry
In November, India witnessed the second edition of the mega food event ‘World Food India 2023’ in New Delhi. Inaugurated by Prime Minister Narendra Modi, the event had the crystal clear vision of showcasing India as the ‘Food Basket of the World’ and celebrating 2023 as the International Year of Millets. The PLI scheme in the food processing sector is providing huge assistance to the new players in the industry. He further underlined that there is no sector in the food processing industry where India has not shown unprecedented growth and it is a golden opportunity for every company and startup associated with the food processing industry. The share of processed foods in India’s agricultural exports has grown from 13 per cent to 23 per cent, making an overall increase of 150 per cent of exported processed foods. Today, India stands at the 7th position with an overall export value of more than $50 billion in agricultural produce. The domestic food market is projected to grow by over 47 per cent between 2022 and 2027, reaching $1,274 billion. In 2023, the food market will generate $963 billion in revenue and the market is anticipated to expand at a CAGR of 7.23 per cent between 2023 and 2027. We at nuFFOODS Spectrum, are keeping a close watch on India’s evolving and flourishing food industry and are equally amazed and proud to see it growing beyond expectations.