P. Divya, P. Suresh Kumar*, A. Saravanan, R. Arthee and K.N. Shiva
In India, the food processing industry is the 5th largest enterprise in terms of production, consumption, export and expected growth. Food processing enterprise have great capability of attracting international funding, thereafter growing employment. The Indian food processing industry accounts for 32 per cent of the country's total food market, 14 per cent of manufacturing GDP, 13 per cent of India's exports and six per cent of total industrial investment. The Indian food industry is poised for huge growth, increasing its contribution to world food trade every year. Food processing industry is one of the largest industries in India and is ranked fifth in terms of production, consumption, export and expected growth. The total food production in India is likely to double in the next 10 years with the country's domestic food market estimated to reach US$ 270 billion.
In India, the food sector has emerged as a high-growth and high-profit sector due to its immense potential for value addition, particularly within the food processing industry. Food and food products are the largest consumption category in India, with a market size of USD 181 billion. Domestically, the spending on food and food products amounts to nearly 21% of the gross domestic product of the country and constitutes the largest portion of the Indian consumer spending more than a 31% share of wallet.
This story is from the October 2022 edition of Food & Beverages Processing.
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This story is from the October 2022 edition of Food & Beverages Processing.
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