Present and future of food industry in India:
Once one of the poorest and least brand savvy nations, India has now become a globally important packaged food market. With a population of more than 1.2billion people which has expanding middle class composition are eager to spend in food. India offers many potential stakeholders across the food chain. This blog will tell you about India’s growing importance of packed food and identifies key opportunities for manufacturers.
Even though staples such as oil. Dairy, baked food and fats account for the largest proportion of packed food, sales in India, there is bulk growth in impulse/indulgence products like confectionery, ice cream, and sweet and savory snacks. These products are growing extremely fast in India.
India has one of the youngest populations globally, with the country’s mean population standing below 29 years in 2014. They have a lower propensity to save and are very much cautious to display what they eat and drink which results in sales of premium and value-added products.
Traditional grocery retailers:
Traditional grocery retailer accounts for almost 90% of overall packed food value sales and are thus key to future growth. Kiranas, the Indian local independent retailers represent the bulk of packed food sales and we can find more of these in India in every streets.
Due to increase in working class women and the average income of a family, there is a tremendous increase in the food industry. Women are not abide to kitchen nowadays because of their dependence on packed food has increased.
Thus I want to conclude by saying, the Food industry is one of the growing industry specially in India, Investment on such industries will have higher probability to get high returns.