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‘Demand for food ingredients in India may rise 6.7% till 2029’

The demand for meals substances and high-quality packaging has gone up within the submit pandemic time in India mentioned trade executives. 

The India meals substances market, at the moment estimated at $1584.08 million, is projected to develop at a CAGR of 6.7% until 2029, mentioned analysts at a meals ingredient, packaging & processing trade present referred to as Fi India & ProPak India. 

Rising use of meals substances coupled with rising ready-to-eat and comfort meals has led to the surge in demand, they added. 

The COVID-19 pandemic accelerated a big shift in meals habits, together with shopper shopping for preferences, consumption patterns and total behaviour. Higher consciousness of the potential well being issues associated to meals has led to the expansion of demand for well being and wellness merchandise and substances, they additional mentioned. 

Yogesh Mudras, managing director, Informa Markets in India , the organisers of the present mentioned, “The  Indian meals trade is poised for exponential progress, at the moment rising at a CAGR of 11%, with a projected output of $535 billion by 2025. This high-growth and high-profit sector has emerged on account of its immense potential for worth addition, significantly throughout the meals processing trade.” 

“Customers’ consciousness of substances, altering meals habits, consumption patterns, low manufacturing prices, and ever-changing food plan fads, meals preferences and hygiene features of meals packaging have considerably contributed to the increase in meals and well being substances, processing, and packaging industries,” he added.

By way of the Ministry of Meals Processing Industries (MoFPI), the Authorities of India, is taking steps to spice up investments within the meals processing trade. The federal government has continued the umbrella PMKSY scheme with an allocation of ₹4,600 crore until March 2026 for the sector. 

The Indian meals processing trade accounts for 32% of the nation’s complete meals market, and is ranked fifth when it comes to manufacturing, consumption, export and anticipated progress, trade officers mentioned.

Speaking in regards to the meals substances trade,  Dr. Alok Kumar Srivastava, President, Affiliation of Meals Scientists & Technologists India (AFSTI) mentioned , all stakeholders should assist to make India a world hub for meals substances, contemplating the altering geopolitical state of affairs within the background of the pandemic. 

Within the subsequent 30 years, the world will add over 1.5 billion individuals, and everyone knows who’re going to feed this inhabitants. Meals safety can be a difficulty the place India can simply grow to be the meals manufacturing facility of the world,” Nilesh Lele, President, Chamber for Development of Small and Medium Companies (CASMB) mentioned.

“The agriculture and meals trade in India is valued at round $450 billion and rising at 12-14%, a lot sooner than the economic system,” he added.

The India packaging market was valued at $81.07 billion in 2021, and is anticipated to achieve $204.81 billion by 2025, registering a CAGR of 26.7%, trade officers mentioned. Packaging is likely one of the excessive progress industries in India and rising at 22-25% every year and is changing into a most well-liked world hub for the packaging trade, they added.

In accordance with Alessandro Liberatori, Commerce Commissioner, Italian Commerce Company the significance of packaging has been realised through the pandemic on account of emphasis on well being and hygiene. 

Analysts mentioned India was experiencing the emergence of health-conscious shoppers resulting in a structural shift in meals preferences and buy selections. And, this might trigger vital progress throughout classes, with wholesome snacking propelling market growth, they added.

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