(MENAFN- KNN India)
Indian food Industry value to reach $ 535 bn by 2025
Bengaluru, Sept 24 (KNN) The Indian food industry is poised for exponential growth, currently growing at a CAGR of 11 per cent, with a projected output of USD 535 billion by 2025, said Yogesh Mudras, Managing Director, Informa Markets in India.
While addressing the Food Ingredients India (Fi India) and ProPak India by Informa at Bangalore International Exhibition Centre (BIEC) Mudras, said,“The COVID-19 pandemic accelerated a significant shift in food habits, including consumer buying preferences, consumption patterns, and overall behaviour. Greater awareness of the possible health problems related to foods has led to the growth of demand for health and wellness products and ingredients. These trends have created a vast spectrum for the use of ingredients.”
Talking about the Food ingredients industry, Alok Kumar Srivastava, President, Association of Food Scientists & Technologists India (AFSTI) said, “In the next 30 years the world will add over 1.5 billion people, and we all know who are going to feed this population. Food security is also an issue where India can easily become the food factory of the world.”
The agriculture and food industry in India is valued at around USD 450 billion and growing at 12-14 per cent, much faster than the economy.
Fi India and ProPak India provided an opportunity for all stakeholders to discuss the food ingredients and packaging ecosystem and emerging trends in these sectors.
It bought together the country's leading food and beverage ingredients suppliers and specialists in research and development, production, and packaging to showcase the most diverse range of new and innovative ingredients and services.
The event saw participation from 250 leading companies, 1000 plus brands, 35 speakers and over 7000 visitors from across the industry, reaffirming the need and focus of an industry event to boost and facilitate the food, health ingredients and packaging sectors. (KNN Bureau)
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