(MENAFN- IANS) New Delhi, July 15 (IANS) The Boston Consulting Group (BCG) and the Federation of Indian Chambers of Commerce & industry (FICCI) have collaborated to release a whitepaper titled 'Nourishing India Sustainably – Ecosystem Actions for Food Systems Transformation'.
Unveiled at the 15th edition of FICCI Foodworld India, the whitepaper explores key megatrends impacting food production and consumption, emphasises the imperative of transforming current food systems, assesses challenges across the value chain in sustainably serving consumers, and presents the necessary ecosystem-level actions to drive meaningful transformation for a better future.
The growing population requires an evolution of food systems prioritising health, nutrition, and sustainability. India's economic growth is boosting incomes and shifting consumption towards fruits, vegetables, packaged foods, and healthier options.
Concurrently, on the production side, rising climate change incidents and geopolitical shifts are impacting the food systems and affecting the overall global food supply chain.
Speaking at the launch of the report, Hemant Malik, Chair-FICCI Food Processing Committee and Executive Director, ITC Ltd, said,“With an increase in per capita income, the consumption pattern will evolve, it will shift staples to more value-added and more innovative products.”
This highlights the need for the food industry to adapt and innovate in response to changing consumer preferences and economic dynamics.
Abheek Singhi, Chair of Practices, Boston Consulting Group, also highlighted the emerging megatrends.
“The Indian food market presents one of the largest opportunities today. Many of the current megatrends are paradoxical, such as increasing focus on both health and indulgence simultaneously, and globalisation and localisation presenting both opportunities and challenges. Success in these times of paradox requires long-term strategic thinking and flexibility at the same time,” he said.
The report outlines five key imperatives across the food value chain, from agricultural production to processing and end consumption, to ensure food and nutrition security. With limited agricultural land, increasing agricultural productivity is crucial for food security.
This productivity boost should be coupled with crop diversification to meet changing preferences and achieve self-reliance. Adopting sustainable agricultural practices is essential for securing higher yields and building climate resilience.
Additionally, reducing food losses and waste throughout the supply chain will ensure more food reaches consumers. Innovation is also necessary to balance nutrition, taste, and affordability.
However, producers face significant challenges, including the complexity of achieving this balance, lack of support for transitioning, inadequate last-mile infrastructure and linkages, and limited economic viability to drive these changes.
Sushma Vasudevan, Managing Director and Partner, Boston Consulting Group, highlighted the critical need for collaborative innovation in addressing these challenges.
She explained,“The big challenge that we have in front of us right now is to ensure the trifecta of health, taste and price is met. This requires innovation which is impossible for a single player to -target and will require an ecosystem (private and public), to come together to address and resolve.”
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