Market Research Report
Indian Food Processing Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024
|Published by||IMARC Services Private Limited||Product code||865009|
|Published||Content info||72 Pages
Delivery time: 2-3 business days
|Indian Food Processing Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024|
|Published: June 10, 2019||Content info: 72 Pages||
The Indian food processing market was worth INR 24,665 Billion in 2018. Food processing is a vast sector that encompasses activities such as agriculture, horticulture, plantation, dairy, animal husbandry, aquaculture, etc. It also comprises of other industries that use agriculture inputs for the production of edible products. The government of India has acknowledged the food processing sector as a high priority industry and is currently promoting it with various fiscal reliefs and incentives.
Looking forward, the market is projected to reach INR 50,571 Billion by 2024, exhibiting a CAGR of 12.4% during 2019-2024. Rising household incomes, urbanization and the growth of organized retail are currently some of the major drivers of this market.
Indian Food Processing Market: Drivers
A continuous growth in the urban population and an increase in employment rates have resulted in consumers living a fast-paced and busy lifestyle. With limited time available for cooking and meal preparation, processed foods such as ready-to-eat products and snacks have become quite popular; particularly in the urban areas.
India has one of the largest working populations in the world. With increasing disposable incomes, this segment can be regarded as the biggest consumer of processed foods in the country. We expect this population to grow continuously during the next five years.
Increasing penetration levels of organized food retail outlets are offering a wide range of options to consumers. Organized retail outlets allow consumers an access to a diversified range of products coupled with attractive discounts.
The proportion of working women have been increasing continuously both in the urban and rural areas. As a result of their busy lifestyle, the amount of time for household activities such as cooking is declining. This is creating a rising demand for processed and ready-to-eat foods.