Indian Food and Beverages Market was valued at US$ XX Bn in 2018, and is expected to reach US$ XX Bn by 2026, at a CAGR of XX % during forecast period.
India, the fastest growing economy in the world, is known for its rich and diverse culture and is a home to people from different religions and languages living together. Geographically also, India has varied climate and agriculture conditions. With these diversities, India offers a wide variety of traditional cuisines. These cuisines vary significantly geographically from north to south and east to west of India and are also influenced by local availability of spices, herbs, vegetables and fruits. These traditional cuisines are getting evolved over a period of time and are now served in different avatars, e.g., inclusion of new ingredients or flavors and change in the traditional preparation style.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Food & beverages are considered as the fastest growing industries in India. The growth of the industry is supported by the availability of a large raw material production base. India is the largest producer of milk, bananas, mangoes, guavas, papaya, ginger, okra, second largest producer of wheat, rice, fruits, vegetables, tea, sugarcane and cashew nut and the third largest producer of cereals, coconut, lettuce, chicory, nutmeg, mace, cardamom and pepper globally. Further, the increased affluence of the ever growing working population with increase in disposable income, rising urbanization leading to changing lifestyles and less time to prepare food at home, increase in tourism in India and international travel, and Increase in consumption of fast growing food and beverage segments during special occasions and celebrations are the factors that behind the growth of the Indian food and beverages market.
With India’s population skewed towards younger consumers, the majority of Indian consumption of food and beverages is driven by people between the ages of 18 and 40, which opens the opportunity for manufacturers to come with more varieties.
The government of India is pressing hard to make alternative ways for a strong industry for the food & beverage sector. The government is working on a strategy on the diversification of India’s export basket in a bid to enhance its export presence in the top items of world trade as well as to increase the country’s outbound shipments, both in value and quantity.
Indian government has plans to introduce measures with a view to further facilitate the trade in this sector’s products. The Government has established 60 fully equipped Agri-Export Zones (AEZs), in addition to 42 mega food parks and 128 cold chains, to boost agricultural and food processing exports. In other words, there is a great potential to conduct business in India as the Centre of South East Asia as a trading hub in food and beverages sector.
India is growing as a market for new products such as breakfast cereals, pasta, infant food, bakery products, foreign liquor and different types of oils and sauces. Many international organizations have engaged with the India market by setting up manufacturing infrastructure here itself and understanding the market in depth.
The Food Safety and Standards Authority of India (FSSAI) has plans to invest about USD 72.3 million to strengthen the food testing infrastructure by upgrading food testing laboratories and setting up new mobile testing labs. With globalization and increasing trade across the borders (approximately about 460 Mn tons of food valued at USD 3 Bn is traded annually), India has, a great potential for global trade in agricultural and processed food products. India’s Greater Integration with the global economy, increasing export with an advantage of proximity to the key export destination and expected a spike in global demand as emerging markets grow at fast pace.
Scope of the Indian Food and beverages Market
Indian Food and beverages Market, by Product Type
• Breakfast Cereals
• Savory Snacks
• Pet Foods
• Naturally Healthy Beverages
• Ready Meals
• Organic Food
• Dairy Food
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