India is the second largest food producer in the world after China. It's estimated that food-processing industry in India will double up over the next decade. Also, huge investment opportunities exist in the food processing technology, and equipments industry, particularly in the areas of Dairy & Food Processing, Canning, Packaging, Thermo Processing, Frozen Food or Refrigeration, and Specialty Processing.
Indian food processing sector is among the largest sectors in terms of production, consumption, export and growth prospects. Also, the government of India has made the commercialization of the country's food processing sector the first priority, with various fiscal incentives. So, there's a vast scope for the companies willing to invest in the food processing & packaging sector- a sector that's growing 15%-20% annually. Increased literacy rate, change in lifestyle, and mass media promotion are amongst the major contributors to the growing demand of processed food in the country.
One of the major challenges before the food processing industry in India, currently, is the lack of proper infrastructure. Only two percent of agricultural produce is estimated to be preserved for processing in India, currently, due to the lack of storage facilities. While in US, the about seventy percent of agricultural produce is processed at present.
According to many industry experts, Indian food processing industry is a sleeping giant and government initiatives will definitely encourage the rapid growth in this sector.
For further information about Indian Food Industry please read the report "Food Processing Market in India (2005)" published by RNCOS http://www.rncos.com/Report/FB15.htm
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Rapid transformation in the lifestyle of Indians, particularly those living in urban India, has resulted in dramatic increase in the demand for processed food. The main reason why processed food is luring the urban Indians is the convenience that it offers to cooking, as they don't need to spend hours in kitchen to get that appetizing food. Growth in working women's population and prevalence of nuclear families with double income are other trends causing this change in the lifestyle of Indians.
Also, increase in overseas travel and the presence of foreign media in the country has resulted in more Indians opting for processed food. For instance, in 2005, above 5Million Indians had traveled abroad and the number is likely to rise by 15% to 20% every year.
These trends have largely impacted the Indian food-processing sector, as there's been a jump in the demand for processed, ready-to-eat and ready-to-cook food. Amount of money spent by Indian on foods outside home has been assessed to have more than doubled over the last ten years to nearly $5Billion a year. Also, it's likely to double in the five years to come. These trends entail significant growth potential for the food processing industry in future and, as a result, add to the attractiveness of investment in this sector.
RNCOS has recently published a report "Indian Food Processing (2006)". According to this report, "During the past five years, average monthly income has increased almost by 43 percent and disposable income of individuals has increased nearly to 45 percent. This growth in income will help the India processed food industry to boost further."
In its report on Food processing industry in India, RNCOS has analyzed the following key issues and facts:
Performance of the Indian food processing industry. Driving force and challenges for Indian food industry. Key players in this sector. Future prospect of the Indian food processing industry.
About the Report:
A must read for business analysts, researchers, consultants and individuals who're closely monitoring the developments of Indian food processing industry, the report provides research and objective analysis on the Food Processing Industry in India. It helps clients to analyze the opportunities critical to the success of the food Processing Industry in India.
For more information visit: http://www.rncos.com/Report/IM068.htm
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