India's food processing industry set to see double-digit growth amid rising incomes, urbanization factors, analyst says
May 23, 2014
– "Indian Food Processing industry is all set to make a mark in the global market with an expected double digit growth. The ever-growing consumer demands have opened up huge investment opportunities for foreign and private entities in the food processing and equipment industry." said Rajesh Srivastava, CMD, Rabo Equity Advisors while addressing the Conference on Future of Food Processing organized by the Confederation of Indian Industry (CII), here in the national capital today.
"It is the right time for an investor to invest in this sector. Consumerism, literacy, population and awareness are the growth driving factors for food processing industry. All this creates tremendous opportunities for agile marketers, restaurateurs and hoteliers to capitalise the new trends", he added.
While presenting the theme of the Conference Divyaroop Bhatnagar, MD, YFactor Marketing Pvt Ltd said that "Rising incomes and urbanisation factors are driving profound changes in food processing sector. Indian agricultural sector accounts for 14.1% of India's GDP and 12.3% exports. Indian food processing sector employs around 13 million workers directly. High level of production of wheat and rice in the Northern Region of India have meant that procurement and storage by government and private agencies have opened vast potential for the food processing industry".
Abhiram Seth, Former Executive Director, Pepsico India & MD, Aquagri Processing (P) Ltd shared that "Specifically skilled workforce is key to take food processing sector to next levels of growth. Lot of supply chain bottlenecks and demand supply gaps need to be tacked to ensure smooth growth of the sector.
Akshay Bector, Chairman, CII NR Committee on Food & Agriculture, & MD, Bector's Food Specialities Ltd emphasised that " With the growth of population and urbanisation, there is an increase in the demand and consumption in food processing sector. There will be an increased demand for processed food and thus the need for venturing into more and more value added products. Currently, while India is a big producer of food, exports still account for a small proportion and this is can be enhanced if we all put focus on processed food industry.
The Conference focused on various key aspects of the food processing sector like New Foods, Food Retail opportunity, Modern Technology, Supply Chain, Infra & logistics. The Conference marked the presence of more than 125 participants with eminent speakers from companies like ITC, Hindustan Unilever, Godrej Nature Basket, Blue Star, Yes Bank and many more.
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