Food Fest 2019
India is the world’s second largest producer and one of the world’s largest consumers of food products thus playing a key role in contributing to the development of the economy. Going forward, the Indian domestic food market is expected to grow by nearly 40% of the current market size and to touch USD 258 billion (An industry survey). According to Ministry of Food Processing Industries (MoFPI), the industry is constituted of dairy, fruits & vegetables processing; grain & oilseeds processing; meat & poultry processing; Fisheries & sea food; consumer foods including packaged foods, bakery, confectionery, beverages, Ready-to-Eat and packaged drinking water.
The food processing industry in India is witnessing rapid growth. The growth is driven by the fact that the central government has given a priority status to all agro-processing businesses. Government incentives in the field of mega food parks, cold chain and exports benefits are also playing an important role in promoting food processing. To promote private sector activity and invite foreign investments in the sector the Government allows 100% FDI in the food processing & cold chain infrastructure.
The importance of the Food Processing sector becomes more important with the fact that, India being an agrarian economy has the potential to raise farm incomes, reduce wastages, ensure value addition, promote crop diversification, generate employment opportunities as well as export earnings.