ficci: India’s meals manufacturing trade price over $400 billion, however meals processing considerably low-BCG FICCI Report

India’s share of agri-production is 9.5% globally, whereas its share within the export of total meals merchandise is 2-3% – with share in export of processed meals class even decrease at 1-2%, in accordance with a report by Boston Consulting Group (BCG) in affiliation with Federation of India Chambers of Commerce & Business (FICCI).

“We reside in an more and more linked world, the place customers can entry merchandise from throughout the globe. With elementary shifts in shopper habits owing to the pandemic, rising consciousness, comfort and way of life adjustments and well being consciousness, customers are gravitating in the direction of processed and packaged meals. These newly created alternatives within the meals processing trade make it essential for India to focus strongly on exports and seize the chance to seize a burgeoning international market”, mentioned Hemant Malik, Chairman – FICCI, Meals Processing Committee and CEO- Meals Division, ITC Ltd.

The entire agriculture and meals associated exports from India have been valued at almost $50 billion in FY22. A few of the key challenges contributing to this pattern embrace low-cost competitiveness, product high quality considerations, restricted model energy in abroad markets, lack of infrastructure for processing, storage and logistics, in addition to restricted compliance to sustainability and moral necessities.

“Given India’s sturdy place in manufacturing of agriculture merchandise, there’s a enormous alternative for India to develop its meals processing trade with a robust concentrate on the export markets. Nonetheless, there are a number of key inhibitors to this progress, and a concerted effort from each private and non-private stakeholders is required to handle these challenges A structured plan of motion on this regard, may also help India faucet the large potential that may subsequently be unlocked on this sector, and propel progress in a worldwide market”, mentioned Rachit Mathur, Managing Director and Associate, Boston Consulting Group.