India’s food segment on a fast track to growth
15 Sep 2017 --- India is the world's second largest producer of fruits and vegetables. Indian food and grocery market is the world's sixth largest, with retail contributing 70 per cent of the sales. Food has also been one of the largest segments in India's retail sector and is expected to reach a value of US$895bn by 2020.
A culinary trend right now is saying farewell to the days of traditional spices toned down with creamy sauces for Western palates and a rise in restaurants putting forward the best of India's massive regional variety. But the rise in interest in Indian flavors is being seen in product innovation too. While the number of “ethnic” flavored launches tracked by Innova Market Insights doubled from 2012 to 2016, Indian flavors are particularly trending globally too. In fact, outside India, products with an Indian flavor increased by a CAGR (12-16) of +29 percent.
India presents huge demographic market opportunities too. For example, 500 million Indian consumers are vegetarians. This is mainly due to religious reasons, which also prohibit the consumption of eggs/egg ingredients. This presents a major potential for innovative vegetarian products using alternative proteins. As elsewhere around the globe, protein claims are on the rise, with Innova Market Insights reporting +31 percent growth in new Indian product launches with an “added protein” or “high/source of protein” claim (2012-2016).
Inaugurating the 12th edition of Annapoorna – World of Food India at Mumbai, Smt. Harsimrat Kaur Badal, Union Minister for Food Processing Industries said that food consumption patterns are now being driven by quality, health and convenience and Indian food companies need to upgrade technology to be competitive in the global markets, as well as focus on ready-to-eat food products.
The Union Minister was in Mumbai to inaugurate this major B2B platform for the Indian food and beverage market organized by KoelnmesseYA Tradefair Pvt Ltd. and the Federation of Indian Chamber of Commerce and Industry (FICCI).
Being held at Bombay Exhibition Centre, Goregaon East from 14-16 September 2017, Annapoorna World of Food features over 250 exhibitors from 18 countries and also has a European Union Pavilion, along with a number of state government pavilions. Exhibitors at Annapoorna are showcasing a wide range of products and technologies including alcoholic and non-alcoholic drinks, bread and baked products, spices, fish, shellfish and seafood, products, frozen food products, fruit and vegetable products, sweets and confectionery.
Over 6,000 decision makers are likely to visit this event over 3 days.
International Food Service India, India's unique food service show for catering and retail technology is being held concurrently with Annapoorna, creating perfect synergy for both visitors and exhibitors. With an expected growth rate of over 25 percent, Indian fast food sector is attracting investments from leading global players who are looking for International standard food service and retail technology.
