India’s $600 billion food market growing at 7% CAGR, food processing gets push

Mumbai: India’s food market, estimated at $550-600 billion, is growing at 6-7% CAGR, supported by economic growth and rapid urbanisation, a senior government official said on Thursday.

Devesh Deval, Joint Secretary, Ministry of Food Processing Industries, said food processing, which accounts for nearly 8% of gross value added (GVA) in manufacturing, is strategically important for the country.”It creates greater value for farmers, attracts investment and is the second-highest employment creator in manufacturing,” he said. He was speaking at an industry event in Mumbai.

Deval also highlighted the growing need for protein, stating that it was particularly relevant given India’s large vegetarian population and the need to meet rising protein requirements.

The government, he said, is giving importance to food processing to boost farmer incomes, reduce wastage and meet changing dietary demands.