*The market size of food processing sector in India is estimated to reach US$ 1,274 billion in 2027 from US$ 866 billion in 2022, backed by changing lifestyle and food habits due to rising disposable income and urbanization.
*The food processing sector has grown substantially, averaging an annual growth rate of around 7.3%, during 2015-2022. The sector has contributed 10.54% of the gross value added (GVA) in Manufacturing and 11.57% of GVA in Agriculture sector in 2020-21.
*India is the largest producer of milk and spices and one of the leading producers of fruits and vegetables, poultry, and meat.
*India has access to several natural resources that provides it with a competitive advantage in the food processing sector.
*Due to its diverse agro-climatic conditions, it has a wide-ranging and large raw material base suitable for food processing industries.
*The Ministry of Food Processing Industries (MoFPI) has implemented schemes like Pradhan Mantri Kisan SAMPADA Yojana (PMKSY), PM Formalisation of Micro food processing Enterprises (PMFME) Scheme and Production Linked Incentive Scheme for Food Processing Industry (PLISFPI) offering financial, technical, and business aids to establish food processing enterprises.
*Food processing units qualify for complete profit exemption in the first five years and 100% FDI is permitted in the food processing sector.
*India’s agricultural and processed food exports have gone up to more than US$ 50 billion in 2022-23, accounting for 22.6% of the overall agri-food exports.
*The growing consumption of food is expected to reach US$ 1.2 trillion by 2025-26, owing to urbanization and changing consumption patterns.
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