Domestic food market likely to grow by over 47% to touch US$ 1,274 billion: Report

According to a report by the Confederation of Indian Industry (CII), supported by Danfoss India, the domestic food market is projected to expand by more than 47% to reach US$ 1,274 billion by 2027. The report, titled 'Food Processing Sector in India - Potential for Southern States,' highlights the emergence of innovative startups with advanced technology in India's food processing industry. This report was jointly released by CII, CII FACE, and Danfoss India, a leading company in heating, ventilation, and air conditioning and a subsidiary of the Danish engineering firm Danfoss. One notable finding from the report, unveiled at CII-FoodPro 2024, is the significant potential that the southern states offer for the food processing sector. For instance, Tamil Nadu stands out as a leader in India's export of processed fruits, juices, and nuts, accounting for 33% by quantity and 27% by value, having exported 208,370 metric tonnes valued at US$ 220.81 million in the 2023-24 period.

The study provides valuable insights into emerging trends, technologies, and export prospects, empowering businesses to make well-informed decisions and capitalize on the sector's potential. According to CII National Council for Cold chain and Agri logistics Chairman Mr. Ravichandran Purushothaman, mentioned the food processing industry in South India is poised for a transformation, with innovative segments such as millets, ready-to-eat products, and plant-based dairy alternatives presenting lucrative economic opportunities for farmers. The recently published report emphasizes the crucial role of technology in driving this growth, ensuring top-notch standards of safety and quality while elevating India's exports to a global platform.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.