How Funding is Propelling Food Industry

In November, India witnessed the second edition of the mega food event ‘World Food India 2023' in New Delhi. Inaugurated by Prime Minister Narendra Modi, the event had the crystal clear vision of showcasing India as the ‘Food Basket of the World' and celebrating 2023 as the International Year of Millets. The outcomes of World Food India are a huge example of India's food processing sector being recognised as the ‘sunrise sector'.

The PM stated that in the last 9 years, the sector has attracted foreign direct investment of more than Rs 50,000 crore. The investor-friendly policies by the government are taking the food sector to new heights. The PLI scheme in the food processing sector is providing huge assistance to the new players in the industry. He further underlined that there is no sector in the food processing industry where India has not shown unprecedented growth and it is a golden opportunity for every company and startup associated with the food processing industry. The share of processed foods in India's agricultural exports has grown from 13 per cent to 23 per cent, making an overall increase of 150 per cent of exported processed foods. Today, India stands at the 7th position with an overall export value of more than $50 billion in agricultural produce. Due to its constant efforts, the Indian food processing industry has grown rapidly with an average annual growth rate of 8.3 per cent in the past five years. With a market size of $866 billion in 2022, the food industry will play a vital role in the country's economic growth. The domestic food market is projected to grow by over 47 per cent between 2022 and 2027, reaching $1,274 billion. In 2023, the food market will generate $963 billion in revenue and the market is anticipated to expand at a CAGR of 7.23 per cent between 2023 and 2027.

We at NUFFOODS Spectrum, India's first magazine catering to the Nutraceuticals, Nutritionals, Functional Foods and Dietary Supplements sector, are keeping a close watch on India's evolving and flourishing food industry and are equally amazed and proud to see it growing beyond expectations. In this December year-end edition, we have showcased a few trends that have ruled the Indian food industry during the year 2023. In light of such trends, it is indeed clear that the Indian food processing sector is a ‘Sunrise Sector'.