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India's food industry to grow to $482 billion by 2020

Friday - August 23, 2019 9:28 pm , Category : BUSINESS
New Delhi, Aug 23 (IANS) Indian food and retail industry is expected to grow to $482 billion by 2020, said a statement released by Kagome Foods India on Friday.
"According to industry estimates, the contribution of the food processing industry to India's GDP through manufacturing has been more than 8% in FY17. The Indian food and retail industry is expected to grow to $482 billion by 2020," the statement said.
"The food processing market is ripe for the picking, and brands such as Kagome, that offer processed tomato foods, are leading the charge in making preservative free products. They leverage their own vertically-integrated value chain, which guarantees consistent quality and price throughout the year, without added preservatives, colour or flavour."
Rohit Bhatla, MD of Kagome Foods India, says, "The Indian food processing market is growing faster than any other. Whether it is salads, home-cooked meals, ready-to-eat packets, or a specific ingredient-based offering, the country's busy diaspora wants nutritious food, without investing too much time and effort into the process.
"The role of technology in scaling up operations in the sector will be tremendous. The government is also aiding the development of food processing infrastructure," he added.

--IANS adv/prs