India's food processing market may touch $470 billion by 2025: KPMG report

The pandemic could aid the growth of the food processing market in India, consultancy firm KPMG has said in a new report. Tier-II and tier-III cities could mirror the trend visible in metropolitan areas, by buying more processed food in the coming years, with the pandemic restricting mobility thus forcing people to work and learn from home, the report states. As a result, the food processing market could touch $470 billion by 2025 from $263 billion in 2020, an increase of more than $200 billion in five years. The report says the central government needs to negotiate more free-trade agreements with foreign nations, and also invest in testing and certification to meet stringent hygiene standards of these countries to improve exports.