 "Rising demand to help Indian F&B packaging industry to reach $86 bn by 2029")
The Indian food and beverage packaging industry that is growing by 14.8 per cent annually is expected to reach USD 86 billion in 2029, following rapid urbanisation, rising disposable incomes and evolving consumption patterns, All India Food Processors Association said on Saturday.
"Post-Covid-19, the demand for natural food ingredients has surged. FSSAI's new regulations for nutraceuticals and organic foods are driving growth in the sector. Packaging has evolved from protection to marketing and sustainability. Trends like natural, organic, vegan, and GI-tagged products are reshaping the landscape," All India Food Processors Association, Western Region, chairman Prabodh Halde said in a statement on the last day of the Food Ingredients (Fi India) and ProPak India.
The organised packaged ingredients market is valued at about Rs 20,000 crore annually, indicating a shift from loose to packaged products, he stated at the 17th edition of Food Ingredients (Fi India) and the 5th edition of ProPak India, organised by Informa Markets in India from August 17-19.
Over 230 exhibitors and more than 1,000 brands participated in Fi India, while 85 exhibitors and over 300 brands took part in ProPak India.
The exhibitions witnessed participation from international exhibitors including those from the Netherlands, Denmark, France, Belgium, the USA, Poland, Japan, Hong Kong, Singapore, and Thailand.
"The Indian food and beverage packaging industry is currently valued at USD 32 billion in 2022, and is projected to grow at a CAGR of 14.8 per cent to USD 86 billion by 2029. The shift towards plastic-free and mono-packaging materials reflects the industry's dedication to sustainability," Halde said.
This industry is expected to add 9 million jobs by 2024, and by 2030, India's annual household consumption is believed to quadruple, making it the fifth-largest consumer in the world, he said.
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The sector's size is estimated to be around USD 322 billion, and it is expected to reach USD 543 billion by 2025, growing at a CAGR of 14.6 per cent, he added.
The industry should focus on developing new and innovative products, especially in the organic and health food categories, to cater to the changing consumer preferences, Halde stated.
"The food processing industry's vision for the next five to ten years should be to increase the sector's contribution to the GDP from the current 8 per cent to 20 per cent," he added.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)