India's food retail market is expected to touch USD 827 billion by 2023, up from USD 487 billion in 2017, growing at a compound annual growth rate (CAGR) of 9.23%, with recent reforms making the sector more competitive and market oriented, according to an ASSOCHAM-TechSci Research consulting joint study.
In line with Prime Minister Narendra Modi's vision to double farmers' incomes by 2022, the growth in India food processing industry in value terms is expected to be more than in volume terms over the coming years, which clearly indicates the increase in prices for Indian commodities across the globe. This highlights a great opportunity for small-scale farmers, who can associate with the leading exporters to boost their earnings by carrying out either contract farming or increasing the production by using technologically advanced equipment, noted joint study on 'Food Value Chain: Partnerships in India'.
Northern (29.56%), western (25.39%) and southern (27.19%) regions account for the major share in India food retail sector whereas Eastern region (17.86%) has a relatively low market share, owing to the presence of seven sister states, Bihar and Jharkhand, where the concentration of big retail companies is only limited to 4-5 cities, according to the study conducted by The Associated Chambers of Commerce and Industry of India (ASSOCHAM) jointly with consulting firm TechSci Research.
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