The Indian food market is expected to multiply in the near future, the study released by the Confederation of Indian Industry and supported by Danfoss India revealed. The study projected that the domestic food market is set to grow by more than 47 per cent to touch $1,274 billion by 2027.
The report, ‘Food Processing Sector in India - Potential for Southern States’ was released by CII, CII FACE (Food And Agriculture Centre of Excellence) and Danfoss India. The study highlighted that Tamil Nadu dominates the country’s exports of processed fruits, juices, and nuts. It accounts for 33 per cent share in terms of quantity in overall exports, and 27 per cent share in terms of value, reported PTI.
The study revealed that the state exported 2,08,370 metric tonne worth of produce in 2023-24 coming up to $220.81 million. Further, the report stated that the food processing industry in the country is now seeing innovative start-ups which are emerging with latest technology.
Regarding the emerging trends in the sector, the study said technology remained the key to ensuring growth in the industry. Further, to boost the country’s exports on the global stage, it remained crucial to pay attention to maintaining the highest possible safety and quality standards, said Ravichandran Purushothaman, Chairman, CII National Council for Cold Chain and Agri Logistics.
The study itself shines a light on the technologies and export opportunities providing a boost to businesses in the secot and aims to aid them into making well-informed decisions to better capitalise on the potential of the sector in South India. Notably, the region has recently unlocked opportunities in millets, ready-to-eat, and plant-based dairy alternatives segments.
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The report was released at the CII-FoodPro 2024. Notably, Danfoss India is the subsidiary unit of engineering major, Danfoss, which is based in Denmark.