According to a survey conducted by the Confederation of Indian Industry (CII) on 5th August, the food processing industry has the potential to enhance farmers’ income while also creating thousands of employments. The food processing sector is predicted to reach USD 530 billion in the next five years, according to the report ‘Unlocking Value in India’s Food Processing Sector,’ which was launched during the 14th edition of FoodPro 2022 here.
McKinsey & Company, which functioned as the event’s knowledge partner, performed the report.
“The odds of this expansion reaching USD 600-650 billion are theoretically high if there is a continued focus on minimising food waste, improving food processing, and expanding exports,” it stated.
According to the research, India has emerged as a worldwide agricultural powerhouse, producing the second most grains, pulses, fruits and vegetables, sugar, and milk.
“Agriculture not only provides 19% of the country’s GDP (gross domestic product), but it also sustains nearly half of the population’s livelihoods.”
“The per capita agricultural GDP expanded at a CAGR (compounded annual growth rate) of 6% to Rs 15,056 per year between 2000-01 and 2020-21, while the industry grew at a CAGR of 11% to USD 320 billion between FY 2015-2020,” according to the research.
“A larger emphasis on food processing might not only help India deliver better, more convenient food alternatives to the globe, but it could also greatly raise farmer income and generate thousands of employments,” the report stated.