Food is a sunrise sector in India, but still has have miles to go; as the developed world’s food basket consists of 80 per cent processed food, but here, it makes up only 1.3 per cent. This figure ensures that India has great potentiality and has immense possibilities for the food processing sector in India.
Processed foods make only a fraction of the food consumption in India, and even in urban areas, processed foods accounted for only about 5 per cent of the total food consumption.
This issue was discussed at CII summit, around 650 business-to-business meetings took place with delegates from the US and Germany participating. There were also 43 food startups featured at the event.
The food sector is already attracting startups, with immense opportunities for enterprising startups to fill the gaps in the existing food sector value chain and thereby transform the food processing economy of India.
The Indian FMCG sector has been growing at an annual average of 11 per cent, with food products accounting for 43 per cent. CII officials said the summit opened a window of opportunities for food sector entrepreneurs aiming to tap national and global markets.
Another import issue discussed was waste auditing, which was depicted to be the need of the hour and a number of ventures could be established for processing waste. Waste management was emerging into a USD 60 billion-plus industry.