ASSOCHAM: Packaged food industry in India to touch $30 bln by 2015
Growing at a compound annual growth rate (CAGR) of about 15 to 20% annually, Indian packaged food industry is likely to touch $30 billion by 2015 from the current level of $15 billion including snacks food, ready-to-eat food, healthy and functional food, according to the Associated Chambers of Commerce and Industry of India (ASSOCHAM).
Factors that have fuelled this industry’s growth are the arrival of food multinationals, rising popularity of quick-service restaurants, modern retail trade, technological advancement and changing urban lifestyles.
The main categories of packaged food are bakery products, canned/dried processed food, frozen processed food, meal replacement products and condiments. Some emerging new categories in this segment are processed dairy products, frozen ready-to-eat foods, diet snacks, processed meat and probiotic drinks (Press Release ASSOCHAM, 29 April 2012).