( PR4US.com | Press Release | 2017-09-07 23:18:44 )
Mumbai, India – September 07, 2017 – Global market intelligence firm, Netscribes, Inc. released its latest report on the ‘Food Processing Industry in India 2017’ (https://www.researchonindia.com/food-processing-industry-in-india-2017.html
). Increased purchasing power on account of growth in disposable income is resulting in increased spending on processed food in the country. Although processing levels in the country has traditionally been low, the processed food industry has been experiencing increased demand in the past few years. The market is expected to grow strongly over the next five years.
Netscribes' latest market research report titled Food Processing Industry in India 2017 provides an overview of the current status of the industry. Increased urbanization and changing lifestyle of individuals have played a major role in spurring growth in this sector. Despite processing levels being abysmally low in the country, the rising income and resultant increased spending on food items have ensured that volume of processed food consumed in the country has remained high. Increased penetration of organized retail is also helping in driving demand for processed food as more individuals are becoming aware of their availability. Moreover, processed food is an attractive option to a large number of nuclear families and increasing number of working women in India as it helps them save time and requires less effort for preparation.
A major problem being faced by the industry is the gaps in the supply chain. The country lacks proper storage and distribution facilities. Moreover, the inadequate and high cost of credit is one of the major reasons for the subdued growth of the agricultural sector, the key raw material supplying industry. However, the Government of India has been playing a proactive role in developing the sector and reducing infrastructural hurdles. Through the Ministry of Food Processing Industries (MoFPI), it is providing ample support to the industry. In the Union Budget 2015-16, the government allocated INR ~3.29 bn for infrastructural development. Also, the National Mission on Food Processing, a centrally sponsored scheme launched by MoFPI, is promoting the development of facilities for post-harvest operations in the country. India already has 14 mega food parks, and an additional eight food parks are expected to be operational by the end of this year. This will further aid in the development of the country’s food processing industry.
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