The domestic food market was expected to grow by over 47 per cent between 2022 and 2027 and expected to touch USD 1,274 billion, a top industry official said.
Confederation of Indian Industry (CII) Foodpro Expo 2024 Chairman B Thiagarajan said the food processing sector was growing at an average annual growth rate of 5.35 per cent between 2015-16 to 2022-23.
“In 2022-23, the sector accounted for 7.66 per cent of the GVA (Gross Value Added) in manufacturing at 2011-12 prices,” Thiagarajan, also the Managing Director of air-conditioners and commercial refrigerators maker Blue Star Ltd said in a press release on Thursday.
“In terms of employment, the sector employs almost 2 million workers in nearly 41,500 registered units. With a market size of USD 866 billion in 2022, the food industry will play a vital role in the economy growth.
CII Tamil Nadu Chairman Srivats Ram said currently India is the largest producer of milk, pulses, banana, mango, pomegranate, papaya, lemon, non-food crops like cotton and jute.
During 2023-24, India produced 304.4 million tonnes of cereals, 296 million tonnes of pulses, 351.9 million tonnes of horticulture, 230.6 million tonne of milk and 138.4 billion eggs, Ram also the Managing Director of steel wheels manufacturer Wheels India Ltd said.