4 MAY2022If there is one thing that Indians are absolutely fond of, it has to be food. We have a food centric culture where families and communities are highly influenced by the food we eat. Different food groups and items also hold specific significance and are consumed to mark various significant occasions. For a country that is food obsessed, it also translates into the significance of India's F&B industry which roughly contributes about three percent of the country's GDP. The already lucrative industry has been growing steadily over the years. With time and technology shifting, the F&B industry has also grown tremendously. According to a study by Statistica, the revenue for Indian F&B industry is slated to grow at a CAGR of 14.2 percent between 2020 and 2024. The net market volume will reach $1,264 million by 2024 says the report. This exponential growth has come courtesy a number of fundamental changes taking place within the Indian consumer market. The average Indian consumer today is younger and more aligned with global food trends. They are also impacted by the rapid urbanization, rising income and growing willingness to spend. It has been estimated that the average consumption of an Indian household will triple by 2030, making India the fifth largest consumer base globally. The changing demand on consumer side is being aided by evolving industry trends such as the expansion of organized retail across the country. No longer is this trend contained within larger cities, the new frontier for organized retail is smaller Indian cities. An increase in exports has also aided to the F&B industry's growth. The industry is evolving with the growing needs of Indian consumers, and we can see innovations in packaging, improved shelf life of products, increased production capacity along with a greater focus on maintaining product quality. Another factor impacting the Indian F&B industry is the growth of online food delivery industry. Although the industry is rather new & finding its feet, there has been positive response in the market. Urban pockets have seen a rapid rise in usage of delivery platforms such as Dunzo, Big Basket, Zomato, Swiggy Genie and others. Here too urbanization has played a significant role. The Indian F&B industry has also been cognizant of the changing desires and taste of the Indian consumer. Today, the market is flooded with new-gen brands that are producing healthy, tasty and easily accessible food & drinking products. The key has been identifying the taste buds of consumers and innovating to add in convenience along with a pocket friendly approach. It's a new day for the Indian F&B industry and the weather forecast seems sunny. Do let us know your thoughts. Editor NoteIndian F&B Industry Riding a Wave of Consumer Trend Evolution editor@womenentrepreneurindia.comRachita SharmaSpecial Editor
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