Currently, the sector is growing at an average rate of 8.4 percent. The study jointly conducted by PHD Chamber and Technopak said the private sector is committed to invest in the expansion of their manufacturing units in the food processing sector, especially after the call of ‘Make in India’, given by Prime Minister Narendra Modi.
“Food processing industry is likely to register a consistent growth rate of over 10 percent from 2015 onwards in view of its emerging potential, in which the private sector in this segment has already begun to invest to realize its impending worth,” the study added.
The study titled as ‘India : World’s Emerging Food Leader’ have projected that its food processing sector, which ranks at fifth presently world over in terms of production, growth, consumption and export is likely to reach at USD 194 billion by end of 2015.
Releasing its findings, PHD Chamber President Sharad Jaipuria said, “On domestic front, demand for processed food and food products comprise a third of total demand. The growing population along with desire for convenience would drive the demand for processed food.”
In 2012-13, India registered a 63 percent growth in the exports of agricultural products and processing foods which would naturally multiply in times to come, he added.