The food and beverage industry in India constituted about 40 percent of its consumer-packaged goods industry. The market size of the food and beverages industry across the nation was estimated to be around 46 billion U.S. dollars in 2020. The food sector is poised for further growth, with the aim to achieve a bigger contribution to the world food trade every year. The sixth largest food and grocery market in the world is witnessing exponential growth, India’s food and grocery market is expected to touch USD 482 billion by 2020. India’s food industry stands at USD 39.71 billion. It expanded at a Compounded Annual Growth Rate (CAGR) of 11% to USD 65.4 billion in 2019. Indian food processing industry accounts for 32% of the country’s total food market, it is ranked 5th in terms of production, consumption, export and expected growth.
India Food Safety Summit 2021
Indian food processing industry contributes around 14% of manufacturing Gross Domestic Product (GDP), 13% of India’s exports and 6% of total industrial investment. The adoption of food safety and quality assurance mechanisms, such as Total Quality Management (TQM), including ISO 9000, ISO 22000, Hazard Analysis and Critical Control Points (HACCP), Good Manufacturing Practices (GMP) and Good Hygienic Practices (GHP) by food processing industry offers several benefits.