Food ingredients is a big business in the west and is becoming quite large here too. Indian foods and spices are becoming quite popular the world over, as people everywhere are discovering the flavour of India. This has encouraged food products and ingredients suppliers to produce the kind of products that are suitable for large-scale production of these foods.
India is becoming the eastern hub of the food industry. Not only does it have leading productions of various materials like milk, fruits and vegetables, grains and animal products but the food processing is also growing at a rapid rate to cater to domestic needs and the export market, according to JS Pai, executive director, Protein Foods and Nutrition Development Association of India (PFDAI).
“The Indian food industry is growing at over 9% per annum. The size of the food industry is as large as Rs 4 lakh crore and growing fast. It is one-fifth of the US food industry, which is $550 billion (Rs 22 lakh crore). There are many factors that will stimulate the growth of heath and wellness food products in the country,” said Pai.
The market is fast catching up with products like cholesterol management functional foods, diabetes management functional foods, probiotics containing yogurts and ice creams, high fibre bakery products, breakfast cereals with fibres and other functional ingredients, and herbal tea. The environment is ripe for offering consumers all kinds of healthy and functional products.
The rapid pace of city life has caused many inherent problems like stress, pollution, lack of physical activity, and illnesses related to these, such as hypertension, diabetes, and cancer. Consumers are not only trying to find adequate nutrition through their foods but also looking for foods that would offer protection against illness.
The world market for functional foods is about $75 billion and is mostly concentrated in North America, Europe, and Japan, with other regions fast catching up.