– By Akshay Bector
The Indian food industry has always been a significant contributor to the country’s economy. The industry has undergone significant changes over the years, adapting to the changing consumer preferences, and growing at a steady pace. As we look towards the future, it is essential to understand the trends and opportunities that lie ahead for the Indian food industry. Increasing numbers of working women, nuclear families and health conscious groups has resulted in high demand for ready-to-eat foods.
Trends in the Indian Food Industry
Health and Wellness: The health and wellness trend is not limited to the West but is also gaining momentum in India. As more people become health-conscious, there is a growing demand for healthier food options. The industry is witnessing a shift towards healthier and organic food products. The move to healthier options is very visible in India. The customer has become wiser during covid and has realised the effect of food on various aspects of health particularly. It has been noticed that there is going to be a predominant shift to foods containing lower sugar and higher fiber contents.
Technology: Technology is revolutionizing the way we consume and prepare food. From online food delivery services to smart kitchen appliances, technology is playing a significant role in the food industry’s growth.
Sustainability: The importance of sustainability in the food industry cannot be overstated. As the world becomes more environmentally conscious, consumers are seeking sustainable food options. The industry is responding by adopting sustainable practices, such as reducing food waste, using eco-friendly packaging, and sourcing local ingredients.
Opportunities for Growth in the Indian Food Industry
1. Regional Cuisine: Indian cuisine is incredibly diverse, with each region having its unique food culture. The demand for regional cuisine is on the rise, and there is an opportunity for the industry to capitalize on this trend. Restaurants and food companies can introduce regional food options and promote them through social media and other marketing channels.
2. Online Delivery: The online food delivery market in India is expected to grow at a CAGR of 25% over the next five years. This presents a significant opportunity for restaurants and food companies to reach a broader audience and increase their sales.
3. Healthy Snacks: The demand for healthy snacking options is increasing, and there is an opportunity for the industry to develop innovative and healthy snack products. Snack companies can leverage the health and wellness trend and offer products that are both tasty and healthy.
4. Innovation: The food industry is continually evolving, and there is a need for innovation to keep up with the changing consumer preferences. Companies that can innovate and introduce new and unique food products have a significant opportunity for growth.
The Indian food industry is poised for growth and there are several trends and opportunities that the industry can capitalize on. As the industry evolves, companies that can adapt to the changing consumer preferences and innovate will be the ones that succeed in the long run.
(Akshay Bector is the Chairman and Managing Director at Cremica Foods.)
Disclaimer: Views expressed are personal and do not reflect the official position or policy of Financial Express Online. Reproducing this content without permission is prohibited.