Packaged food industry to reach $30 bn by 2015
NEW DELHI — The New York Daily News reports, the packaged food industry in India is likely to double by 2015 to touch $30 billion owing to the rise in income, changing urban lifestyle and modern retail trade, says a study. The main categories of packaged food are bakery products, canned processed food, frozen processed food, meal replacement products and condiments. Some emerging new categories in this segment are processed dairy products, frozen ready-to-eat foods, diet snacks, processed meat and probiotic drinks.
According to the study, metropolitan city residents are the largest consumers of processed food and there is a large divide between urban and rural consumers in India. Urban residents consumed 78 percent of all packaged food in 2011, while rural residents consumed just over 22 percent.
The study -- Craze for ready-to-eat food among young Indians -- is based on responses from 2,000 representative households with children or without children, nuclear family and bachelors. It said over 82 percent of workforce prefer packaged food rather eating outside or at a roadside dhabha in cities like Delhi, Mumbai, Kolkata, Chennai, Bangalore and Hyderabad.