There are several industries in India, which can be very profitable, and among them are the food industries. Due to its vastness and the range of sub-sectors, food processing in India is also a very profitable sector for SMEs. In the food processing industry in India, despite the presence of several well-established large firms, the majority of companies are small, medium, and micro firms.
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- Bakery and Confectionery Food Business:
The baking and confectionery industry in India is worth $2 billion and is growing at a CAGR of around 11% between 2015 and 2022. There are over 1,000 bakeries and confectionery units in the country, and the industry is expected to generate employment for over 30,000 people by 2022.
The major consumers of bakery products in India are hotels, restaurants, and households. The industry has a presence in all the major states but is the dominant market in Maharashtra.
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The bakery and confectionery industry is the third-largest manufacturing industry in the world, employing more than 2 million people. Baking, pastries, candy, and ice cream are some of the products made by the bakeries and confectioneries.
The industry is present across the country, with the largest concentration in Paris-based multinational conglomerate, Nestle. The industry has been expanding in India at a rapid pace, with the number of bakeries increasing from around 1,000 in the early 2000s to over 5,000 today.
- Cereal and Pulses:
The Indian cereal and pulses industry is a $6 billion market with a yearly growth of 10-15% and is expected to touch $8 billion in size by 2022. The Indian pulse industry alone is a $2 billion market and is growing at a CAGR of 10% over the next five years.
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The Indian cereal industry is one of the largest producers of cereals in the world, with a market share of over 10%. In terms of value, the leading cereal producers in India are rice and wheat followed by maize and barley.
- Spices and Nuts Processing Business:
India is a huge market for spices and nuts. The Indian spices and nuts market is in the early stages of development and is expected to grow at a CAGR of 9.5% over the next decade.
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The Indian spices and nuts market is currently dominated by imports, however the government’s efforts to improve the quality of Indian-made products, as well as the country’s proximity to the Middle East, Africa, and China, are expected to increase the local production of spices and nuts, thereby providing a significant opportunity for Indian firms to enter this market.
The Indian spices and nuts industry is dominated by processed products, with an estimated 98% of the market share held by processed products.
- Frozen Food Business:
India is the largest consumer market for frozen food products in the world and is the second largest for fresh food. The market for frozen foods is growing faster than the overall food market and in the past few years, the demand for frozen vegetables and fruits has increased significantly.
This demand is expected to increase even further as the population grows and a large number of new consumers come into the market. The frozen food industry in India is expected to grow at a CAGR of 5.6% over the next five years.
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- Meat and Poultry Business:
The meat and poultry industry is a $270 billion industry, with an annual payroll of over two million employees. The industry provides jobs in rural and urban areas and is a major employer of skilled labor, including butchers, processors, packers, and other workers.
It is also an important source of revenue for farmers, who raise and slaughter the animals, and for food retailers, who process, package, and sell the meat.
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