India Packaged Food Market Size Booming to Touch USD 116 Billion and Volume of 69 Million Tons by 2030

Published | 06 August 2024

India Packaged Food Market is flourishing due to high disposable incomes, busy lifestyles, a growing workforce, and an expanding retail sector.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated India Packaged Food Market size by value at USD 76.28 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects India Packaged Food Market size to expand at a CAGR of 6.2% reaching a value of USD 116 billion by 2030. The Packaged Food Market in India is propelled by rising demand for healthier and convenient food options. Consumers are increasingly shifting towards low-salt, low-sugar, and nutrition-fortified packaged foods due to heightened health awareness. Urbanization, rising incomes, and an increasing number of working women are accelerating the demand for prepackaged and ready-to-eat foods, particularly in urban centers. The food processing industry in India, which ranks sixth globally in terms of production and growth prospects, plays a crucial role in this expansion.

By volume, BlueWeave estimated India Packaged Food Market size at 52.05 million tons in 2023. During the forecast period between 2024 and 2030, BlueWeave expects India Packaged Food Market size by volume is projected to grow at a CAGR of 4.2% reaching the volume of 69 million tons by 2030. The market is driven by evolving lifestyles, with consumers seeking products that align with regional tastes and dietary preferences. The snack food segment, in particular, holds substantial growth potential. Growing health consciousness has prompted manufacturers to focus on nutritional value and organic ingredients. Government initiatives aimed at improving food safety and regulatory standards also contribute to increased consumer confidence and market growth.

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Opportunity – Rising demand for healthy packaged foods

The rising demand for healthy packaged foods is significantly influencing the growth of India Packaged Food Market. As Indian consumers become more health-conscious, there is a notable shift towards low-salt, low-sugar, and nutrition-fortified options. This trend, driven by concerns over obesity, diabetes, and other health issues, is reflected in increased sales of such products. Companies are responding by improving product formulations, reducing harmful ingredients, and enhancing nutritional value without compromising on taste. For instance, Britannia has reduced sugar and sodium content across its portfolio, while ITC is focusing on millet-based products. This growing consumer preference for healthier alternatives presents a substantial opportunity for market expansion, prompting both established and new players to innovate and align with evolving dietary trends. The shift underscores a broader movement towards healthier eating and represents a key driver for the Packaged Foods Market in India.

Impact of Escalating Geopolitical Tensions on India Packaged Food Market

Intensifying geopolitical tensions can have a multifaceted impact on India Packaged Food Market. Uncertainties stemming from geopolitical instability can disrupt supply chains and increase production costs by affecting the availability of raw materials and imposing trade barriers. Such disruptions can lead to higher prices and potential shortages, complicating market dynamics. Furthermore, geopolitical instability may deter foreign investment and hinder international trade relations, impacting market expansion and profitability. Economic uncertainty resulting from these tensions could also reduce consumer spending and shift demand towards more affordable options, creating challenges for sustained market growth.

Regional Analysis

North India holds the leadership position in India Packaged Food Market and is also expected to maintain its dominance over the forecast period. The region's strong food production, particularly in dairy and fruits, bolsters a vibrant food processing industry. Rising disposable incomes and shifting food preferences, especially among the working population, are increasing the demand for processed foods. Moreover, North India's rich supply of raw materials fuels further industry expansion. The sector is diversifying, with growth observed in both commodity-based and value-added products. As many food product markets in the region remain untapped, there are considerable prospects for continued development and investments.

Competitive Landscape

India Packaged Food Market is fragmented, with numerous players serving the market. The key players dominating India Packaged Food Market include ADF Foods Ltd, Nestlé India Ltd, Hatsun Agro Products, Britannia Industries Ltd, DFM Foods Ltd, Hindustan Foods Ltd, MTR Foods, Unilever, ITC Limited, and Parle. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.

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The report's in-depth analysis provides information about growth potential, upcoming trends, and India Packaged Food Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in India Packaged Food Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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