Domestic food market expected to grow by over 47% to reach $1,274 billion: Report

The domestic food market is expected to grow by over 47 per cent by 2027 and reach $1,274 billion, according to a report published by the Confederation of Indian Industry, with support from Danfoss India.

The Indian food processing industry is witnessing the emergence of innovative startups with cutting-edge technology, says a report titled ‘India’s Food Processing Sector – Potential for Southern States’, published by CII, CII FACE (Confederation of Indian Industry – Food and Agriculture Centre of Excellence) and Danfoss India.

Danfoss India is a leader in heating, ventilation and air conditioning. It is a subsidiary of the Danish engineering giant Danfoss.

Among the most important points of the report, which was published at the CII-FoodPro 2024 conference, was the potential of the southern states for the food processing industry.

“Tamil Nadu leads India’s export of processed fruits, juices and nuts with a share of 33 per cent in volume and 27 per cent in value, exporting 2,08,370 metric tonnes worth USD 220.81 million in the year 2023-24,” the report said.

As stated in the report, the Indian food processing industry is witnessing the emergence of innovative startups using cutting-edge technologies.

The study provides information on emerging trends, technologies and export opportunities, enabling businesses to make informed decisions and exploit the potential of the sector.

“The food processing sector in South India is at the cusp of a revolution, with innovative segments like millets, ready-to-eat and plant-based milk alternatives opening up a treasure trove of economic opportunities for farmers. A recently released report reveals that technology is key to boosting this growth, ensuring the highest standards of safety and quality, and taking India’s exports to the global stage,” said Ravichandran Purushothaman, Chairman, National Council for Cold Chains and Agro Logistics, CII.

“At Danfoss India, we are excited to be a part of this transformational journey by introducing sustainable food processing solutions that will shape the future of Indian agriculture and food sector,” he said in a statement on Saturday.