Indian food market size which was at Rs 23 lakh crore in 2014, growing at a CAGR of 17 per cent is expected to reach Rs 42 lakh crore by 2020, shared, Boston Consulting Group.
"India's food market size which is at around Rs 23 trillion in 2014 is set to reach around Rs 42 trillion by 2020, along with a three-time increase in average household income from 2010-2020," said, Rohit Ramesh, Principal, BCG.
Indian food habit is evolving over the years with increase in the consumption of fresh dairy products and protein and healthy foods.
According to experts, food expenditure is perceived second to health expenditure in India.
The higher disposable income, women working and the urbanisation of people is increasing the consumption level in the country.
“Presently, Indian food market constitutes 41 per cent of fresh perishable dairy, 34 per cent staples and 15 per cent on beverages and foods,” added, Ramesh.
Meanwhile, the country is witnessing lots of new concepts, innovations in the food and beverages segment. Major global chains like Burger king, Carl’s Jr, Wendy’s, Pita Pan are entering India.