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India Food and Drink Report Q3 2008
Business Monitor International, July 2008, Pages: 70
This India Food Drink Report provides independent forecasts and competitive intelligence on India's food and drink industry.
With India’s food industry witnessing explosive growth in line with the country’s on-going economic development, there has been a marked move towards trying to get more out of the country’s immense agricultural industry. Despite being the world’s leading producer of cattle, milk, tea and pulses and the second largest producer of fruit, vegetables, rice, wheat and sugarcane worldwide, India accounts for just 1.5% of global processed food trade. The government estimates that the cost of boosting this figure to just 3% would be US$25bn, with India’s primary focused agricultural and food supply chain having to dramatically reconsider standard industry practices in order to boost secondary output. Fortunately, the government is not alone in attempting to fund this seismic shift. A vast population, steady urbanisation and GDP growth that is forecast at 7.9% annually to 2012, have helped ensure that multinational investment interest in the market is massive. More encouraging than this is that multinationals alone are not being left to drive development; local corporations are also playing a huge role in the process. Most notable has been the involvement of Indian companies in the food and beverage industry, whose primary business interest was formerly elsewhere. Over the past 12 months this has seen fast-moving consumer goods manufacturer Hindustan Lever – 52%-owned by Dutch giant Unilever – attempt to grow its food division, via the heavy marketing of popular brands, such as Knorr and Lipton, and reduce its dependence on its health and personal care products. Perhaps even more significantly than this, burgeoning food sales have seen cigarette industry number one and two – ITC and Godfrey – launch new food products in a bid to establish themselves as key players within this industry. Looking at the industry more broadly, almost all of India’s leading conglomerates – Tata, Reliance, RPG, Aditya Birla etc – are now participating in the industry to some degree, many having chosen the explosive grocery retail as a starting point. Likewise, former food category specialists, such as Amul Dairy, are now looking to become industry generalists in a bid to broaden their growth prospects (Amul has recently announced its interest in further non-dairy snack food launches). Investment from all of these companies, as they battle to boost sales and build market share, should help to lift India’s contribution to global processed food trade in the long term. In the short-to-medium term, the impact will be on internal processed food sales. Included in this report for the first time this quarter are our forecasts for the country’s processed food industry. To 2012, we expect processed food output to increase by 44.2% to US$90.1bn, while packaged food sales in the country climb by 67.5% to US$21.7bn. On a per capita basis, it is forecast that a per capita packaged food spending increase of 56.5% to US$18.06 in 2012.
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