The food processing industry in India holds a promising future. There are several opportunities for companies to tap into the market and create new models and innovate to address the needs of a myriad of consumers.
To address the demands, the food companies must understand the drivers, efficiencies, policies, customer journeys, experiences, etc., especially in the post-COVID-19 era.
To discuss how the food processing sector is evolving in India and identify opportunities and challenges, industry experts Harsha Razdan, Partner and Head - Consumer Markets and Internet Business, KPMG in India and Elias George, Partner and Head- Infrastructure, Government and Healthcare, KPMG in India shared key insights in an exclusive panel discussion on KPMG presents “The Blueprint- Business in the New Normal”.
The session was moderated by Nigel D’Souza, CNBC-TV18.
During the engaging discussion, the experts deliberated on the overall food processing ecosystem.
Speaking about the scope in India as compared to other countries, Razdan said the food processing sector was still at a nascent stage and had great potential.
“The food processing industry in India is expected to reach about $500 billion in the next four years. But, the percentage of food processing vs the agriculture produce still remains at a dismal 10%. If we compare it to the Western economies, the numbers range in the 45-55% ratio. So, there is a lot of scope for growth here,” said Razdan.
Meanwhile, industry stalwarts also highlighted the key areas that required attention from the stakeholders.
“There is a need to organise structurally the producers, there is a need to augment infrastructure, and there is a need to give access to markets including electronics, which is increasingly becoming very popular post the pandemic. So, a lot of action on these fronts, the government is very resolute and recently the prime minister is also been speaking about it. I think we are going to see a lot of action moving ahead, especially accentuated in post COVID-19 realisations,” said George.
The panel discussion focussed on other relevant areas such as digital transformation, supply chain, focus on rural market, infrastructure, entrepreneurship, and much more. The experts also spoke about how sustainability has become a key part for the organisations.
Watch the full interactions here.This is a partnered post.