Indian food processing industry to reach Rs. 60,65,500 crore (US$ 700 billion) by 2030: PHD Chamber of Commerce and Industry (PHDCCI)

India’s food processing sector is set to more than double its market size from Rs. 26,60,155 crore (US$ 307 billion) in 2023 to Rs. 60,65,500 crore (US$ 700 billion) by 2030, driven by rising demand for processed products, according to the PHD Chamber of Commerce and Industry (PHDCCI). The sector is expected to expand further, reaching Rs. 95,31,500 crore (US$ 1,100 billion) by 2035, Rs. 1,29,97,500 crore (US$ 1,500 billion) by 2040, and Rs. 1,86,29,750 crore (US$ 2,150 billion) by 2047. The report India’s Agricultural Transformation: From Food Scarcity to Surplus highlights India's strong agricultural growth, which averaged 3.9% annually from 2013-14 to 2023-24. Even during the pandemic, the sector maintained a steady 4% growth rate, showcasing its resilience and crucial role in the economy.

Once struggling with food scarcity, India's agricultural sector has now emerged as a food-surplus powerhouse. Growth for 2024-25 is estimated at 3.8%, with foodgrain production projected to rise by 2%, reinforcing India's vision for Viksit Bharat. Additionally, agriculture exports have grown substantially, from Rs. 3,37,935 crore (US$ 39 billion) in 2013-14 to over Rs. 4,50,580 crore (US$ 52 billion) in 2022-23. This rapid expansion underscores the sector's potential to drive economic progress and strengthen India’s position in the global food trade.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.