BANGALORE – Changing retail trends has been one of the major discussing points about the Indian market over the years. There are some visible changes in the market with the growth of e-commerce and online food ordering startups. But it’s not much of a surprise; the food retail market is also on a high point with a size of 25 lakh crore. This also accounts to the 65 percent of the country’s total retail volume. According to the India Food Report 2016 the country’s food retail market is expected to grow on to 61 lakh crore by 2020, reports Economic Times.
India has always been a larger market for food consumption, and according to the current changes in the lifestyle it is evident that there is a huge attraction for the western food options such as noodles, cornflakes and packaged juices. The likeliness towards the packaged food items has grown over the past ten years. According to the report, largest consumption was of packaged food products with 37.7 pct and the smallest share was of edible oil which rated only 7 pct. Dairy products accounted for 16 pct whereas 19 pct was contributed by cereals.
According to Amitabh Taneja the chief convener of India Food Forum and the CMD of Images Group, “Indians spend more on food than on any other consumption category, and this is expected to continue in the coming decade. India is already the largest global consumer of dairy, pulses, sugar and spices.”
