Food processing sector to create 9 million employment opportunities by 2024

By 2030, India's household consumption is projected to quadruple

India to become world's fifth-largest consumer of food and food-related technologies

By the year 2024, the food processing sector in India is poised to create an impressive 9 million employment opportunities.

Looking ahead to 2030, India’s household consumption is projected to quadruple, propelling the nation into the ranks of the world’s fifth-largest consumer of food and food-related technologies.

These insights were shared by Mr. Prabodh Halde, Chairman of the All India Food Processors’ Association (AIFPA) Western Region, during the 17th edition of ANUTEC – International FoodTec India, held concurrently with ANUFOOD India and PackEx India in Mumbai.

This sector plays a pivotal role in India’s economy, contributing significantly with 13% of total exports and 6% of industrial investments. With a market size of $1.3 billion, India’s flourishing gourmet food industry demonstrates an impressive Compound Annual Growth Rate (CAGR) of 20%.

Mr. Halde also emphasized that the Indian food processing sector is on a mission to augment its GDP contribution from the current 8% to a substantial 20% by the year 2030.

Speaking at the event, Prahlad Singh Patel, Minister of State for the Ministry of Food Processing Industries, Government of India, stated, “The Pradhan Mantri Kisan SAMPADA Yojana (PMKSY), Pradhan Mantri Micro Food Processing Enterprises (PMFME) scheme, and the Production Linked Incentive (PLI) Scheme have played a pivotal role in enabling our industry to meet global quality and safety standards, benefiting the entire food processing value chain.”

Highlighting the government’s commitment to sector growth and development, it was revealed that the Government of India has allocated ₹4,600 crore to sustain PMKSY. Additionally, the recent allocation of an extra ₹920 crore to PMKSY reaffirms the government’s dedication to nurturing the sector’s growth and advancement.