World’s well established brands in food segment are readily available in Indian markets like American Garden, Unilever food products from Usa, Agnesi Pasta from Italy, Dana regular & sugar free jam and butter cookies from Denmark, Kikkoman sauces from Japan, Olicoop Spanish Olives, Italian olive oil, Ong’s oriental food & sauces from Singapore/China, beverages from Uk, chocolates and confectionery from Germany, butter toffees from Argentina, salad dressings, mayonnaise and mustered oil from Holland, canned seafood and vegetables from Australia, sparkling grape juice from France, baby accessories from Taiwan, variety of mushrooms, Mexican food, Turkish delights, corn and Thai products and so on, list is endless.
India is the world’s second largest producer of food next to China but accounts for less than 1.5% of International food trade. The Indian food sector is poised for a rapid growth and has potential to become reliable outsourcing partner in the food industry given its strength in primary food sector. The Indian food brands are now rapidly with increase finding prime shelf space in the retail chains across US, Europe and Gcc countries (Gulf Cooperation Council, political and economic alliance of six Middle Eastern countries – Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain, and Oman).
Prominent among the areas waiting to be tapped are canning, packaging, refrigeration for dairy, poultry, fisheries, meat, ready to eat products, cereals and grains, soft drinks consumer product groups like confectionery, chocolates, coco products, soya-based products, mineral water, high protein foods and nutraceuticals, apart from health food and health food supplements, a rapidly rising segment of the food processing industry.
The Indian retail industry
The Indian retail industry is one of the most vibrant industries in the country. It is currently ranked at 20th position among the top 30 developing countries. India remains an appealing, long-term retail destination for several reasons starting with its demography – half of India’s population is less than 30 years of age and roughly one-third of the population lives in cities. The disposable income of Indians is increasing – allowing them to spend more and try new products, brands, and categories.
Further, with the online medium of retail gaining more and more acceptance, there is a tremendous growth opportunity for retail companies, both domestic and international.
India’s retail market is likely to touch a whopping Rs 47 trillion (US$ 738.71 billion) by 2016-17, expanding at a compounded annual growth rate of 15 per cent, a Yes Bank-Assocham study says.