Food - India

India

Revenue in the Food market amounts to US$883.70bn in 2024. The market is expected to grow annually by 7.69% (CAGR 2024-2029).
The market's largest segment is the segment Bread & Cereal Products with a market volume of US$192.50bn in 2024.
In global comparison, most revenue is generated in China (US$1,601bn in 2024).
In relation to total population figures, per person revenues of US$612.90 are generated in 2024.
In the Food market, 1.9% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 710.40bn kg by 2029. The Food market is expected to show a volume growth of 4.7% in 2025.
The average volume per person in the Food market is expected to amount to 411.50kg in 2024.

Key regions: United States, Canada, China, India, South Korea

Definition:

The food market covers all edible products that are bought and consumed for nutrient-based purposes. The market includes both fresh and processed foods.

Structure:

The market consists of 13 different markets:

The Dairy products & Eggs market covers animal products, such as milk, eggs and products made from mammal’s milk and non-animal products, such as milk substitutes. This market is divided into six subsegments that include milk, milk substitutes, yogurt, cheese, eggs and other dairy products and eggs.
The Meat market covers animal products, such as pork, poultry, and free-from meat products, such as meat substitutes. This market is divided into three submarkets: fresh meat, processed meat, and meat substitutes.
The Fish & Seafood market covers products made from fish and seafood. This market is divided into three submarkets: fresh fish, fresh seafood, and processed fish & seafood.
Fruits & Nuts cover edible fruits and nuts. This market is divided into three submarkets: fresh fruits, processed & frozen fruits, and nuts.
The Vegetables market covers edible plants. This market is divided into two submarkets: fresh vegetables, processed & frozen vegetables.
The Bread & Cereal products market covers baked goods made from dough. Dough is made using flour, water, a leavening agent, and other optional ingredients. This market also covers products made from cereals that are usually used as part of a main meal. This market is divided into five submarkets: bread, pasta, rice, breakfast cereals and other cereal products.
The Oils and Fats market covers both edible oils and fats made from animals and plants. This market is divided into four submarkets: butter, margarine, edible oils, and other oils & fats.
The Sauces and Spices market covers additional ingredients used during the food preparation process and is divided into three submarkets: tomato ketchup, other sauces, and spices & culinary herbs.
The Convenience food market covers prepared food and meals that require little effort to prepare. This market is divided into two subsegments, soups and ready-to-eat meals.
The Spreads and Sweeteners market covers spreads and ingredients added to food or beverages to give it a sweet flavor. This market is divided into two subsegments, spreads and sweeteners.
The Confectionery & Snacks market covers sweet, savory, and salty food. This market is divided into two subsegments, confectionery and snacks.
The Baby food market covers food that is only meant to be consumed by babies and small children.
The Pet food market covers food that is intended for pet use only.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), and sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included. The out-of-home revenue data is only shown as a separate box at the market level.

For more information on the displayed data, click the info button on the right side of each box.

Market

Region

Region comparison

Currency

Analyst Opinion

The Food market in India is experiencing moderate growth, influenced by factors such as the increasing demand for convenience food, rising health consciousness among consumers, and the popularity of online food services. The market is segmented into various sub-markets, including Dairy Products & Eggs, Meat, Fish & Seafood, and Fruits & Nuts. The growth rate is subdued due to factors such as price fluctuations in agricultural commodities and the impact of the COVID-19 pandemic on supply chains and consumer spending. However, the market is expected to bounce back with the easing of lockdown restrictions and the growing trend of healthy eating.

Customer preferences: Consumers in India's Food Market are embracing healthier food choices, driven by a growing awareness of the impact of diet on overall health. This has led to an increased demand for organic and plant-based products, as well as a shift towards sustainable and locally sourced ingredients. Additionally, the rise of online grocery shopping and the availability of meal delivery services have made it easier for consumers to access healthy food options. This trend is also influenced by the country's changing demographics, with a rise in the number of young, health-conscious individuals.

Trends in the market: In India, The Food market industry is experiencing a shift towards healthier and more sustainable food options. There is a growing demand for organic and locally sourced produce, as well as a rise in plant-based and vegan diets. This trend is driven by increasing health consciousness and environmental concerns. As a result, food companies are increasingly investing in research and development of these products, and incorporating them into their offerings. This trend is expected to continue, with potential implications for industry stakeholders such as farmers, suppliers, and retailers, who may need to adapt their practices to align with these consumer preferences.

Local special circumstances: In India, The Food market is heavily influenced by the country's diverse cultural and geographical factors. The vast array of regional cuisines and dietary preferences make for a unique market with a wide range of products and services. Additionally, government regulations and policies play a significant role in shaping the market, as the country has strict laws regarding food safety and labeling. These factors drive consumer behavior and demand, making the Indian Food Market a dynamic and competitive industry.

Underlying macroeconomic factors: The Food market in India is heavily influenced by macroeconomic factors such as the country's economic growth, government policies, and global economic trends. With a rapidly growing middle class and increasing urbanization, India's food market is expected to experience significant growth. Additionally, government initiatives such as the National Food Security Act and the National Mission for Protein Supplements are driving demand for nutritious food products. However, challenges such as inflation and supply chain inefficiencies can impact market performance. As India continues to develop and modernize, The Food market is expected to see continued growth and development.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.