Indian FPM contract manufacturing market is expected to grow at a CAGR of around 6.4% during the forecast period. India FPM contract manufacturing is expected to rise significantly due to growing trend towards the food industry in the region. The food sector in India has been significantly emerging as a high-profit and high-growth sector as it holds high potential for value addition, primarily under the food processing industry. According to the India Brand Equity Foundation (IBEF), the food processing industry in India accounts for a total of 32% of India’s total food market. The food processing sector in India is ranked fifth in terms of export, manufacturing, consumption and expected growth.
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By the Ministry of Food Processing Industries (MoFPI), the government has been carried out efforts to boost investments in the business. The government has accepted proposals for joint ventures (JV), industrial licenses, international collaborations; and 100% export-oriented units. As per the Department of Industrial Policies and Promotion (DIPP), the Indian food processing sector has attracted FDI of nearly $7.5 billion during the period April 2000-March 2017. Moreover, the Indian online food ordering business is at the burgeoning stage due to the availability of food delivery companies such as Swiggy, TinyOwl, Zomato and FoodPanda. This organized food business is expected to witness remarkable growth in the future. According to the IBEF, the online food delivery industry rose at 150% year-on-year with an anticipated Gross Merchandise Value (GMV) of $300 million in 2016.
In addition, the Food Safety and Standards Authority of India (FSSAI) is planning to invest nearly $72.3 million for strengthening the infrastructure of food testing in India with the up-gradation of 59 current food testing laboratories and establishment of 62 novel mobile testing labs in India. It represents the government focus towards the quality of food products, which is a positive sign for the growth of FPM contract manufacturing as they provide expert food-related services to meet the quality standards, including Good Manufacturing Practices (GMP), ISO 22000, ISO 9000 and Good Hygienic Practices (GHP). Hence, such government initiatives and growth in the food processing industry is creating a significant opportunity for Indian FPM contract manufacturing market.
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Indian FPM Contract Manufacturing Market Segmentation
By Services
- Food Manufacturing Services
- Convenience Foods
- Bakery Products
- Dietary Supplement
- Confectionery Products
- Dairy Products
- Others
- Research and Development
- Food Packaging Services
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
