Month: February 2021

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India Market Entry: Opportunities and Challenges

India is one of those countries from where spices were exported all over the world. Once again spices have come in focus with their utility to create a value in nutrition. Hence, since the beginning usage of spices in Indian culinary art is at centre of providing diet to everybody. However, with the thought-process, practice and the influence of modernisation as well as globalisation, the focus got shifted.

How India Entry is Essential?

There are many factors leading to the growth of Nutraceutical industry in India. One of those is heritage from Herbals and Ayurveda system. India has a rich heritage of herbal, Ayurvedic medicines and spices that can stand the country’s nutraceutical industry in a good way for expansion and progress. The herbal segment is likely to contribute 30 % of the dietary supplements market in India, expected to grow CAGR of 20 % from 2015 to 2023.

Another factor is a rich biodiversity, robust agricultural research infrastructure and abundant availability of nutraceutical ingredients. India is been a frontier to cater to the world’s need of ingredients such as highly bioavailable curcumin, Ashwagandha, fibres like Fenugreek, natural Astaxanthin, black garlic, etc. 

India is a global pharma powerhouse due to its ability to produce high-quality and low-cost generic drugs. Nutraceutical manufacturing uses many of the same technologies as the pharma industry. Low cost-high quality manufacturing can help India emerge as a global leader in the finished Nutraceutical product space as well.

Also, data shows India has 108 large contract manufacturers in nutraceuticals which has opened up a vast opportunity for new entrants for FDIs. This potential needs to be leveraged properly for the growth of this industry.

India is the second most populated country in the world with population of around 1.3 Bn. As of now only urban population has seen traction of Nutraceutical products, but there is also a considerable opportunities beyond the urban segment, as population in rural parts of the country represents a huge untapped potential for Nutraceutical sales.

Market Opportunities:

There are as many as 11 opportunities in India for those who want to enter. Those are as follows:

Growing disposable income coupled with lifestyle diseases making Indian population becoming aware of how should they protect themselves from environment to remain healthy. In addition to that, lowering food quality has been an accelerating factor for creating real time opportunity in India.

Besides being self-conscious, social media is also increasing health awareness of medical consumers. As a result, individuals as well as Healthcare providers are changing their treatment protocols to ensure health.

All this is happening very fast due to Government focus on AYUSH (The Ministry of Ayurveda, Yoga & Naturopathy, Unani, Siddha and Homoeopathy) and integrated medicines platform whereby Nutrition, Nutraceuticals, Ayurvada and other alternative medicines have chances to flourish.

India being an IT hub and having an excellent talent, intervention of AI (Artificial Intelligence) and ML (Machine Learning) is creating lot of space for start-ups and so the competitive landscape is evolving very differently.

There is a huge opportunity for Nutraceutical ingredients to create corporate brands like Sony as well as Phytopharmaceuticals which have been accepted all over the world inclusive of India to provide preventive as well as curative effects for lifestyle diseases.

These 11 opportunities can be visualised in the following image 1.1.

Fig 1.1 Market Opportunities of Indian Nutraceutical Industry

Market Challenges: 

Having these market opportunities, major challenges to India entry are of 6 folds. Among these are:

  1. Changing Regulatory Climate:

Lot of amendments are happening due to growing nature of Nutraceutical industry right from product definitions, approvals, health claims and manufacturing standards.

  1. The Legal and Regulatory Framework:

In case of legal frame work, corporate law and necessary steps to create an entity in India has been elaborated in FSSA (Food Safety and Standards Act of India) Section 22, whereby, compliance to operate in India is mandatory.

  1. Look-alike Products:

Indian Nutraceutical market has highest threat of look-alike products. This confuses consumer to differentiate between the real and fake.

  1. Cost Effective Pricing:

Indian market is price sensitive market. Although the demand for nutraceuticals is expected to rise considerably, the high prices of Nutraceuticals limit their adoption in the Indian market. Also, for India entry, import tariffs need to be understood for managing right pricing of products.

These 6 challenges can be visualised in the following image 1.2.

Fig 1.2 Challenges of Indian Nutraceutical Industry

  1. Negligible Government Health Security:

In India, the government funded healthcare is very limited and major expenditure on individuals. Hence, scope of insurance is huge.

  1. Tailoring Products to Domestic Tastes and Preferences:

India is a country where there a Unity in Diversity. The preferences include vegetarianism, Halal or Hindu dietary practices and traditional remedies reflecting social and cultural diversity. So the demand for product may vary sate wise or religion wise.

India: A Nutra hub in the Making?

India being an emerging market, players from US,  Japan and European countries are venturing here and are ready to leverage the potential by launching their products and expanding their portfolio according to the needs of Indian consumers.

New entrants must leverage India’s chemistry & pharma expertise and natural base with e-Commerce expertise which will lead them to be a sizable player in India.

India being on the path of Aatmanirbhar (Self-reliant), opportunities to develop this self-reliance and forming an eco-system to boost this industry will be an additional benefit for those who want to enter.

Ends.

References:

The article is written by Dr. Smarta and it has been published by vitafoodsinsights.com.

 

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Hope of Good Health: Pharma-Nutrition

Pharma-Nutrition as a subject by itself, considering one is not complete without other part in bringing wellness to life. Hence, it is that amazing combination where prevention, cure and wellness of patient are taken care of.

Pharma-Nutrition in New Normal era:

Pharma is transiting from Medicines to Food for Special Dietary Use (FSDU) to Pharma Nutrition as the food has various dimensions and each country has its own food habits. It may a fully nutritionally balanced or there could be a total lack of it.

Nutrients are best available through food and how it is cooked, use of oil, fats and the spices are used. Food occupies a significant role in Health. Health domain in next normal era is likely to witness significant changes across the world.

Beyond that it is a matter of palate and organoleptic senses issue. Few May live life with burgers and aerated drinks, few may have their own ways.

However, obesity in childhood and Diabetes in younger age makes us feel that there is a need of something like Pharma – Nutrition.

 Pharma- Nutrition convergence

Father of medical practise Hippocrates has already said that “Food be thy medicine, Medicine be thy Food and walk a mile….” which is a powerful message on the medical practise all over the world. A step beyond, traditional Indian medicines, provide a three cornerstones formula for fullness of health!

  1. Ahar
  2. Vihar
  3. Aushadhi…..

Essentially Diet, Exercise and Medicines!!

Fig. 1.1: Pharma Nutrition Convergence

To effectively respond to viral infections, pharmaceutical products can repair the inflammatory and degenerative regions that degenerate in the respiratory tract and restore homeostasis of the metabolic processes. Simultaneously, nutrition and micro-nutrients continuously build up immunity of the same patient. Is it not Pharma-Nutrition has symbiotic effect to make patient healthy?

Other way round also, immuno-protection is the corner stone of the medical practise. The preservation of the immune system is the strategic measure of public health in social and clinical management of life-span extension world-wide.

Growth and opportunities for Pharma-Nutrition

A. Technology influence:

On one hand as a result of fermentation technology there are ways of creating plant products and on the other hand scientists are taking help of making the nutrients available in precise quantity as per individual need.

 One is acting at developmental stage and the other one is looking at designed quantity for the patient!

It is during the knowledge dispersal stage where cross-disciplinary excerpts carry out joint research in time. Like economy is going towards “Shared Economy”, research is also moving towards “Shared Knowledge” and insights to shorten time and makes a meaningful contribution which in turn leads to technology concurrence.

B. Human microbiome:

Pharma – Nutrition concept should aim at searching its soul in human microbiome.  More insights from human microbiomes would generate more solutions for human beings.

Fig. 1.2: Growth and opportunities for Pharma-Nutrition

C. Pharma-Nutrition ingredients:

 The fullness of health approach should be derived from the strengths of both disciplines. Strengths of pharmaceuticals industry for its R&D capabilities, defining quality, safety and efficacy as well as standards of each molecule or evidence-based nature of discerning product can be combined with nutraceutical strengths of nutrition, clinical nutrition, biochemistry, bioavailability, bio markers, to ensure wholesome heath progress. Several bioactive compounds including fibre, secondary plant molecules, friendly bacteria, essential fatty acids, probiotics and probiotics can be manufactured with promising value proposition.

Moreover, many pharma molecules are extracted from natural plants or by technology which humans can use as medicines or as nutrients. Vitamins, minerals, curative and prophylactic solutions have been derived from many such combinations.

Nutraceutical molecules like Lutein, Lycopene, Zeaxanthin, Spirulina and others have in-built properties to prevent and also cure few medical conditions.

Optimal health and elimination of chronic disease can be accomplished by this combination.

D. Combating malnutrition:

It is perceived that a number of modern diseases are linked to poor diets and the concept of “malnutrition”, even in those who are getting sufficient quantity of calories and lacking proper balance of several food ingredients such as amino acids, peptides, minerals, etc. Furthermore, there is budding evidence to indicate that definite nutritional balance through supplement can preserve patient health beyond widely used medicinal treatments.

Emerging issues

The new ‘Pharma-Nutrition’ has to face five major challenges:

  1. Education to healthcare providers
  2. Difficulty in patenting the products
  3. OTC prone nature of Nutraceutical products
  4. Prescription limitation of dieticians and nutritionists
  5. Belief system of HCPCs

Pharmaceutical companies will learn to collaborate for benefits of patient’s health. Nutrition companies need to improve their research and development to enhance their scientific capabilities as well as building key relationship with drug companies and practitioners.

New landscape

Pharma-Nutrition may not be a concept in practise as it is observed that majority of specialities have the tendency to provide nutrition benefits to patient at a particular function where they feel it’s better to provide some sort of strength to the patient.

Modern medicines usually focus on single target condition and provide entire relief or cure, irrespective of its effects on other organs. On the contrary, the multi-target medicines (Pharma-Nutrition) may be used in synchronised way to provide maximum benefit to patient.

 

References:

  1. G. Folkerts, Pharma-Nutrition-An Overview_Springer_ www.springer.com_Accessed on 5.11.2020
  2. Tamar C. Weenen, Bahar Ramezanpour, and Eric Claassen_ Food-Pharma Convergence in Medical Nutrition-best of Both worlds_PLoS One_journals.plos.org_Accessed on 5.11.2020
  3. Niki A Georgiou, Johan Grssen, Renger F Witkamp_ Pharma-Nutrition interface: the gap is narrowing_PubMed.gov_pubmed.ncib.nlm.nih.gov_Accessed on 5.11.2020
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Maximizing Indian API Opportunities

Corona virus disaster has turned out to be an eye-opening situation because of which many powerful nations have suffered and are still suffering. Number of small and big businesses are facing adverse impacts and Pharma industry is not an exception. China is the source of 40% of the global APIs & dominating 68.3% of chemical API market worldwide. In 2018, APIs exported from China accounted for 81% ($30 billion over $37 billion) of total value of exported Chinese pharmaceutical products. Indian pharmaceutical industry despite being a global market leader at generic drug formulations, largely depends on imported APIs from China. APIs which are used to manufacture at least 12 essential drugs such as paracetamol, ranitidine, ciprofloxacin, metformin, acetylsalicylic acid, ofloxacin, metronidazole, ampicillin, amoxicillin, ascorbic acid and some fermentation-based intermediates for which India solely depends on china.

The wise steps taken by Indian government for pharma during this crisis are one of the most important growth propelling factors. The government has now come up with two schemes for pharma; one is the PLI scheme which gives some financial incentives based on sales made by selected manufacturers for 41 products which covers around 53 APIs and the incentive ranges from 5-20% based on the incremental scales. That is going to help companies in terms of bridging the gap between the Chinese prices and India price to some extent. The second scheme which the government has come up with is the bulk drug park and this scheme is primarily to provide easy access to world class common infrastructure which will be located in these parks where companies can come, set up and make use of the common infrastructure. And this is again for a period of five years. As we need to build our strength, the government has come up with these schemes which should help in compensating price gap between China and India to some extent.

India is both competitor and customer of the Chinese API industry:
We are currently the largest producers of generic medicines with a share of 20% of total global production, catering to over 60% of world’s demand. Third-largest medicine market in the Asia Pacific region with Well-established, strong local manufacturing capabilities, with an international export profile are the factors which are really highlighting our identity as ‘Pharmacy of the world’. India is by far the world’s champion of drug master files (DMFs). Drug master files (DMFs) are voluntary submissions to the import country authority, and contain confidential information about human drug products. APIs belongs to the Type II of DMFs, which is concerned with drug substance, material used in their preparation, or drug product. While China holds 12% of DMFs from the U.S., India holds almost half of them. Being the largest holder of DMSs gives India the edge to export higher-value APIs, enlarging the industry’s attractiveness. Indians generally speak better English than Chinese, which facilitates pharmaceutical trade with developed countries. Access to low cost vaccines, affordable generics & HIV treatment from India are some of the greatest success stories in Indian pharmaceutical industry. It is now widely accepted that without the likes of Sun Pharmaceutical, Ranbaxy, Dr Reddy’s Laboratories, Cipla and dozens of smaller Indian companies, many African countries would not have been able to cope with the public health challenges they face. No wonder India is called the “pharmacy to the world”.

Specialty areas to concentrate in future:
HPAPIs:
Nowadays, there is an area of interest in API domain called as HPAPI- High-potency active pharmaceutical ingredient, gaining its identity in Pharmaceutical market worldwide. They are APIs that require special handling due to toxicity and used in extremely small doses in finished drugs. Traditional examples of HPAPIs are cytotoxic compounds and sex hormones such as estrogen. Deeper analysis says that, the generic side of the industry will drive meaningful growth in the HPAPI market. Generics is one of the strongest domains in Indian pharma sector. Having said that, there exist bundles of opportunities in HPAPI sector for India. As per the latest report published by Research Dive, the global HPAPI market is estimated to generate 42,491.7 million and rise at a CAGR of 10.5% during the forecast period from 2020 to 2027. Oncology-focused medicines are one of the leading molecules creating maximum growth due to innovative pipeline candidates and upcoming generic entries. The Asia Pacific region is estimated to witness the fastest growth.
We are now emerging as a 2nd highest supplier base for generics with HPAPIs. Main API producers are headquartered in 24 different countries/territories, though most are based in either India or mainland China. New product introductions are a core growth driver for the generic API industry, and many of the upcoming opportunities are oncology-focused, high-potency compounds. Accordingly, many manufacturers across many territories have been making investments in HPAPI capabilities. Thus, companies should anticipate similarly high levels of competition as product markets develop. Looking at our nation who is blessed with ancient history of medicines and generic portfolio, profitable growth is anticipated in this area in near future. Rather than representing a well-differentiated, more insulated market segment, trends in HPAPIs are still aligned closely with the underlying dynamics of the pharmaceutical industry. Investments in this part should be viewed as essential steps to keep pace with the market.

API & data security:
Now looking into API security, the potential for insider theft exists at every level of the pharmaceutical production and distribution chain. Individuals employed at production sites, distribution centres, and pharmacies are all potential insiders. The API is stored in a secured vault until it is ready for use. It is then moved to the production area, where it is combined with inactive ingredients to make the final dosage form like pills. The pills are then packaged and sent out to distributors, leaving the control of the original facility that made them. In this whole process, there are chances that a small quantity of APIs can be lifted unofficially. Manufacturers can’t afford to overlook such malpractices as most of the APIs are highly expensive. Fortunately, at the pharmaceutical distribution sites, most employees are professionally licensed pharmacists and pharmacy technicians, bound by the ethical standards and keenly aware that a breach would result in the loss of their licenses. Quality assurance (QA) plays a central role in pharmaceutical production, and it is used as an element of theft prevention as well. At production sites, manufactured pills are pulled at random for QA checks. While these checks are primarily intended to ensure accurate formulation, they also provide a check against the diversion of API that would lead to detectable changes in pill formulation.

Way forward in API Manufacturing:
While surfing through one of the Analysis created by PwC, some of the recommendations grabbed my attension. They might not be easy to demonstrate immediately at this point but also are not unrealistic while planning for future strategies.
Some long term recommendations were:
1.Develop large clusters and provide plug-and-play infrastructural support in dedicated zones for manufacturing APIs-
• Construct 2–3 large-sized dedicated zones and lease them to private players for operating manufacturing plants.
• Set up common utilities such as solvent recovery and distillation plants, power and steam units, effluent treatment plants, common logistics centres, regulatory infrastructure and warehousing to make smaller units economically viable in these zones.
• The following support can be looked at to encourage investments in mega parks: – stamp duty waiver – 50% subsidy on water and electricity for 5 years – SGST reimbursement – 75% for 5 years – 50% subsidy on expenses incurred for quality certification/patent registration – waiver on development charges, which are currently at 9% of property cost.
• Evaluate strategic locations for these mega parks, e.g. union territories, where the centre can play a larger role in controlling costs such as like cost of land and utilities.

In the slightly longer term, the government may look at the Chinese model and work on developing clusters for API and also can fuel our HPAPI manufacturing powers. API security and surveillance technologies at industry level is also one of the major factors which has to be taken care of. An emergency is inevitable and it always affects in a very unpleasant manner if we are not fully prepared to deal with it. Self-reliance is must and we have to get habituated to it. India for India and India for global is the strategy that we need to follow. Afterall we have to give justice to ‘Make in India’.

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Pharma mergers and acquisitions: – An initiative towards new business opportunities

Pharma mergers and acquisitions: – An initiative towards new business opportunities

The Biopharmaceutical industry is probably one of the most active sectors for mergers and acquisitions. These industries do greater number of deals and transactions than any other sector. Both merger and Acquisition are an essential component of the pharmaceutical business model and are crucial for achieving growth and competitive advantage.

How M&A is benefiting the pharmaceutical industry

The single most essential driver for changes in the Pharmaceutical industry is the ever-increasing cost of drug development, which can be controlled with the help of M&A to a greater extent. Most companies can no longer afford to carry out R&D and require high financing or Acquisition for late-stage trials to find innovative compounds and need the capability to navigate complicated regulatory pathways, which are only possible by big pharmaceutical industries. Hence, big pharmaceutical companies who want to enter a new industry or expand their business towards innovation merge with other companies or acquire smaller, creative companies by funding them or buying that company’s stakes. This is how merger and Acquisition can benefit both the big and small pharmaceutical industry.

Case Study: –

The biggest M&A (mergers and acquisitions) of 2020 are as follows: –

AstraZeneca & Alexion: –

By far, one of the biggest pharma deals of the year 2020 was between AstraZeneca and Alexion, where AstraZeneca offered a deal worth $39 billion to Alexion. Alexion has predominantly featured among the top list of biopharma takeover prospects in the last few years. With the purchase, AstraZeneca will strengthen its immunology franchise with a blockbuster of $4 billion, plus a pipeline of 11 drugs for autoimmune and rare diseases. The boards of directors of both industries have unanimously sanctioned the acquisitions. With both the sectors’ shareholders’ consent, the purchase is poised to close in Q3 2021. Upon completion, Alexion shareholders will also get a 15% stake of AstraZeneca.

Way Forward with Mergers and Acquisitions in the fiscal year 2021:

Mergers and Acquisitions, an aspect of the business world that has been rapidly growing in recent years, are poised to bloom in the year 2021 and beyond as it is one of the easy ways for pharma companies to gain horizontal or vertical integration in an industry without having to break into a new part of it from scratch. Due to the pandemic, as the market was at a complete standstill in deal activity, smaller innovative pharmaceutical companies are looking for funds and, bigger pharmaceutical industries are looking for innovations, which means that there is even more significant potential for more M&A deals to take place in the coming years as pharma businesses are recovering and are determining the best and easy way to navigate and grow the market.

REFERENCES: –

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Wellness Sector Profile in India

With the growing demand for traditional and alternative healing practices such as yoga, Ayurveda, and Naturopathy, the wellness industry is all set to flourish in India & worldwide. Due to the onset of a pandemic, there has been a surge in the health and wellness sector’s supply because of the individual aspiration for a better lifestyle, and this will continue as ‘Prevention is better than cure’ has betrothed everyone’s mind.

Industry Scenario:
India’s wellness market is poised to grow to $372 billion by 2022 as per Invest India. Moreover, Redseer consulting reports suggest that India that is considered as the home to 90 million health-conscious individuals (HCIs), is poised to rise to 130 million by 2020, and the consumers spending on health and wellness products like Nutraceuticals, organic beauty care & functional foods is expected to increase to USD 30 billion by 2022.

Growing Wellness Trends:
Yoga and meditation are an emerging area by both regional and international players to have wholesome fitness.
Spa therapy and wellness is another area where people are turning their interest to relax and release stress.

Fig.1 :-Growing Welling Trends

Among health and nutrition sectors, dietary habits such as intermittent fasting and keto are new trends that appear to get massive attention.
The use and development of mobile apps for personalized wellness will also retain dominance.

The rapid growth in the health and wellness sector is being driven by the factors which are as follows:
Increasing people’s health consciousness and demand for affordable healthcare delivery systems respond to rising healthcare costs.
Government Initiatives such as the ‘National AYUSH Mission’ help cultivate the right environment and stimulate growth.
Incentives and tax benefits in the healthcare sector attract investments and create a strong foundation to sustain this growth.
Increase in disposable income within the Indian middle class.

Emerging Health and Wellness Sectors:

Nutraceuticals:
The nutraceuticals industry mainly comprises health supplements and functional food and beverages. With the rise in the millennial workforce and a simultaneous increase in their purchasing power, more businesses are tapping into the growing sector of nutraceuticals products, which is expected to reach USD 13 billion by 2024.

Telemedicine:
Telemedicine is another sector in the health wellness market forecasted to reach a USD 32 million market size by 2021. This will enable many people in low-income areas to access medical diagnosis and treatment using advancing telecommunication technologies remotely.

Health Tracking Apps:
A growing need to be continuously updated about one’s health has led to a surge in demand for health- tracking systems. Various aggregators and apps cater to this need by collecting and analysing several data points related to consumers’ health. AI is driving further development in this sector. Even traditional Pharma companies are thinking of offering their version of health monitoring/tracking apps as a value-added product.

In Nutshell:
India is progressively becoming a hub of health and wellness services being rendered to the patrons and has been attracting people worldwide. The wellness sector is opening doors to employment opportunities for a lot of people. The demand for services in this sector will lead people from all walks of life to make the most use of their talent and skills.
Wellness will show it’s a-game in the healthcare sector and holistic development of oneself and is poised to reach new horizons of success by each passing day.

REFERENCES: –
https://ht4biz.hindustantimes.com/blog/the-state-of-health-and-wellness-market-in-india#:~:text=The State of Health and Wellness Market in,more attention to preventive healthcare and holistic wellness.
https://health.economictimes.indiatimes.com/news/industry/how-wellness-industry-has-emerged-as-a-thriving-sector-in-the-past-10-years/72901635

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Indian Food Processing Sector: -A Growing Market in 2021

Indian Food Processing Sector: -A Growing Market in 2021
In the global economy, the food processing sector has become an intrinsic part of the food supply chain. This sector has become of enormous significance as it provides crucial interaction between the two pillars of the economy, i.e., industry and agriculture. India is also expected to have profitable growth in this sector in the coming years.

Industry Scenario:

The Indian processed food market is poised to rise at a CAGR of 14.6% from $555.2 bn in 2020 to $957.5 bn by 2024.

sugar, grain, edible oils, dairy products & beverages are the major players constituting the food processing industry. Moreover, in 2020 the government of India has deterrent over 134 food processing projects across various states. There are 47 cold-chain,21 Agro-processing clusters, 3 operation green, 12 food testing labs, 43 Food processing units, 8 forward & backward linkages across different states. These 137 new sanctioned projects are poised to grip domestic investment of INR 2,026.32 CR and create direct and indirect employment for 77,330 persons.

key factors for the growth of the food processing sector:

With an increase in urbanization and a fast-paced lifestyle, there is very little time available for meal preparation. Thus, processed food such as snacks and ready-to-eat products have a colossal demand.
Factors that play a significant role in the growth of the food processing sector are as follows: –

  • Due to the expansion in urbanization, there is growth in the organized food retail sector.
  • Through different advancements in science and technology, MSMEs are playing a significant role in India’s food processing sector.
  • India has a drastic growth in the online food ordering business.
  • There is a huge demand for healthy, packaged, and immunity booster snacks such as roasted pulses, popcorns, and roasted nuts.
  • There is a primary focus now on branded packaging rather than on loose packaging products.
  • The ‘Atmanirbhar Bharat’ initiative of government prioritizes this sector and offers help through different policies.

Due to these factors, India’s processed food consumption is poised to reach $1.2 Tm by 2025-26.

Opportunities in the food processing sector:

With India moving from lack to surfeit in terms of food production, the opportunities for increasing food processing levels are in numerous There is a rapid change in the eating habits of Indian consumers, which has led to an increase in the trend of snacking in between meals, increasing consumption of organic food, on-the-going-eating, pre-cooked ready-to-eat meals, and switching to healthier eating alternatives. This has led to many new opportunities for international and domestic companies in the consumer food market to build a stake in this fast-growing processed food market. India can also become an outstanding hub for food processing globally because of its strategic location, which links to different export market destinations. Hence, the food processing industry is the sunrise sector for both consumers and industrialists.

REFERENCES: –

https://www.ibef.org/blogs/growth-opportunities-for-the-food-processing-industry-in-india
https://www.financialexpress.com/opinion/food-processing-the-untapped-growth-opportunity/1600235/

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