India's Food Vision of the Next Decade
India’s Food Vision: The Next Decade
Introduction Demand Drivers Key Opportunities Key Challenges The Outlook for Future 73 73 76 77 78
perspective | Volume 04 a quar terly repor t by Vol u me 0 4 / 2 0 1 0
Introduction
According to the International Monetary Fund (IMF), India’s economy is projected to grow at 8.8 percent in 2010 as the demand is estimated to improve on the back of the Government of India’s economic stimulus policies and other contributory factors such as the estimated normal arrival of the monsoon. Increased supply and stock replenishment and easing of inflationary pressures will mean that the demand for food products would increase. However, this increased and rejuvenated demand makes it pertinent to align India’s national policy with respect to agriculture and food in order to satisfy the demand arising out of an ever-increasing population that is highly discerning of quality and taste and has little time in a busy lifestyle for traditional cooking techniques. Corporates can look into the relevance and impact of the foregoing factors to their businesses and the kind of offerings that they need to develop in the emerging scenario.
Demand Drivers
The key factors that have enormous importance in increasing demand for food and are expected to play a major role in the transformation of the demand are: • Rising population and incomes • Increasing number of nuclear families and working women • Palate and lifestyle changes The above factors are likely to impact demand for food individually as well as in combination, and result in significant changes in not only the demand for food quantitatively but also in terms of where, how, what and when food is consumed. This is likely to translate to new and unprecedented modes of delivery mechanisms, retailing formats, packaging formulations and a range of convenience and ready-to-eat food products.
Rising Population and Incomes
India’s population, by the coming decade, is estimated to be 1.3
Introduction Demand Drivers Key Opportunities Key Challenges The Outlook for Future 73 73 76 77 78
perspective | Volume 04 a quar terly repor t by Vol u me 0 4 / 2 0 1 0
Introduction
According to the International Monetary Fund (IMF), India’s economy is projected to grow at 8.8 percent in 2010 as the demand is estimated to improve on the back of the Government of India’s economic stimulus policies and other contributory factors such as the estimated normal arrival of the monsoon. Increased supply and stock replenishment and easing of inflationary pressures will mean that the demand for food products would increase. However, this increased and rejuvenated demand makes it pertinent to align India’s national policy with respect to agriculture and food in order to satisfy the demand arising out of an ever-increasing population that is highly discerning of quality and taste and has little time in a busy lifestyle for traditional cooking techniques. Corporates can look into the relevance and impact of the foregoing factors to their businesses and the kind of offerings that they need to develop in the emerging scenario.
Demand Drivers
The key factors that have enormous importance in increasing demand for food and are expected to play a major role in the transformation of the demand are: • Rising population and incomes • Increasing number of nuclear families and working women • Palate and lifestyle changes The above factors are likely to impact demand for food individually as well as in combination, and result in significant changes in not only the demand for food quantitatively but also in terms of where, how, what and when food is consumed. This is likely to translate to new and unprecedented modes of delivery mechanisms, retailing formats, packaging formulations and a range of convenience and ready-to-eat food products.
Rising Population and Incomes
India’s population, by the coming decade, is estimated to be 1.3