Fruit And Vegetable Processing Market In India to Expand 7.26% CAGR Till 2023
According to a new Research On Global Markets report, the fruit and vegetable processing market in India is predicted to expand at a compound annual growth rate (CAGR) of 7.62% between 2018 and 2023 to reach a value of INR 256.4 Bn by 2023. The demand for processed fruits and vegetables is expected to rise significantly owing to the growing penetration of organized retail in the country.
According to the report, India is the second-largest producer of fruits and vegetables, and hence, there is no shortage of primary resources for the fruit and vegetable processing industry. Canning, dehydration, pickling, provisional preservation, and bottling are some of the methods used in fruit and vegetable processing, which help increase the shelf life of seasonal fruits and vegetables..
The report also shows that commercial processing of fruits and vegetables is currently extremely low in India, standing at 2.2% of the total production. This is considerably low when compared to countries like Philippines where the figure stands at 78%, China at 23% and the United States (U.S.) at 65%. The unorganized sector is witnessing stiff competition, owing to the presence of a large number of players who are competing for small shares in the overall market. Organized players compete with each other to maintain their market share and gain brand loyalty.
As India is the second-largest producer of fruits and vegetables across the world, its vast production capabilities provide massive opportunities for exports. Moreover, India is strategically located in proximity to the key export destinations of Africa, the Middle East, Oceania and the Southeast Asia, which also offers a distinct advantage to the industry. In 2018, India exported 391,283.8 metric tonnes (MT) of processed fruits and vegetables across the world, which was worth INR 34.04 Bn, according to Research On Global Markets.
Research on Global Markets tracks the performance of some of the major players operating in the fruit and vegetable processing market in India including Dabur India Limited, ITC Limited, Freshtrop Fruits Limited, Hindustan Unilever Limited, Tai Industries Limited, Capricorn Food Products India Limited, Cremica Food Industries Limited, Fieldfresh Foods Private Limited, Mother Dairy Fruit & Vegetable Private Limited, and Shimla Hills Offerings Private Limited, among others
Key highlights of this report:
- Fruit and vegetable processing market - definition and structure
- Global fruit and vegetable processing market - Market size and growth forecast - value-wise (FY 2016-FY 2023e)
- India fruit and vegetable processing market - Market size and growth forecast - value-wise (FY 2016-FY 2023e)
- Key market trends
- Comprehensive analysis of the government initiatives in this market
- Key growth drivers of the market
- Key deterrents to the growth of the market
- Comprehensive analysis of the competitive landscape
This report has been formulated and designed with the purpose of giving businesses a concise understanding of the demand for processed fruits and vegetables in India to determine the viability of the market, develop strategies based on the drivers, and to help brands identify competition and respond accordingly.