India’s Food Processing Sector to Hit USD 700 Billion by 2030

According to the PHD Chamber of Commerce and Industry (PHDCCI), India’s food processing sector is poised for remarkable growth, with market size expected to surge from USD 307 billion in 2023 to USD 700 billion by 2030. In its report “India’s Agricultural Transformation: From Food Scarcity to Surplus”, the industry body highlighted robust trends driven by rising consumer demand for processed products and technological innovations. The report further projects expansion, with market values reaching USD 1,100 billion by 2035, USD 1500 billion by 2040, and USD 2,150 billion by 2047. The agriculture and allied sectors have been a cornerstone of India’s economic progress, maintaining an average growth rate of 3.9% between 2013-2014 and 2023-24, and a resilient 4% during the pandemic.

Hemant Jain, PHDCCI President, stressed agriculture’s fundamental role in transforming the nation from food scarcity to a surplus powerhouse. For 2024-25, the sector is set to grow by 3.8%, with foodgrain production up by 2%, as stated by Ranjeet Mehta, CEO & Secretary General of PHDCCI. Moreover, agriculture exports have risen from over USD 39 billion in 2013-14 to over USD 52 billion in 2022-23, underscoring India’s burgeoning global market influence, and cementing India’s position as a global agri-leader.