Food & Agriculture
Global Food and Agriculture industry is worth US$ 7.8 trillion in 2015 according to Plunkett Research estimates. The global food and agri sector accounts for 10% in the global output whereas in India it contributes to around 14% of country’s manufacturing output and 13% of India’s exports. USA is the top export destination for Indian processed food products and other major export destinations include Saudi Arabia, UAE, Vietnam, and Iran.
The Indian food industry is worth US$ 39.71 billion in FY15-16 and is expected to grow to US$ 65.4 billion by 2018. India is the largest milk producer in the world and second largest producer of fruits & vegetables, rice and wheat. Strategic geographic location and continuous increase in raw material production help India export products to other countries at cheaper rates.
Top most food item exported from India is Cereals followed by Animal products, Fresh fruits & vegetables, other processed fruits & vegetables. Among processed food products Basmati Rice is the top most item exported from India, followed by Non-Basmati Rice, Guargum, Wheat, Other Cereals etc. Among these items India’s share in the world exports of wheat and other cereals is less than 2%. India is the largest exporter of Guargum in the world accounting for around three-fourth share in the world export.
The huge potential of Indian food & agriculture sector can be leveraged by exploring new and enhancing existing trade relations, attracting foreign investments and upgrading to international food standards in order to be capable to cater to the demand of the developed world.