India is rapidly emerging as a critical market for Australia’s food industry, according to a new Australian Government-funded report launched in New Delhi today.
Minister for Trade, Warren Truss, and Minister for Agriculture, Fisheries and Forestry, Peter McGauran, said the report, Strengthening the India-Australia corridor in select food and agribusiness sectors, showed increasing consumer demand among India’s growing middle class.
Mr Truss said that this demand was creating more opportunities for businesses in the Australian food sector.
Indian food retail is a multi-billion dollar industry, estimated to be worth around $233 billion, with food being the largest category of consumer spending.
India’s increasingly affluent middle class is driving growth in organised food retail and food services, with organised retail expected to increase by 30% over the next five years.
Australia’s expertise in food production, combined with high-quality ingredients and innovative technology, places it in an ideal position to make greater inroads into India, Mr McGauran said.
There is also opportunity for Australia to supply the expertise in retail services, supply chain and cold chain logistics, agricultural technology, and food production and processing, that India needs to develop its food industry.
For further information on the Indian food industry or for a copy of the report, email Michael Carter (Austrade New Delhi).