With India’s economy booming, the country’s food and beverage industry is transforming as it attempts to answer a new era of consumer demands
India is having its time in the limelight. In the last decade, the country has accelerated its journey to economic prosperity, opening its doors to the global market and new opportunities. So much so that India is now considered the world’s fastest growing large economy, and could be for some years to come, with an average annual growth of 7.7%. With so much growth ahead, India’s food and beverage industry is reaping the rewards.
According to research by the IBEF trust, India’s food market is now the sixth largest in the world and is set to be worth more than €770 billion by 2020. The trickle-down effect of economic prosperity means Indian consumers have increasingly higher disposable incomes and are living more urbanised lifestyles. The knock-on effect of this is that consumer tastes, preferences and habits are changing, while quality demands and standards are on the rise.
Young, mobile and busy
India is also experiencing its youngest ever consumer market, according to Technopak, with 33% of the population under 15 years old and 50% under 24. With this growing population of young, educated and time-pressed consumers, convenience food and beverages are becoming ever-more popular. And with a more globalised outlook, Indian consumers are also seeking new ingredients, flavours and experiences.
Healthy, nutritious and high-quality beverages, conveniently packaged and easy to consume on the go, are high in demand. This means producers are being challenged to not only offer basic everyday packaged goods but more premium products to cater to a growing middle class. And with choice and variety now key considerations, the range of packaged products on offer is also widening, particularly in the portion-sized segment.
Opening up opportunities
To help producers in India meet this new era of consumer and manufacturing demands, SIG has recently announced its entry into the Indian market. SIG can now help brands and manufacturers like Kandhari Beverages bring new and exciting products to consumers, while also boosting their filling line flexibility and efficiency. Kandhari Beverage, for example, has chosen a high-performance SIG filling machine with a drinksplus option that’s suitable for aseptically filling combiblocXSlim in up to nine different volumes.
By filling different pack sizes on the same filling machine, SIG enables producers to fill both basic and premium products on the same manufacturing set-up – flexibly adapting pack sizes to match different price points. And with solutions like drinksplus, manufacturers can include value-adding extras like real pieces of fruit, vegetables, nuts or cereal grains.
And make sure you stay ahead of the big issues shaping your business by signing up to the SIGnals Update – our exclusive bi-weekly newsletter.
Subscribe now to get the latest news and stories sent straight to your inbox.