New Delhi, Sep 30 (UNI) The food and beverages industry will become a Rs 4,66,000 crore industry by the end of this fiscal with a growth rate of 9 per cent, a Ficci survey said.
The order of growth is attainable due to some positive developments taking place in the sector because of some liberal policy measures and initiatives taken by the government, it said.
These include treating development of food processing industry as a priority area, changing strategies adopted by the companies, changing life styles and preferences of the consumers.
All these factors would continue to encourage commercialisation and value addition of agricultural produce and demand for value-added food and beverage products.
The segments of the industry that are projected to achieve 'excellent growth' of 20 per cent and above in 2007-08 are semi processed/cooked ready to eat (24 per cent), ice-cream (30 per cent), wine(22 per cent) and sugar (25 per cent).
The survey report has been prepared on the basis of the information and feedback provided by 300 sector-specific industry associations, companies, extensive interactions with representatives of industry and experts from companies both in the private and public sectors.
The segments that are expected to record 'high growth' ranging between 10-20 per cent are branded flour atta (16 per cent), bakery items including bread, cakes, pastry (11 per cent), organised sector (15 per cent), bread/organised (12 per cent), biscuits (16 per cent) and others.
The country's growing middle class segment will continue to hold the key to growth in the processed food market, the survey said.