Food and Beverage Industry Analysis Research Report

12/17/2018 Food and Beverage Industry Analysis Research Report - Fintapp Blog
Food and Beverage Industry Analysis Research

Report
By Team Fintapp - September 7, 2017
The services sector contributes to 1/3rd of India’s GDP and has been the engine for growth. However
agriculture contributes to 14% of total GDP and employs 60% of the population. Significant
developments have taken place in the agriculture sector, however quite a few areas need
improvement. The agricultural yields in India are low compared to global yields and require significant
improvements, farmers need to adopt to farm mechanization and other modern techniques, sector
needs to rely less on rains and investments need to be made in agri infra to reduce wastages. These
issues if addressed would result in development of the agricultural sector and its allied sectors, of which
the F&B sector is part of.
The Indian food and beverage industry is worth $400 billion. This sector has been identified as one of
the priority sector under “Make in India” initiative. Funds of INR 20 billion have been set up by NABARD
to provide credit facilities to meet the needs of the F&B sector. The F&B sector is going to benefit
immensely from the large agriculture sector in the country and livestock. India has arable land of 157.4
million hectares and has livestock of 512 million. Below is the production of agricultural products in
million (Mn) tonnes in 2016 and their global ranks.
https://www.fintapp.com/blog/food-and-beverages-industry-analysis-research-report/ 1/23
Source: IBEF food processing industry- June, 2017 & various sources
F&B forms the top consumption item in a household. Consumer spending in India is expected to touch
$3.6 trillion by 2020 and it is expected that India will be the 5th largest consumer market by 2030.
Other factors like increase in per capita income, changing consumer tastes, favorable demographics,
demand for nutritious and healthy food will aid in the growth of the F&B industry.
World F&B Industry

The global food, beverage and grocery industry was estimated to be worth $7.8 trillion in 2015, the
global packaged food industry was estimated to be worth $2.5 trillion.
Below are the top 10 countries by market size in the F&B Industry. Figures are in billion $. All figures
below are December 2013 / March 2014
Source: IBEF food processing industry – June 2017
USA is the largest market with market size of $1700 billion and Indonesia has a market size of $175
billion. The top exporters are Germany, USA and France with exports of 58, 56 & 48 billion $
respectively. The top importers are USA, Germany and Japan with imports of 82, 53 & 45 billion $.
Food Processing Industry in India

The Indian food processing industry is estimated to be between $121 billion to $130 billion and
accounts for 30-35% of the total food market. It is the 5th largest industry in the country in terms of
production and export growth. The industry’s GDP as a share of agricultural GDP is 12% and that of
manufacturing GDP is 10%. Food processing was earlier limited to food preservation, packaging and
transportation. However developments such as setting up of cold storage facilities, food parks,
packaging centers, and modernized abattoir have expanded the scope of the industry. These
developments are in nascent stages and scope for growth is immense. The current level for processing
in India when compared to global standards is low and hence there is scope for higher value addition
in this industry.
Source: IBEF food processing industry – June 2017
The food processing industry can be classified as below:
Source: Grant Thorton report and fintapp research
The food processing industry (FPI) can be classified into primary and value added segment. The basic
steps and finished products of the primary segment are shown in the chart above. Value added or
secondary/tertiary processing is where products undergo higher level of processing to convert into
new or modified products. Final products of value added processing are shown in the chart above. It is
estimated that the value added processed food accounts for 35-40% of the total processed food and
mainly falls in the organized sector.
The food processing industry has the below sub sectors:
Source: Grant Thorton report and fintapp research
Dairy
The Indian dairy market is estimated to be INR 5 trillion, it is expected to touch INR 8.8 trillion by 2020.
The branded value added market in India is estimated to be INR 800 billion, with polypack milk having
the lion’s share of INR 360 billion. The value added market is estimated to be around 15-20% of the
total dairy production. It is expected that the industry will receive investments to the tune of INR 150
billion over the next 2-3 years. India is the largest producer and consumer of milk, 400 million litres of
milk is produced daily. India’s per capita consumption of milk is 97 litres a year as compared to 285
litres in the US and 281 litres in the European Union. It is also observed that due to rising income of
consumers and changes in tastes and preferences, Indians are consuming more value added products
like flavoured milk & ice creams. Value added products also fetch better margins to companies when
compared to only milk. Operating margins for milk is 6-7%, however for products like curds, ice creams
and cheese the margins are in the range of 25-40%. Amul is the largest player in the organized dairy
market with revenues of INR 310 billion in 2016, it expects to have revenues of INR 650 billion by 2020.
Lot of international players and Indian companies are entering the dairy market because of the lucrative
value added market. However one needs to note that 80% of Indians consume only liquid milk and
hence to succeed in this industry, companies need to have a presence in this segment and have a
strong collection and distribution system, while maintaining the quality of the product. Certain
developments in technology that have helped and will aid growth of this industry in the future are:
Ultra high temperature (UHT) processing – It involves producing dairy products with longer shelf life
by sterilizing the product
Scraped surface heat exchangers & high pasteurization – By using both these techniques,
companies can produce traditional sweets to cater to the export markets
Whey products – It is a by- product of manufacturing products like paneer and shrikhand. It is highly
nutritious and be used to produce other dairy products.
Dairy production is also lucrative for the farmers as they realize 60-70% of consumer price as
compared to 20% in case of fruits and vegetables. The diary industry is set for exciting times in the
future with changing consumer tastes and preferences, high purchasing power and demand for value
added products. This will also lead to shift from the unorganized to the organized market as consumers
will prefer high quality branded products. However the dairy industry needs to address the challenges
of higher fodder prices, productivity of Indian cows and buffaloes, which is much lower than global
standards & maintaining quality of the products amongst stiff competition.
Fruits & Vegetables

India enjoys diverse climatic conditions, this ensures availability of all kinds of fruits & vegetables. India is
the second largest producer of fruits & vegetables in the world, contributing to 12.6% and 14% of world
production respectively. The estimated fruit & vegetable production in the country for 2017 is 92 &
168.6 million tonnes respectively. The vast production base provides immense opportunities for
exports. In 2015-16 India exported fruits & vegetables worth INR 84 billion, which included INR 35
billion of fruits and INR 49 billion of vegetables. Top export destinations are UAE, Bangladesh, Malaysia,
Netherland, Nepal, Saudi Arabia, UK, Sri Lanka, Qatar and Pakistan.
India is the largest producer in the world of the below fruits:
44.1% of mangoes
42.6% of papaya
37% of guavas
25.6% of bananas
The major fruit producing states in India are Andhra Pradesh, Maharashtra, Karnataka, Bihar, Uttar
Pradesh, Tamil Nadu, Kerala & Gujarat. These 8 states account for 70% of area under fruit cultivation.
India is the largest producer of ginger and okra among vegetables. Of the total fruits & vegetables
produced, 75% is consumed in fresh form, while there is wastage of 20-22%. Currently 2% of vegetable
production and 4% of fruit production is being processed. This is very low when compared to other
developing countries. Processing of fruits in Brazil, Malaysia, Philippines & Thailand is 70%, 83%, 78% &
30% respectively of total production. Prominent processed items include pulps and juices, canned fruits
& vegetables, jams, squashes, frozen foods. Government expects total processing to grow by 25% of
the total produce by 2025. This creates opportunity for fruit and vegetable processing in the country,
which is primarily a decentralized industry and still in its nascent stages. Considering abundant
availability of raw materials, favorable climatic conditions and large growing population the fruit &
vegetable processing industry offers immense opportunity.
Grains and Cereals

India is the second largest producer of rice and global leader in production of wheat and other pulses.
Below is the table showing global production of cereals in Mn tonnes and India’s share. Figures are for
year ending FY16.
Source: IBEF food processing industry – June 2017, livemint & fintapp research
It is estimated that food grain production is set to hit all time high of 272 Million tonnes in FY17.
India is also the largest exporter of cereals, exports of cereals in FY16 stood at INR 404 billion. Rice
exports constitute 93.60% of the exports while wheat and other cereals represent 6.4%.
Fisheries
India has huge potential for the fisheries segment as it has a long coastline of 8118 kms apart from the
inland water resources. India is the second largest producer of fish in the world. Fish production was
10.79 million tonnes in FY16 (provisional). The major states in fisheries production are Andhra Pradesh,
Gujarat, Karnataka, Kerala, Maharashtra, Orissa, Tamil Nadu and West Bengal. Exports were INR 304
billion in FY16. Exports have been on an uptrend since the last few years as there has been demand in
for vannamei shrimps. Demand for processed, ready to eat, packaged marine products in the domestic
and foreign markets will drive demand for this sector in the future. Government policies like permission
of foreign equity, fish processing units which ensure 20% minimum value addition can be set up as
100% export oriented units will also help the development of this sector.
Meat & Poultry

India has the world’s largest population of livestock and is the 5th largest producer of meat. Total live
stock population as per 19th livestock census 2012 was 512 million and the poultry population was 729
million. The livestock sector provides a source of additional income to the rural population apart from
the main occupation of crop raising. Livestock provide milk, meat and manure to farmers. Changing
eating habits, higher disposable income, preference towards protein rich diets are factors which have
helped in the growth of this sector in the recent past. Meat production in FY16 was 7 million tonnes.
Source: Annual report, Department of animal husbandry, FY17
As observed from the above data, poultry meat has the highest production of 3.3 million tonnes and
forms 47% of the total production. Buffalo meat production stands at 1.61 million tonnes and 23% of
total production. India is the largest producer of buffalo meat and the 2nd largest producer of goat
meat. Buffalo meat has been witnessing demand from international markets due to its lean character.
Demand for buffalo meat has attracted investments in modernizing abattoirs and using the latest
technology. Exports of animal products during FY16 were INR 300 billion. Buffalo meat constituted 88%
of animal products exported at INR 266 billion. The main markets for buffalo meat and other animal
products are Vietnam. Malaysia, Saudi Arabia, Egypt and UAE. India is the 2nd largest egg producer in
the world with egg production standing at 82.93 billion at the end of FY16. The per capita egg
availability of egg is 66 eggs per annum.
Demand for frozen meat, ready to eat products and semi finished products will drive the growth of this
sector, however cold chain facilities need to be updated to meet this demand. The government has
launched the national livestock mission in FY15 for development of this sector. The objectives of the
mission are:
Availability of quality feed and fodder

Improved flow of credit
Organization of farmers
Risk coverage
Consumer Foods
The consumer goods segment includes snack foods, biscuits, ready to eat foods, confectionaries,
alcoholic and non-alcoholic beverages. It has been the fastest growing segment in the F&B industry. It
is estimated that this segment has the lion’s share in the whole food processing industry and is highly
organized. Biscuits are one the popular baked product in India and Britannia is the leader in this
segment. The other popular biscuit is Parle G from the Parle stable. Convenience foods which include
frozen foods, ready to eat foods, snacks are popular as people busy with their schedule are turning to
these foods. Emergence of nuclear families and rising incomes is also helping this sub segment gain
popularity among customers. MTR foods specialize in the ready to eat segment, Mother diary’s safal
fruits & vegetables is popular in the frozen products segment. Other popular products in this sub
segment are nestle’s maggi, pepsico’s kurkure snack, and haldirams snacks portfolio. Cadbury’s
chocolates are very popular in India. The beverage market excluding alcoholic beverages is $16 billion,
tea and coffee are the most popular beverages. The leader in the tea segment is Hindustan unilever
(HUL) and has popular brands like brooke band red label, 3 roses, taj mahal, taaza and lipton. TATA’s
tetly is also very popular. Tea is preferred beverage in the northern, western and eastern regions. Coffee
is preferred in the southern part of the country. Other beverages which are popular are soft drinks, milk
based drinks, health drinks, and energy drinks. The alcoholic beverage market is estimated to be $35
billion. Packaged water is popular and the market is estimated to be $50 million. It is expected that this
segment will maintain its growth going forward, as rising incomes, favorable demographics and
changes in customer preference will drive growth.
Below is chart depicting an average household consumption break up:
Source: Grant thornton report
Exports and FDI in the food processing segment

The share of food processing exports in total exports has been 12% over the last few years. India’s share
in world exports of processed food stands at about 2.5%. The below is the trend in exports from India
over the last few years. Exports have recorded a growth of 12% CAGR over the FY10-16 period
Source: Ministry of food processing industries
Meat, aquatic products and cereals constituted 50% of the exports in FY16. The primary reasons for
exports doing well in this period are:
Favorable climatic conditions and location of India close to export destinations

Investments of private sector in the industry
Improvements in product quality
The top destinations for Indian exports are USA, Vietnam, Iran, Saudi Arabia and UAE.
100% FDI is permitted under the automatic route in the food processing industries and 100% is allowed
through the approval route for trading, including through e commerce in respect to food products
produced in India. Below is the trend in FDI in the food processing sector over the years
Source: Department of industrial policy and promotion
Other segments in the F&B Industry
The other segments in the F&B industry are:
Food retail
Online retail/grocery
Food service
Cold storage
Food Retail
The Indian retail market is one of the fastest growing markets in the world and the 5th largest preferred
destination globally. The Indian retail industry is $ 672 billion and expected to touch $1300 billion by
2020. Modern retail/organized retail is estimated to be 10% of the total retail industry, it is expected that
modern retail will be worth $ 180 billion by 2020 and account for 15% of the total retail industry.
Penetration of organized retail is at 8% and is expected to be 24% by 2020.F&B segment accounts for
2/3rd share of the total retail pie, it is expected to maintain this in the future. F&B constitutes 15-20% of
the organized retail market and nearly 70% of the unorganized retail market. It is evident that people still
prefer to purchase their food, grocery and allied products from their local kirana shops. This is due to
credit granted by the local store and facility of delivering the products at the customer’s door step.
Going forward food retail will benefit due to:
Rise in disposable income and purchasing power, change in customer tastes and preferences,
increase in brand consciousness. This is also evident in tier 2 & 3 cities
Consumer spending in India to touch $3600 billion in 2020 from $628 billion
Easy availability of consumer credit
Organized retail penetration to increase from 8% to 24% in 2020
Rapid urbanization
Development of efficient supply chain requires investments and will ensure effective pricing of
products. Organized retail players have the bandwidth of making such investments and will
benefit
Complying with food safety and hygiene standards will ensure availability of quality products
However food retail also faces the below challenges and these need to be addressed for a
thriving food retail segment in the country
Expensive real estate in metro cities puts pressure on margins of retailers
Supply of food grains and fruits & vegetables is controlled by local bodies and brought to mandis.
This system leads to slow movement of products, wastages and increase of prices for the final
customer
Lack of adequate facilities like cold storage, farm collection centers leads to wastage and
deterioration in the quality of products
Organized retail needs to comply with regulations and this results to unfair competition with the
unorganized segment
Online retail/grocery
Online retail is the fastest growing segment among modern retail. Revenues of online retail in 2016
were $15 billion, this is expected to touch $60 billion. Online grocery has a long runway and is
expected to grow rapidly in the future due to:
Consumers can purchase goods online rather than visiting stores, thereby avoiding traffic and
parking issues. Also due to hectic work lives of people, any spare time would be spent on family and
activities like visiting stores will be avoided
Offers attractive discounts
Customer can return the products after purchasing, reviews of products are also available for users
to make decisions
Internet penetration to increase in the country. New generation is also more internet savvy
Various payment gateways and ease of transacting online to pull more people towards online
shopping
Capex requirements in online business are very less as compared to physical retailers. Physical
retailers pay large portion of their profits towards real estate rentals
Customer shopping behavior can be studied and customized products can be offered to them
Options can cash on delivery and warranty has helped in boosting sales of online retailers
Government can consider 100% FDI in online food retail, this will improve the supply chain. It will
also bring quality products to the market, reduce wastage and result in farmers generating higher
revenues
However the sector also faces the below challenges:
Customers would like to see the product before purchasing. This is especially true for perishable
products
Online retailers need to maintain wide range of products to compete with physical retailers.
Maintaining wide range will come with its own operational difficulties
Online retailers need to get their supply chain right. From procuring the product, packing, storing &
delivering, they need to get this right
Food retail category requires many licenses. Government can ease this process by providing single
window clearance
Shortage of trained manpower for operations and warehousing management. Institutes/workshops
can be conducted for people to undergo such training and seek employment
Food Services
With rise in incomes, Indians are frequently eating out. This has resulted in growth of the food services
industry. The food services industry is $48 billion and is expected to touch $77 billion by 2021. 98% of
the sales in the industry come from the offline channel and 2% from the online channel. 81% of diners
prefer to have fresh food and dine in and 19% prefer to have their food delivered or prefer the take
away option.
The food services industry can be classified as below:
Quick service restaurants (QSR) – 44% of the food services market and largely unorganized.
Expected to grown >20% CAGR over the next few years. Higher traction seen in tier 1 & 2 towns as
people are spending on fast food
Fine dining restaurants – 22% of the food services market. Mainly concentrated in metro cities and
expected to grow at 15-18% CAGR
Casual dining restaurants – 26% of the food services market. Mainly concentrated in metro cities and
expected to grow at 15-18% CAGR
Cafes, pubs & bars – 8% of the market. Expanding in tier 2&3 cities and expected to grow at 30%
CAGR
Opportunities and challenges for the food services sector going forward are:
Online sales & home delivery are picking up, hence full service and quick service restaurants have
special teams to cater to this segment
Young professionals with their busy work schedules are eating out frequently and food services
companies are targeting them
Menus are being localized to cater to the local pallet and this is seeing growth of restaurants
offering local cuisines
People are more health conscious and hence this provides an opportunity to provide healthy foods
by food service companies
Access to economical real estate is the biggest challenge to this segment
Industry requires the right talent with specific talent to cater to this segment. Currently there is a
shortage of talent with the required skill sets
Cold storage and refrigerated facilities need to be developed
Lot of licenses required to set up a restaurant, huge license fees also needs to be paid
Cold storage
Cold storage is an essential element in the supply chain of the food processing industry. The
government has also recognized this and has taken key steps to develop the cold chain segment.
There are more than 6000 cold storage facilities in the country, with 95% of them operated by private
players. The cold storage capacity is 30 million tonnes, it is expected to increase to 47 million tonnes in
the future. With the industry getting more organized, demand for frozen & convenience foods, and
ensuring fresh fruits and vegetables reach the customer this segment will see investments.
Government initiatives like 100% FDI through automatic route, priority lending status and various other
monetary concessions will help in the development of this segment. However for the segment to grow
challenges like inadequate infrastructure and lack of skilled manpower need to be addressed.
Government initiatives
The government has accorded high priority status to the F&B industry. The sector has the potential to
create direct and indirect employment to the tune of 48 million. The sector has been identified as one
of the priority sectors under the “Make in India” initiative. Mega food parks with utilities like road,
electricity, water, sewage are being promoted by the ministry of food processing under the
infrastructure development programme to promote the F&B sector. Initiatives like providing a user
friendly investor portal and conducting road shows to attract FDI are being carried out by the ministry.
A mega international food processing exhibition – world food India is scheduled to be conducted in
November 2017 to promote this sector. Some of the key government initiatives are as below:
Setting up of national mission on food processing to enhance coordination and faster

implementation of schemes
Expanding mega food parks scheme and integrated cold chain scheme. Entities involved in
development of these to be given exemption to the tune of 100% for the first 5 years and 30% for
the next 5 while calculating taxable income
100% export oriented units allowed to sell up to 50% of their produce in the domestic market.
Export earnings are tax exempt
Modernization of abattoirs
Skill development programmes Swarnajayanti Gram Swarojgar Yojana (SGSY) under the ministry of
rural development
Establishing network of food testing labs
100% FDI under automatic route (except for alcohol, beer, and sectors reserved for small scale
industries)
Incentives for development of storage facilities
Challenges and drivers of the F&B Industry
The industry faces the below challenges and these need to be addressed:
Higher percentage of food and vegetables produced is wasted due to inefficient supply chain –
inadequate cold storage facilities, absence of farm collection centers, inadequate warehousing
facilities are some of the issues. This compromises the quality of food that reaches the customer,
leads to increase in prices and farmers are not able to earn income to their full potential
There is a shortage of skilled manpower in the sector. It is required that skill development
programmes are conducted as this sector has the potential to create large scale employment
Product development and innovation has not kept pace in the sector
Higher costs of compliance and multiple approvals have hampered the growth of the sector
Customers are demanding high quality & healthier foods, larger variety and easy availability are also
being demanded by the customer. Companies able to cater to these demands will thrive
Sector is largely dominated by the unorganized segment, companies in the organized segment have
to comply with regulations which the unorganized players can avoid. This results in unfair
competition between the organized and unorganized segment, with the unorganized segment
benefiting
Drivers of the industry going forward are:
Increase in disposable income, change in taste & preferences of customers, increasing brand
awareness will drive growth in this sector – 50% consumer base in below the age of 30, Is health
conscious and demands healthy and organic food, Is internet savvy and prefers purchasing online
for convenience
Rapid urbanization – urban population is growing at more than double the rate of the rural
population
Focus on Tier 2, 3 & 4 towns – There are 3133 tier 2&3 cities, 1/3rd of India’s population lives in tier
1-4 cities. Only 8% of India’s population lives in tier 1 cities
Prime ministers vision of doubling farm incomes by 2022 will help in growth of the sector
Increase in internet penetration, ease of transacting online and familiarity of young users to buy
online will drive the growth of the online retail/food and groceries market
Easy availability of consumer credit by various financial institutions
Own brands introduced by big retailers which are cheaper and do not compromise on quality will
help both the retailers and customers
Share of organized retail to increase as customers are willing to spend more and organized retail has
the bandwidth to make investments in backend infrastructure and compliance
Favorable climatic conditions and strategic geographical location of India will encourage domestic
and international players to set up export hubs in the country
Huge agriculture sector, abundant livestock and cost competitiveness will help the domestic sector
as well as for players wanting to export food from India
Joint ventures between Indian and international companies will help in availability of global products
to Indian consumers. Starbucks and Tata alliance is one of the largest in this sector
Favorable government policies like setting up of mega food parks and cold storage facilities will help
address the issues faced in the supply chain and attract higher FDIs
Listed Companies
Below are the companies listed on the Indian bourses in the F&B industry.
Dairy
Source: www.moneycontrol.com
The total market cap of diary companies is INR 2,07,660 Million, Hatsun agro has the highest market
cap among the listed companies, its market cap is INR 96,220 million and milkfood has the lowest
market cap of INR 1010 Million.
Branded Rice Companies
The total market cap of branded rice companies is INR 1,37,450 Mn. KRBL has the highest market cap
among the branded rice companies, it has a market cap of INR 1,10,790 Mn.
Diversified Companies
The total market cap of diversified companies, who have a presence in multiple segments in the F&B
sector, is INR 14,07,650 Mn. Nestle has the highest market cap in this segment of INR 6,79,850 Mn.
Ready Foods
The total market of ready food companies is INR 35,930 Mn. Tasty bite eatables has market cap of INR
14,260 Mn, highest in this segment.
Beverages
The total market cap of non alcoholic beverages is INR 4,67,140 Mn. Tata global beverages has the
highest market cap of INR 1,21,800 Mn in this segment.
Disclaimer: This article/report is based on data from sources considered to be reliable. However,
Fintapp does not guarantee or warrant the accuracy or completeness of the information. The
information is not intended to be used as the primary base for investment decisions. The
articles/reports are strictly for educational purposes only. Team Fintapp may or may not have positions
in the stocks discussed. Fintapp is in the process of acquiring SEBI registered investment advisory
licence.
References
Reports
Annual report FY17 – Department of animal husbandry
Annual report FY17 – Ministry of food processing industries – Government of India
Indian food and beverage sector – The new wave – Grant Thornton
Food processing report – IBEF, June 2017
India’s food service industry: Growth recipe – KPMG, November 2016
Retail industry – IBEF report, July 2017
Websites
www.careerizma.com | www.foodprocessingindia.co.in | www.apeda.gov.in | www.livemint.com
|www.agricoop.nic.in | www.indoasiancommodities.com | www.agr.gc.ca | www.amritt.com

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12/17/2018 Food and Beverage Industry Analysis Research Report - Fintapp Blog

Food and Beverage Industry Analysis Research

World F&B Industry

Source: IBEF food processing industry – June 2017

Food Processing Industry in India

Source: IBEF food processing industry – June 2017

The food processing industry can be classiﬁed as below:

Source: Grant Thorton report and ﬁntapp research

The food processing industry has the below sub sectors:

Source: Grant Thorton report and ﬁntapp research

Fruits & Vegetables

India is the largest producer in the world of the below fruits:

Grains and Cereals

Meat & Poultry

Source: Annual report, Department of animal husbandry, FY17

Availability of quality feed and fodder

Below is chart depicting an average household consumption break up:

Source: Grant thornton report

Exports and FDI in the food processing segment

Source: Ministry of food processing industries

Favorable climatic conditions and location of India close to export destinations

Source: Department of industrial policy and promotion

Other segments in the F&B Industry

The other segments in the F&B industry are:

However the sector also faces the below challenges:

The food services industry can be classiﬁed as below:

Setting up of national mission on food processing to enhance coordination and faster

Drivers of the industry going forward are:

Branded Rice Companies

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