Written by : Dr Amit Mishra
The Rise in Demand of Safe Foods Hope for a Bonanza in Food Business
Food safety is of principal concern in our country today. With an estimated 17 Crore cases of foodborne diseases annually, almost 1 in 9 people, about 40% children, in India would fall ill after eating contaminated food by the year 2030, represent an increasing threat to human health. The Indian gourmet food market is expected to grow at a Compound Annual Growth Rate (CAGR) of 10% by the year 2022 while India’s organic food market is expected to grow at a CAGR of about 25% by the year 2020.
Often due to the lack of knowledge, most of us are easily duped by the adulterers, which may cost us dearly in health problems. Although, there are various quick tests to check however those are not accessible to use by the common people. Entrepreneurship is considered one of the best niches in the world for it incites you to view everything as a scope for innovation!
Food & Beverages industry or FMCG (Fast Moving Consumer Goods) is an evergreen business. The distinctness of this business lies in the fact that it is deeply competitive; less influenced by the changing market trends, low investment is required and has long term gain. The demand for food always remains on the top. Even in the worst financial crisis people generally don’t compromise with their choice of food.
But the big question is: How to get safe and healthy Food? Although, digitization era has improved awareness among mass about the safety of Food products however specific knowledge about food products is still lacking. Inspite of the fact that the inclination of people towards Organic foods has increased however the limited market and the high input cost has not allowed it to be truly successful yet.
Recent market trends indicate huge growth for the Food with preservatives and Food which can essentially be processed in factories not only in production but as a part of the world food trade as well. India’s contribution to worldwide consumption is expected to be doubled to 5.8 % by 2020.
In the last few years, the Indian Government’s Policy has fully supported the market with the initiatives like Food Security Bill, Direct Cash transfer subsidies reaching to about 40% households. Many players like Patanjali, Dabur, etc. are planning to expand into new province and categories. Recently, Patanjali’s Rs 6,000-crore food park-sanctioned by the UP (Uttar Pradesh) Government to be set up in Noida is expected to double the income of Farmers.
During recent years, the Ministry of Food Processing Industries (MoFPI), Food Corporation of India (FCI) and The Food Safety and Standards Authority of India (FSSAI) have made all efforts to encourage fundings in the business by approving proposals for foreign collaborations, joint ventures, industrial licenses, and 100% export oriented units.
The online food ordering business in India is still in its budding stage, however, the sector has witnessed an exponential growth in recent years. With online food delivery players like Zomato, Food Panda, Tiny Owl and Swiggy growing through partnerships, the organized food business has a vast potential and a bright future.
Foodborne diseases have a negative impact on the socioeconomic development of the nation as it affects National Economy, Tourism, and Business. Bacteria (66%) is the main cause of foodborne diseases, others being chemicals (26%), virus (4%) and parasites (4%).
For the first time, the United Nations has decided to celebrate World Food Safety Day on 7th June 2019 to increase awareness among people about eating safe foods. The theme of the celebration for this year is “Food Safety, everyone’s business”. It was the unanimous decision of WHO (World Health Organization), and the Food and Agriculture Organization (FAO) of the United Nations to commemorate this day for safety concerns of Food. Common adulteration is found in daily use products like milk, cheese, ghee, Sugar, Salt, Pepper, Chilly Powder, Softdrinks, Jaggery, Pulse, etc.
With an increasing awareness of food safety for a sustainable global food supply, this sector of Food business has come up as a new hope for Young Entrepreneurs, who need to update themselves and keep an eye open for the things that are regularly changing in the rising business!