Between 2013 and 2019, India’s food & grocery market doubled from $300 billion to $600 billion and is expected to jump another $200 billion by 2024, according to consultancy firm RedSeer. This growth will be propelled by new and emerging retail segments, created by our food brands and grocers.
Already, established food categories are being explored deeper and developed further for creating newer sub-categories. For example, the good-for-you health food segment has now spawned several newer categories like gluten-free, lactose-free, vegan, and other Freefrom foods.
Acting as the spear-head of this change-and-churn in the industry are new food players and promising young brands. Our lead story in this issue “Promising Brands in the Food Industry” (pages 30-40), looks at some ofthese up-and-coming players that are trying to meet an ever-growing array of emerging consumer needs and desires by launching exciting new products. These food brands are receiving the much-needed support from the retailers. With their pulse on the market and consumer preferences, top retailers like Reliance Retail (see pages 18-24) are reaching out to brands selling new products with a special niche and value proposition.
In the years ahead, I foresee many more new food brands to establish and position themselves to capture the imagination and evolving preferences of Indian consumers.