Agri exports to double by 2030 to reach 100 billion USD: Commerce Secretary
January 2024, New Delhi: The Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal addressed the 7th Edition of Indus Food as Chief Guest. The keynote address was delivered by Shri Sunil Barthwal, Commerce Secretary. The show is organized annually by the Trade Promotion Council of India with the support of the Department of Commerce, Government of India. This year, Indusfood entered its seventh edition as the largest integrated F&B trade show in South Asia.
Inaugurating the show, Commerce and Industry Minister Shri Piyush Goyal said that, “The food exports from India holds an immense potential. This fiscal, the country’s agri exports will be more than last year’s level of USD 53 billion despite restrictions imposed on shipments of certain key commodities, including rice, wheat and sugar.” Suggesting the future strategy for growth Shri Goyal suggested we need to work in the three areas, skilling to meet the industry demand, ensuring farmers safety and producing good quality food using the quality ingredients meeting global standards. He congratulated TPCI for putting on a big show in this edition.
Delivering the keynote address Shri Sunil Barthwal said, “India’s agriculture exports which stood at over USD 50 billion at present are expected to double by 2030 and reach USD 100 billion.” He said that the country is targeting USD 2 trillion worth of exports of goods and services by 2030.
Indusfood 2024 is the largest food and beverages show in South Asia and areas like ready to eat and ready to cook food segment have huge potential to grow, Secretary Commerce underlined. He also urged the industry to focus on technical standard requirements of importing countries.
The 7th edition of Indusfood has scaled up tremendously, with around 1,200+ exhibitors, 7,500+ Global Buyers and over 60,000 square meters of exhibition space. This bears testimony to both the successful implementation of past editions as well as the growing interest of global F&B industry to engage with India.” This year we have seen a five times growth in size and the 7th Edition marks a pivotal milestone for Indusfood, as it is setting up an International ExhibitorPavilion for the first time, with over 120 exhibitors from around the world.
Speaking on the show Mohit Singla, Chairman TPCI said, “It gives me great pleasure to announce the inauguration of the international pavilion wherein we extend a resounding welcome to exhibitors from over 15 countries including EU, China, Russia, UAE, Canada, Hong Kong, Bangladesh, Nepal, UK, Turkey, etc. We have seen a good turnaround and response from international buyers numbering 2500 plus buyers. More than 85 retail chains are here for the show to source their requirement from India, which includes names like: Walmart, Spar, X5, Lulu, Mustafa, Carrefour, Grand Hypermarket, Khimji Ramdas, Choithrams, Nesto, shwapno, Pick n Save, Grand, etc. This is one sector which has seen sustained growth in demand over the years.”
Shri Signla highlighted, “The spotlight of this edition undoubtedly shines on the India Global Culinary Exchange (IGCE), a landmark initiative aimed at giving Indian cuisine global recognition by tapping the lucrative HoRECA industry. We would like to extend a hearty welcome to around 20 global Executive Chefs visiting Indusfood for this inaugural edition, along with notable personalities from the hospitality industry who have joined us today.”
Organised on the sidelines of Indusfood, the 3rd edition of Indusfood Tech will provide global visitors the opportunity to discover the advancements in Food & Beverage processing technologies & packaging solutions.
Delegates from 90 plus countries are expected to visit this edition of the show.
Indusfood showcases F&B products across a wide bouquet of product categories under one roof like; Sweets & Confectionery, Dairy, Dry Fruits, Indian Ethnic, Tea & Coffee, Spices, Fresh Fruits & Vegetables, Wine & Alcoholic Beverage, Non-Alcoholic Beverages, Organic & Health Food, Oil & Oil Seeds, Vegan Food, etc.
In the sidelines of the show the Knowledge Hub will feature a series of exciting seminars and panel discussions wherein top buyers, importers and distributors across global markets will share insights on more acceptable global standards, trends on Indian fusion cuisine, retail & e-commerce trends, market penetration strategies, regional standards, regulations and more.
The Indus Innovation Showcase and Awards will recognize companies that have pushed benchmarks and paved the way for the future with their outstanding F&B innovations. These enterprising players have been nominated for developing new standards in product packaging, process improvement, product novelty, health and wellness, sustainability and shelf life.
In 2022-23 processed food exports from India reached USD 10.6 billion, exhibiting an impressive five year CAGR of 22.4 percent while the overall the agri and food exports stood at around USD 53 billion, growing by 6 percent YoY. It is notable that India has received FDI in excess of Rs 50,000 crores in the food processing sector over the past 9 years, and the share of processed foods in India’s agricultural exports has increased from 13% to 23%.