Food Industry News: Facilitating Growth, Challenges, and Culinary Marvels- written by Aishee Biswas (Managing Editor, Bisjhintus News)

In the ever-evolving landscape of the Indian food industry, several noteworthy developments have recently taken place. Let’s delve into the latest happenings:

 

Streamlining Certifications for Food Products:

The Indian government has approved amendments to food safety and standard regulations. Now, only one certification from the Food Safety and Standards Authority of India (FSSAI) is mandatory for food products. This move aims to enhance ease of doing business by embracing the concept of 'One Nation, One Commodity, One Regulator’.

 

Battle of the Brands: FMCG Giants vs. Local Challengers:

The Indian economy’s rising consumption offers ample growth opportunities for the Fast-Moving Consumer Goods (FMCG) sector. While established giants like Hindustan Unilever and Nestle India continue to dominate, local brands are making their presence felt. These regional players are chipping away at market share in categories such as soaps, detergents, hair oil, tea, and biscuits. In response, FMCG giants are slashing prices, ramping up advertising, and investing in marketing to maintain their edge.

 

Lite Bite Foods’ Strategic Focus:

Lite Bite Foods, the company behind popular brands like Punjab Grill, Street Foods, YouMee, and Asia 7, plans to double its outlet count. By expanding into tier 1 and 2 markets, they aim to capitalize on India’s growing organized food services sector. The projected value of this sector is an impressive $78.8 billion by 2026, driven by increased dining out frequency and diverse cuisine demands.

 

Global Impact of Export Restrictions:

India’s decision to limit exports of agricultural commodities (including wheat, rice, sugar, and onions) has had repercussions worldwide. Food prices have surged due to supply constraints. Seth Meyer, chief economist at the USDA, emphasizes the importance of reliability in maintaining good customer relationships.

 

Shrinkflation: A Stealthy Consumer Challenge:

Across the world, businesses often reduce product sizes while maintaining the same price. Rising input costs (labor, commodities, and energy) and heightened competition are cited as reasons. Consumers are waking up to this phenomenon, which they perceive as a stealthy tactic employed by companies.

 

IndusFood 2024 Showcases Culinary Innovation:

At IndusFood 2024, Indian culinary marvels took center stage. From award-winning beetroot vegan lattes to exotic millet-based snacks, the global audience witnessed a delightful revolution in food innovation.