According to a recently released report, Indian ranks third in the world for the production of dried and preserved vegetables. The country is the
second-largest producer of vegetables next only to China, but the fruit and vegetable processing industry in India is highly decentralised. A large number of units are in the small-scale sector, having small capacities up to 250 tonne per annum though big Indian and multinational companies have capacities in the range of 30 tonne per hour or so. Hence the country ranking third, according to the report --Dried and Preserved Vegetable Market in India 2016-20--by Novonous.
In the dried and preserved vegetable market high return is usually in the export market, especially Europe. The export customers are mostly ready-to-eat food manufacturers and hotel chains in those countries. Any economic slowdown in Europe or other export markets would negatively affect the businesses of export customers which in turn would affect the order quantity and hence the dried and preserved vegetable market.
Ambarish Kumar Verma, MD, Novonous Business Consulting Pvt. Ltd, said, "The dried and preserved vegetables market in India is highly fragmented with many small and regional players producing to meet the demand of the Indian market. Most of the export market is dominated by big players in the industry. Most of the companies produce a wide variety of products which are used for different applications in the food processing industry."
According to Novonous, the dried and preserved vegetables market of India is expected to grow at a CAGR of 16% by the year 2020. The supportive agro-climatic conditions, potential domestic market, cost-competitiveness, and government support are some of the key factors which will drive the growth of this industry.
Source: fnbnews.com
