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UK’s food and drink firms urged to target India's £305 billion food industry
A new report co-written by India’s YES BANK and Santander UK is urging the UK’s booming food and drink industry to focus on engaging within India, as the country’s rapidly growing consumer market looks for high-quality products.
India’s food and food services market is expected to grow from £305 billion to £500 billion, and UK firms could play a central role in that growth.
India’s food industry experiences both very high levels of wastage and low levels of processing.
Additionally, only 25% of the sector is currently considered ‘organised’. With the growth pressures on the food and food services sector, this equation needs changing; something that is recognised at the highest levels in India.
This presents both trade and investment opportunities for UK companies in a number of diverse areas.
Trade and manufacturing opportunities
From a trade perspective, there are opportunities to export the equipment, knowledge and expertise required to build robust food processing infrastructure (food parks, processing plants, transport, cold chain storage etc.).
A taste for UK produce
UK food and drink exports to Asia and Oceania have seen the fastest growth of any world market since 1996 at 155%, with the UK industry’s strong reputation for quality products, high standards of food safety, animal welfare and sustainability helping to drive rapid growth in demand.
High priority for food and drink businesses
Recent research commissioned by the Food & Drink Federation concluded that India is one of the top three markets that UK food and drink businesses would like to target – a fact recognised by the UK Government.
It has included India as a priority market in its latest food and drink export action plan, targeting £349 million of additional sales over the next five years. Major opportunities exist in, tea, biscuits, condiments and organic sectors.
A heavyweight food producer
The report by YES BANK and Santander also highlights that UK food and drink firms (including supply chain), should capitalise on India’s status as one of the world’s largest producers of raw and processed food products to meet consumer demand in the UK.
India is a global leader in milk production at over 155 million tonnes in FY16; in addition, it is now the world’s second-largest producer of fish products and has the world’s largest population of livestock.
It is the second-largest cereal producer and the global leader in cereal exports, led by rice.
No other industry in India employs more people
The industry accounts for 9% of India’s manufacturing GDP and is the largest employer in the country providing employment for nearly 1.5 million people.
Total processed food exports were worth £11.24 billion in 2016, led by onions, grapes, cucumbers, buffalo meat, groundnuts, guargum and rice.
During 2008-2016, exports grew at 11% with major destinations including the US, Middle East and Southeast Asia.
Nitin Puri, Senior President, Food and Agribusiness Strategic Advisory & Research, YES BANK, said:
India’s strategic location and its diverse raw material base serve to make it very promising for the food processing industry.
Its dynamic food market presents a plethora of trade and investment opportunities for UK firms across the value chain, ranging from the introduction of novel consumer food products and technology upgradation to establishing cold chain and logistics infrastructure.
Andrew Williams, UK Business Development Director – Food & Drink, Santander Corporate & Commercial, said
The Indian food and drink sector is in an extremely dynamic position.
This can be attributed to the demands of feeding a large population, changing demographics, heightened awareness on food safety and the growth of internal and foreign investment.
Encouraging tax and investment reforms make India the ideal platform for UK companies seeking to widen their footprint in an increasingly globalising economy.
UK-India trade links
The total UK-India bilateral trade in goods and services was worth £16.33 billion in 2015, with food processing listed as one of the major categories of FDI into India from the UK.
In July last year, Santander UK and YES BANK, India’s fourth-largest private sector bank, signed a memorandum of understanding to help boost UK-India trade and local business networking opportunities.
Through the new partnership, Santander will be able to offer clients access to banking facilities and local support in India through YES BANK’s network, while YES BANK’s customers get access to the range of financial and practical support that Santander offers businesses looking to trade internationally.
