Kolkata, March 27 (IANS): The growing demand for ready-to-eat food products coupled with rising preference for natural or organic food ingredients will grow at a compounded rate of 12 percent and drive the food additives market in India over the next five years, a research firm said on Friday.

According to a report from TechSci Research, the growth in per capita disposable income and rising urban middle class population are among the key market contributors which will drive the growth.

"India has been witnessing significant rise in food consumption level, prevalence of processed and packaged food, convenience food, alcoholic and non-alcoholic beverages, bakery items, ready-to-eat food products and cereals. These trends are expected to drive remarkable growth in the demand for food additives in the country over the coming years," the report said.

According to the report, due to cultural and regional diversities, the pattern of food consumption is not uniform in India resulting in the western region generating the highest demand for food additives.

"The region is expected to continue spearheading the market due to the presence of a large number of food and beverage manufacturing companies in the states of Gujarat and Maharashtra," it said.

"Indian food additives market is dominated by the flavours segment due to their substantial use in beverages, savory items and cereals. With rising incidences of health problems like diabetes, consumers are also shifting towards all-natural, low calorie sweeteners such as Stevia. As a result, sweeteners are most likely to witness faster growth over the next five years and emerge as the leading segment in India food additives market through 2020," said research director at the firm Karan Chechi.

Stay updated wherever you go with Daijiworld.com and Daijiworld 24X7 tv channel mobile apps. CLICK HERE to download it for your device. (available on Android and IOS)

Link:
Indian food additives market to grow 12 percent CAGR

FILIPINOfood manufacturers are being encouraged to export organic food and food products to Sweden.

In a letter to Department of Trade and Industry's Export Marketing Bureau Director Senen Perlada, Foreign Affairs Undersecretary for International Economic Relations Laura del Rosario said that Philippine companies could also partner with Swedish counterparts to take advantage of this rapidly growing market.

Citing the Swedish newspaper Dagens Nyheter, del Rosario said the sale of organic food and food products in Sweden rose by 38 percent, to Swedish kroner (SKr) 15.5 billion in 2014 from SKr11.2 billion in 2013.

"(The increase in sales) is more than anywhere else in the world," she said.

Del Rosario said independent market monitor Ekoweb estimated that the market value of organic food has increased by an average of one billion kroner per year in the last seven years, but recently seen to be growing at four billion.

She said the Philippine embassy in Oslo, Norway, urged Filipino exporters to grab the chance, especially now that the Philippines is eligible for the European Union (EU) Generalized System of Preference (GSP) Plus.

The GSP Plus is a scheme that rewards developing countries that show a credible commitment to implementing core international conventions on human and labor rights, sustainable development and good governance by granting zero duty to over 6,000 eligible export products to the EU. PHILEXPORT

Published in the Sun.Star Cagayan de Oro newspaper on March 25, 2015.

Read the original:
Exporters urged to tap Swedish food market