Health & Wellness Foods market in India to reach Rs 55,000 crore by 2015

Management consulting firm, Tata Strategic Management Group, has launched a report on Health & Wellness (H&W) Foods. The report pegs the potential market of H&W foods at Rs 55,000 crore by Financial Year (FY) 2015 up from the current Rs 10,150 crore. Tata Strategic underlines new product development, technological advances in ingredient introductions and regulatory support as key growth drivers of H&W F&B industry in India.

Raju Bhinge, CEO, Tata Strategic Management Group said, "The global H&W foods market estimated at USD 460 billion in 2008 has grown at twice the rate of the packaged foods market during the period 2002-2008. With the growing awareness of lifestyle diseases in India, Indian consumers are increasingly open to the benefits provided by H&W foods. Therein lies the mega-opportunity that Indian F&B companies could leverage to create large packaged food brands in India. In our view, H&W foods category could grow to Rs 36,000 crore by 2015 (at a CAGR of 23 per cent) through increased penetration of existing products and introduction of new products. This market size could magnify 1.5 times to Rs 55,000 crore by 2015 with advances in product development and government mandated fortification."

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