Food retailing in India is the fastest growing segment in country’s fast paced retail sector and according to a new report will hit $482 billion by 2020, from $236 billion in 2006. Rising disposable incomes of the middle class, increased exposure to international lifestyles, growing aspirations of consumers, and the added convenience factors with more working women in the country as well as a greater emphasis on health consciousness are some of the major reasons that food retail is booming.
At “Foodpro 2007”, an industry seminar organized by the CII in Chennai, it was stated that over 80 million Indian consumers have more than $5,000 as monthly income and these consumers are the ones that are pushing the sector forward. The aspirational consumer class inf India is rapidly growing and will continue to do so for several more years which will ensure that the food retail sector continues to grow.
