India can generate $1 trillion in revenues from Agriculture and Food sector, making it the largest private sector Industry by 2030, reveals report
With an investment of $272 billion in agritech and allied segments by 2030, India stands to generate $813 billion in revenue, creating 152 million jobs and impacting 1.1 billion lives, says a report launched by Aspire Circle, an Impact Leadership champion and advocate in the country. The report titled ‘Investing for Impact: Food, Agri and Agritech’ has been authored by leading agritech experts, industry leaders, academics and thinkers.
According to the report, adoption of fortified foods/functional foods may face limitations due to existing fear of artificial fortification and would require extensive branding, awareness, behavioural change campaigns.
Looking at the current opportunities, future prospects and enabling government policy measures, investability options have been identified as: • Bio-fortification of seeds • Product innovations in ready to eat products, ready to cook food, cut vegetables and snacks etc. • Exploring R&D, food processing opportunities • A collaborative private- public distribution system.
The report has also highlighted that while Indians are massive consumers of raw plant products like lentils and pulses, processed products awareness and acceptance is prominent among urban consumers only but it is slowly picking up in smaller cities also through private marketing campaigns.
In order to scale up plant-based protein market, we need to focus on collaborations for knowledge sharing, R&D and exports; and innovative marketing model to scale up the acceptance.