The sector has seen unprecedented growth, setting the stage for a bright and dynamic future
The Indian food tech industry has undergone a remarkable evolution between 2022 and 2024, positioning itself as a key contributor to the country’s economic growth and a leader in global food innovation. Driven by technological advancements, changing consumer preferences, and a robust entrepreneurial ecosystem, the sector has seen unprecedented growth, setting the stage for a bright and dynamic future. In the dynamic and competitive world of food technology, the role of technology and research and development (R&D) has become increasingly critical in creating export-worthy products. For Indian Food Tech firms, especially startups, innovation driven by cutting-edge technology and robust R&D practices has enabled them to carve out niches in the global market. Let’s take a closer look.
From 2022 to 2024, the Indian Food Tech industry witnessed significant expansion, marked by an increased adoption of technology across the food supply chain—from production and processing to distribution and consumption. Innovations in areas like AI-driven food processing, IoT-enabled supply chain management, and blockchain for food traceability have not only improved efficiency but also enhanced food safety and quality. This period also saw the rise of plant-based proteins, ready-to-eat meals, and personalised nutrition as key trends that are reshaping consumer behaviour and driving market growth. According to the India Brand Equity Foundation (IBEF) the market size of the Indian food tech industry, which was estimated to be around $13 billion in 2022, has grown rapidly due to technological advancements and increasing consumer demand. By the end of 2024, the industry is expected to reach a valuation of $22 billion, reflecting a compound annual growth rate (CAGR) of over 14 per cent. This growth is fuelled by the sector’s ability to cater to both domestic and international markets, with exports playing a crucial role in its expansion.
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