India is the world’s fastest growing health foods market and forecasted to become a $30 billion sector by 2026, a new report by investment banking services firm Avendus Capital said.
The number of health-conscious consumers in India would increase from 108 million in calendar year 2020 to 176 million in 2026, the report noted, adding that there was massive headroom for growth in the space given low health food penetration as a percentage of total packaged foods and beverages which stood at 11% in India compared to 31% in the US.
The country is experiencing a wave of health-conscious consumers leading to a structural shift in food preferences and purchase decisions, and significant growth is expected across categories, with healthy snacking leading market expansion, the report said.
Read more at: https://economictimes.indiatimes.com/industry/cons-products/food/india-to-become-a-30-billion-market-for-health-food-by-2026-avendus/articleshow/89971248.cms