India's meat market is to double its value in 4 years
Meat consumption in India is expected to grow fast in the next 4 years, according to some recent studies. Nowadays, the Indian meat market is estimated to be at $31 billion, but it could reach a value of $65 billion until 2022 if a Compound Annual Growth Rate (CAGR) of 20% is to be maintained all this time, reports FnB News magazine.
"India consumes close to US$30 billion meat annually where 90% is handled by the unorganised market. Out of total US$300 billion grocery market, this is the only largest category which has not been organised", declared Vivek Gupta and Abhay Hanjura, founders, Licious, the country's leading gourmet meat brand.
In their opinion, the growth in meat consumption is going to be fueled by convenience products, as the middle-class in the country is starting to grow as well. The typical Indian consumer will be replaced by one interested in processed meat, fish, and poultry products.
Despite the myth that India is a vegetarian country, 72% oh the inhabitants have non-vegetarian dietary habits and the numbers are much higher in the south part of the country.
"We endeavour to satisfy customers with the finest and freshest meat. Seafood too is processed using globally-accepted scientific techniques and by creating an organised fresh meat category in an industry dominated by the frozen meat market. There is a largely untapped market open for products that make a difference to the consumer’s life" declared the two founders in an interview for the magazine.
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