The food processing industry is one of the most vital industries in the world. It has a large chain of supply chain activities going on round the clock. Due to the growing demand of the population for food, the food industry has seen an incredible rise in its demand.
Also, with the present generation living a fast-paced life, they hardly have time to cook a proper meal. Hence, the processed foods like ready-to-cook foods have seen a huge surge in its demand. And with the COVID-19 pandemic already making it difficult for the general public to access fresh foods, the demand for processed foods has increased manifold.
By 2024, the food industry is predicted to reach a whopping INR 50,571 billion! Also, the industry is expected to grow at a rate of 12.4% during the years 2019 and 2024. The reason behind this rapid growth in the market size of the industry is because the world population is growing rapidly with each passing year. Also, people have more comfortable lifestyles than before, hence having more money to spend on food.
The food processing sector has been in high demand since the COVID-19 pandemic hit the country hard. Normally, when there is a situation that threatens mankind’s existence, for example wars, then the first thought that comes to mind it to stock up food for the entire week to avoid food shortages. And the current pandemic doesn’t feel any lesser than a war.
This is exactly the reason why the food sector has always been booming since centuries. Because the first instinct that comes to mind is to stock up food. The food sector has come into the spotlight for all the right reasons because the consumers have suddenly started stocking up on food to the point of panic-buying various products. Panic-buying has also become a cause of worry for many as it leads to shortage of food supplies in various regions.
However, in the poorer countries where almost the entire population depends entirely on one income source, and with the pandemic putting people out of jobs, there will be a significant decrease in demand for food as the population won’t have enough money to buy food.
Restaurants and food outlets have been heavily impacted by the pandemic as lesser number of people are coming to restaurants resulting in heavy losses to the business.
Also, with the implementation of various measures and restrictions by various countries has resulted in a lot of strain to the shipping of various food products from different countries. The perishable goods are especially going to cause a lot of loss and damage to the businesses as these products are prone to get destroyed if not sold after some time.
The food industry has always been in high demand given the confortable lifestyles people lead today. However, the recent turn of events have put the food industry in the spotlight and has also caused the industry a lot of losses too.