Changing food habits drive growth
The Indian animal husbandry market is projected to reach Rs.7,600 billion by 2024, exhibiting a CAGR of 11.8% during 2019-2024.
It was worth Rs.3,892 billion in 2018, according to a report “Indian Animal Husbandry Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024” by ResearchAndMarkets on 1 July 2019.
The per capita consumption of meat in India is fairly low compared to the developed markets suggesting that a significant share of the market still remains unpenetrated.
“We expect a continuous growth in disposable incomes coupled with changing food habits to increase the consumption of meat in the coming years,” said the report.
Although the share of processed meat in the entire meat industry is currently fairly small, it represents a sector that is expected to grow very fast in the coming years.
As a result of increasing concerns related to the hygiene of the fresh meat available in the retail markets, consumers are expected to shift towards processed and value-added meat products such as sausages, ham, bacon, luncheon meat, kebabs, meatballs, etc.
Growth in the food services market such as restaurant and fast food joints are also creating a positive impact on the consumption of meat in the country. The share of restaurants and fast food joints serving non-vegetarian food is expected to increase in the coming years.
The leather industry in India represents a very large market and amongst the world’s fastest leather markets.
“We expect the strong growth in the leather market to create a positive impact on the consumption of hides and skin which are used as raw materials in the production of leather,” said the report.
The woollen fabric industry in India is currently experiencing growth both in terms of domestic consumption as well as exports.
“We expect this to create a positive impact on the consumption of wool in the country,” said the report. fiinews.com