The value added in India's Food, Beverages, and Tobacco sector has displayed a general upward trend from 2013 to 2023, starting at 9.93 and peaking at 11.26 in 2019, 2020, and 2021. While the year-on-year growth demonstrated sporadic fluctuations, significant increments were noticed in 2015, 2016, and 2019, with growth rates of 4.8%, 4.01%, and 5.2% respectively. However, since 2022, the values indicated a subtle decrease leading to 11.23 in 2023. The Compound Annual Growth Rate (CAGR) over the last five years before 2023 remained modest at 0.96%.
Future forecasts suggest a stagnation with slight declines expected, as indicated by the forecasted CAGR of -0.04% and a forecasted 5-year growth rate of -0.21%, stabilizing around 11.2 by 2028.
Future trends to watch for include:
- Potential demand shifts driven by consumer behavior changes and economic conditions.
- The impact of governmental policies and initiatives aimed at boosting the food and beverage sector.
- Technological advancements and innovation in food processing and packaging.
