FOOD INDUSTRY
Inflation is highest in Odisha at 7.22% followed by Bihar and Karnataka: SBI research
India's inflation landscape showed spatial variability in June 2024, with 12 out of 22 states reporting rates exceeding the national average of 5.1%. Odisha had the highest inflation at 7.22%, followed by Bihar at 6.37% and Karnataka at 5.98%. The Index of Industrial Production (IIP) surged to a seven-month high of 5.9% in May, reflecting robust growth in mining, manufacturing, and electricity production.
Eating out could become more expensive as vegetable prices soar
Vegetable prices are skyrocketing, leading restaurants to consider hiking menu prices and abandoning discounts, ultimately burdening diners with higher costs for dining out. The unprecedented price surge has impacted bottom lines of eateries, forcing some to adjust portions or even discontinue certain items. Larger establishments are extending support to vendors facing challenges due to rising costs, while smaller joints are exploring cost-saving measures like automation.
Food on boil, inflation rises to 4-month high of 5.08% in June; May factory output highest since October
India's retail inflation surged to a four-month high of 5.08% in June, up from 4.8% in May, driven by a sharp increase in food prices which reached a six-month high of 9.36%. This exceeded expectations, as a recent poll had projected inflation at 4.7%. Concurrently, the Index of Industrial Production (IIP) indicated robust growth, rising to a seven-month high of 5.9% in May, fueled by gains in electricity generation and mining sectors.
Retail inflation for industrial workers eases to 3.86 pc in May
In May 2024, retail inflation for industrial workers in India eased to 3.86%, down from 4.42% a year earlier. The Consumer Price Index-Industrial Workers (CPI-IW) rose by 0.5 points to 139.9 points, compared to 139.4 points in April 2024. The food and beverages group increased to 145.2 points from 143.4 points in April, while the fuel & light segment decreased to 149.5 points from 152.8 points. The Labour Bureau compiles these indices based on retail prices collected across 317 markets in 88 industrially significant centers nationwide.
Food services sector may grow at 8% CAGR in 2024-28: NRAI report
The food services sector in India is set to grow at a CAGR of 8.1% from 2024-2028, reaching Rs 7.8 lakh crore by FY28. According to the report, rising incomes, urbanisation and changing lifestyles are significantly increasing the frequency of dining out.
India's food services sector to hit Rs 7.76 lakh cr by 2028: NRAI Report
India's food services sector is projected to grow from Rs 5.7 lakh crore to Rs 7.76 lakh crore by 2028, according to the National Restaurant Association of India's (NRAI) India Food Services Report 2024. This represents a CAGR of 8.1%, surpassing the RBI's GDP growth forecasts. The sector, currently the third largest industry after retail and insurance, is expected to employ one crore people by 2028, up from 85.5 lakh.
Gopal's Sweets to invest Rs 150 crore to set up a manufacturing unit in Mohali Industrial Economic Zone
Gopal's Sweets is investing Rs 150 crore to establish a manufacturing unit in the Mohali Industrial Economic Zone (MIEZ). Spread over 150 acres, MIEZ plans to expand to 500 acres, offering strategic connectivity. The unit will process Punjab's farm products, enhancing local agricultural operations. MIEZ hosts over 50 industries and benefits from Invest Punjab and MSME "Make in India" initiatives.
‘Organic’ and ‘natural’? India’s $32 billion packaged food and beverage industry struggles with disclosures
The packaged food industry should be more upfront about the ingredients they use to make products. It is a question of public health, say experts.
Del Monte Foods announces Abhinav Kapoor as new CEO
Abhinav Kapoor was previously vice president, sales at VIP Industries, where he was overseeing P&L, multiple channels and sales, the company said in a statement, adding that Kapoor has over two decades of experience in sales and distribution within consumer businesses. He has previously held leadership positions at Cavinkare, Britannia Industries, Mondelez and Marico, the statement said.
India pitches for strengthening quality standards for spices
India actively supports global food standards at the Codex Alimentarius Commission session in Rome, emphasizing quality in spices, vegetable oils, and water reuse. The country's commitment to food safety, recycled materials, and addressing global challenges like climate change is evident in its participation and championing of guidelines.
Big fat Indian wedding: At Rs 10 lakh cr, expenses second only to food & grocery
The Indian wedding industry, worth around Rs 10 lakh crore (USD 130 billion), is second only to food and grocery. Hosting 8-10 million weddings annually, India leads globally. Weddings significantly impact multiple sectors, driving growth in jewelry, apparel, catering, and more. Despite economic classes, spending on weddings often exceeds education costs.
ITC packs a punch, beats Britannia in foods business
ITC's foods business posted consolidated sales of Rs 17,194.5 crore for the fiscal year ended March 31, 2024, the company that owns brands such as Aashirvaad atta, Bingo potato chips and Sunfeast biscuits in the segment said in its latest annual report. This comprised both domestic sales and exports.
Sweet Profits, Bitter Reality: Who gains the most from the cocoa price surge?
The cocoa industry is facing significant shifts as cocoa prices soar, driven by poor harvests in West Africa. While prices have surged to record highs, small-scale producers in regulated countries like Ivory Coast and Ghana see limited benefits due to pre-set prices. Meanwhile, less regulated countries like Cameroon and Nigeria gain more from market trends. Major processors struggle with high costs and production slowdowns. Climate change, bean disease, and low farmer incomes exacerbate the situation, leading to child labor and land sales. Despite these challenges, major chocolate companies continue to report significant profits.
Tech-fuelled freshness: The future of the frozen food industry
Modern freezing techniques not only preserve the quality and freshness of food ensuring that consumers receive products with high nutritional value, but also cut down on the food wastage.
Edible oil prices rise 15% in a month
Companies like Adani Wilmar, Emami Agrotech, and Sunvin Group said while disruption in soyabean oil supplies from Argentina and Brazil is driving prices higher, mustard oil prices have risen as National Agricultural Cooperative Marketing Federation of India (NAFED) and Haryana State Co-operative Supply and Marketing Federation Ltd (HAFED) have purchased large quantities of mustard seeds.
Plant-based food cos urge FSSAI to ease 'milk' label rules for plant-based dairy alternatives
Sethi called for FSSAI's chief executive officer (CEO) to engage with the industry, exchange ideas and foster collaboration to support startups and product innovation against bigger players. He proposed setting up "Plant Protein Clusters" across states to facilitate collaboration between institutes, startups and the government.
Government aims to boost use of artificial intelligence in food processing
India aims to boost artificial intelligence (AI) in food processing to raise efficiency, support farmers, and cut environmental impact, officials revealed at a National Institute of Food Technology Entrepreneurship and Management (NIFTEM) conference. The government advocated for a roadmap to deploy AI tools in the sector, with the Ministry of Electronics and Information Technology Secretary showing support. Experts believe AI can enhance agricultural practices, improve produce quality, and aid India's goal of achieving net zero emissions by 2070.
Why are Indian spice companies facing global market heat, and what steps can regulators take to restore trust?
Global scrutiny on Indian spice industry post ethylene oxide contamination. Urgent need to enhance domestic market quality for export trust. Authorities and experts stress transparency and stringent measures for maintaining export integrity.
Colour used to to dye clothes allegedly mixed with turmeric and chilli powder at spice mill in Modinagar
A spice mill in Modinagar was found allegedly mixing industrial color with turmeric and chili powder to enhance their appearance. Officials seized 200kg of turmeric and 150kg of red chili powder. The spices were sold in bulk without any brand name. Samples are sent for testing. Adulteration of food products carries a penalty of up to Rs 5 lakh. Doctors warn that such adulteration can lead to serious health issues, including kidney and liver damage, and even cancer.
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