Premium food exports are on an all time high. In India, the ability to indulge in export quality food products is giving the local demand and products a run for their money.
Exporters feel the need to sell the food items which are far more profitable to sell to the end user i.e. the consumer are considered better, safer and of better quality.
Some of the products include premium seafood, dry fruits, spices, special teas and coffee products, long grained basmati rice are some of the products which are giving a competition to the local brands and thus the food market is looking of for ways to increase the ever increasing demand of these items.
Sources reveal that, the prices of several products are equal to and in certain cases more than what foreign consumers have to pay. And clearly, no one is complaining.
“It is the emerging middle class with high purchasing power and changing food habits which is driving this consumption boom. They have become more quality conscious and are going after luxury goods. (And all) this will go up in the coming years given our economic growth,” says Laveesh Bhandari, Director of Delhi-based economic research firm Indicus Analytics.
“The market is growing within India too,” said D Senthil Kumar, Managing Director of Qualfis, which deals in personal and healthcare and food products. People can afford specialty products now. “Earlier, the spices were used for blending into masala powders. Now, they are also used to season soups and salads.”
“Youngsters in the IT sector prefer to eat out rather than cook at home. They are stressed for time and have enough disposable income on their hands. So this change in food habits is a reflection of the lifestyle changes,” says Carol Upadhya, Professor of social sciences at National Institute of Advanced Studies, Bangalore.
Source: Economic Times
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