3. Discretionary spends India's promising #income growth and favourable demographics should drive consumer spending in the future. The World Economic Forum predicts that consumer spending in #India will skyrocket from $1.5 trillion to nearly $6 trillion by 2030. The latest National Family Health Survey 2022 conducted in India highlights that households in the country allocate a significant portion of their budget towards the #Food segment. The survey also emphasizes a steady rise in discretionary spending within the Food segment over the past two decades, with a consistent growth in dairy products and packaged food products witnessing accelerated #growth.
Indian household consumption breakdown #Food #rent #utility #Health #education
India Household Consumption: Discretionary vs Essential #HouseHold #economy #spending #investing
4. Urbanization #urbanization is a key trend unfolding in #India , driven by improved access to higher #education, unremunerative #agriculture , and #infrastructure development. Although the #urban population in India has been increasing steadily, just over one-third of the population currently resides in urban areas. As per Census Bureau, it is estimated that nearly 40% of India's population will reside in urban areas by 2030. With the ongoing urbanization, we can anticipate a rise in #nuclear families, smaller households with greater disposable income, and an upsurge in expenditure on packaged #foods and eating out. This growing trend is particularly driving the demand for packaged milk products, including #milk , #curd, #Buttermilk, #ghee, #Butter , #icecream , and #paneer.
Urban population in India has been increasing steadily #stockmarkets #urban #rural
5. Changing dietary patterns The #Food consumption pattern of #Indian households is undergoing a notable transformation due to increasing #Health awareness, especially in the aftermath of the #pandemic. There is now a greater inclination towards consuming high-value and nutritious food items like #milk , milk products, #fruits , and #vegetables , while staple cereals are becoming less prominent. The preference is now leaning towards high-value and nutritious food choices such as milk, milk products, fruits, and vegetables, with staple cereals taking a backseat. The preference for dairy products as an essential source of nutrients like #proteins, vitamins, and minerals is continuously growing. This preference extends beyond conventional dairy items to include value-added products like flavoured yogurts, fortified milk, and probiotic drinks.
Dairy spends have steadily grown for Indian households #investing #economy #spend
Packaged food product spends seeing accelerated growth #growth #economy #stockmarkets