Projected to grow at the rate of 104%, touching US$482 billion by 2020, the Indian food and grocery market is the world’s sixth largest, accounting 14% of manufacturing (GDP), 13% of India’s exports and 6% of total industrial investment. “Indian food service industry is expected to reach US$78 billion by 2018.The Indian gourmet food market is currently valued at US$1.3 billion and is growing at a CAGR of 20%. It is expected to cross US$2.8 billion by 2015.
[box type=”shadow” ]The inflation rate of India at 3.9% stands comparatively better against 15.6% in Russia, 9.9% in Brazil, 7.7% in Turkey and 7.1% in Indonesia.[/box]
The online food ordering business in India is in its nascent stage, but witnessing exponential growth. The organised food business in India is worth US$48 billion, of which food delivery is valued at US$15 billion,” according to the India Brand Equity Foundation.
This transmits to their cleaning & maintenance needs too. Installation of CIP (Clean-In-Place), anti-foaming devices and COP systems account for a minimum of 0.25-1.5% of the entire expenditure. Therefore, the food processing industry alone generates a minimum of $450 million worth market prospect for cleaning & maintenance segments.
According to recent FICCI-KPMG report, India’s healthcare sector is expected to be $280 billion in size by 2020, growing at a compound annual growth rate of 16%. The Industry growth is favoured by rising income level, greater health awareness, increased precedence of lifestyle diseases and improved access to insurance.
In comparison to World Health Organisation’s (WHO) stipulated minimum doctor to patient ratio of 1:1,000, India has only 0.7 doctors per 1,000 patients. Currently, 0.9 million more doctors are required to meet the global average of 14.1 doctor per 10,000 people. Moreover, in comparison to WHO’s stipulated minimum ratio of 2.5:1000, India has only 1.7 nurses per 1,000 patients. An additional 2.4 million nurses are required to meet the growing demand. The healthcare manpower demand has outpaced its supply, creating a huge gap in quality healthcare services that needs to be filled.
According to the Healthcare Expenditure Survey, healthy healthcare unit direly needs the latest mechanised solutions for housekeeping. It normally spends 3% of the entire expenditure to fulfil the housekeeping operations. This accounts for a $1billion cleaning & maintenance market potential in healthcare segment.