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The size of Indian dry fruit industry would double to Rs 30,000 crore by 2020 on factors like increasing awareness of health needs, better availability and right packaging.
"The Indian dry fruits industry size is currently pegged at Rs 15,000 crore (4,50,000 tons approx). By 2020, this is likely to reach almost a million tonnes in volume, leading to an industry size exceeding Rs 30,000 crore," Royal Dry Fruits Range MD Anshul Agarwal said in a statement here.
Consumers are becoming aware about the health benefits associated with dry fruit consumption.
Factors such as increasing awareness of health needs, increasing disposable income levels, better availability, right packaging, consistent quality, adequate product communication (labelling), newer products such as Hazelnuts, Pecan Nuts, etc, are leading to a healthy growth of more than 10 per cent year on year, Agarwal said.
This is much ahead of the CAGR growth rate of 5.3 per cent for the dry fruit market and 6.5 per cent for the nuts market in the Asia-Pacific, he added.
Importers, processors and marketers of the nuts and dry fruits category in the country need to be better prepared for the huge growth anticipated in the coming years, he said.
Royal Dry Fruits' second outlet was opened in suburban Bandra here by Maharashtra Chief Minister Devendra Fadnavis today.
"Currently, the company has a presence in Jaipur, Ahmadabad, Surat, Goa and Mumbai and in next 3 years we plan to open 50 stores across the country," its chairman Mukesh Kumar Gupta said.