Punjab food processing industry stays bullish

Despite rising commodity prices and the financial meltdown, the food processing industry in Punjab is bullish on growth and has lined up new launches.

Speaking to Business Standard, Cremica Foods director Anup Bector said, “We registered a growth of about 30 per cent last year and are targeting the same for the current year.” he said.

Though rising commodity prices impacted Cremica’s bottomline, this was offset by increase in volumes. “The exports of biscuits and sauces to the developing countries was affected but the business to the developed countries remained the same,” he said.

The company plans to roll out a new range premium biscuits and snacks next month in the northern state. It is currently test-marketing the products.

 

The Punjab Marketing Federation, a state-owned outfit that is into exports of ready-to-eat meals and caters to the domestic market with edible oil, basmati rice, tomato ketchups and jams, is also upbeat. Markfed registered a growth of 35 per cent in its export business last financial year and expects to maintain the same. The edible oil and basmati rice business contributed about Rs 40 lakh to the profit in the first month of the current financial year.

Likewise, Himalaya International Limited, located on the foothills of Shivalik, also plans to launch new products including breaded appetisers, fat-free yoghurt, fruit yoghurt and speciality mushrooms in the domestic market. “We have been consistently growing at 40 per cent for the past few year and hope to maintain the same pace,” said Man Mohan Malik of Himalaya International.