A food bazaar in India’s capital has become a global phenomenon, drawing millions of visitors and attracting some of the world’s biggest brands.
It’s a sign of how much the food and beverages industry is enjoying India’s booming economy.
India is the fastest-growing consumer of food, with the country growing faster than the rest of the developed world last year, according to the International Monetary Fund.
The country is also on track to overtake China as the world leader in food and drink consumption by 2020.
With more than 10 million people expected to visit the Indian capital in the first half of 2020, the city is expected to become the hub for the world-renowned food and beverage market, said Gaurav Singh, chief executive officer of the food bazaars.
The city’s food market, which attracts more than 30 million visitors a year, has been in a rut for years.
The bazaar, which opened in 2014, is the latest development in a trend in which the Indian food and drinks industry is expanding globally, said Rajesh Srivastava, managing director of marketing and merchandising at Indre, a Mumbai-based food and tourism firm.
India’s food and wine industry has grown at about 9% a year for the past 10 years.
It now accounts for almost 60% of India’s total exports, according the International Federation of the Phonographic Industry, which represents the industry.
“It’s been a trend that we’re seeing in the Indian industry, which is a sign that India is becoming a major exporter,” Srivadav said.
With food prices so low in India, it’s becoming an important way for retailers to make money.
The food market in India is expected by the IMF to grow by 25% a share by 2020 and by 80% by 2035, according a report from consultancy consultancy consultancy Mintel.
“Food bazaards have become a huge growth area for the industry,” Sivaram Agrawal, chief economist at IndiGo, a global food retail and wholesale services company, said.
“There’s a lot of interest in the bazaar space, which has grown from about $4 million in 2009 to more than $20 million today.”
The growth of the Indian bazaar reflects the country’s growing appetite for Indian food.
In 2015, the country became the world top food exporter with more than 2.3 million tons of exports.
“India is one of the largest food-producing countries in the world and has a very high food consumption rate, and it’s one of its key industries,” Srinivas Agrawa, director of the Centre for Food Policy Research, a research group, said in a statement.
In recent years, India has seen a boom in the countrys growing domestic markets for fruits and vegetables, dairy products and seafood.
With its growing middle class, demand for Indian products is rising.
The growth in the food market has been particularly strong in recent years.
As the economy continues to grow, the industry has seen an increase in the number of people moving to the country for work, according Mintel, which tracks food and food related services.
The global food industry is also taking a larger role in developing countries, as it seeks to compete with Western-made products.
For instance, India is a major producer of packaged foods, while the United States is an exporter of packaged food.
The Indian food industry has a lot to offer expats, said Nandita Sharma, managing partner at London-based consultancy company The Future.
“I think the growth in this sector is really encouraging,” Sharma said.