Agri-products firm GRM Overseas has announced the launch of a new product line to cash in on the huge opportunity present in the Indian Food and Beverage Packaging Industry that has been growing by 14.8% every year. The Industry is anticipated to attain USD 86 billion in 2029, which can be primarily attributed to several factors such as rapid urbanization, rising disposable incomes and evolving consumption patterns according to All India Food Processors Association.
Read: July 2023 Issue of Food Infotech Magazine.
The new regulations by FSSAI has been driving the growth of the sector and packaging has evolved from protection to marketing and sustainability.
As per an exchange filing, the company stated that it has launched five new packaged products as it looks to expand its portfolio and market footprints. The new product line is in accordance with the quality and reliability defined by the FSSAI.
“With the addition of a new product line under 10X Shakti portfolio, the topline will see growth going forward. This is also an important and progressive move for domestic business,” Atul Garg, MD, GRM Overseas Ltd. said in a statement on BSE.
The new launches, according to the statement, will be available through general trade and modern trade channels, with a special focus on the various e-commerce platforms to ensure a wider reach.
GRM is a small-cap stock and is primarily engaged in the agricultural products industry. It is the third largest basmati rice exporter in India. Its shares have delivered multibagger returns to investors. According to BSE data, the stock has yielded a return of 600 percent in 3 years and 900 percent in 5 years.
According to All India Food Processors Association, post-Covid-19, the demand for natural food ingredients has surged, and this, in turn, is reshaping the landscape of the packaging food industry. The organized packaged ingredient market, which is valued at about INR 20,000 crores annually, is indicating a shift from loose to packaged products.