A further 25% of respondents each are "neutral" or "less optimistic" about their company's prospects. Strong growth in emerging markets, especially India and China figures in the optimism, Canadean's survey found. Although the research firm doesn't mention frozen foods, they are experiencing strong growth in both countries.
The key executives surveyed plan to expand their companies' manufacturing capacities in India through the expansion of categories such as ready-to-eat products and packaged soya food products. In India, the consumption of beer, whiskey, and wine have benefited from economic growth and strong demand from middle-class consumers, which has induced corporate decision makers to tap the Indian market.
The Government of India, in order to encourage food production, plans to set up food processing parks across the country, and also plans to allocate a subsidy of $22 billion for this endeavor. Furthermore, the increased demand for ready-to-eat products and packaged soya food products among middle-class consumers has encouraged key executives to expand their companies' production capacities in India.
Additionally, Canadean found, the global food and beverage market's revenue over the next 12 months is expected to grow due to increased consumer demand for health and wellness oriented food, and beverage products such as organic and gluten-free food, and the adoption of sustainable sourcing strategies by food and beverage companies.
