United States Soybean Export Council (USSEC) in collaboration with the Association of Food Scientists and Technologists of India (AFSTI) has organised a one day event “Skill Enhancement and Entrepreneurship Development in Soy Food Processing” in New Delhi involving various stakeholders from the industry, government, academia, agriculture and food policy experts. Eminent speakers from the US department of Agriculture (USDA), Food Safety and Standards Authority of India (FSSAI), Soy Processors Association of India, Progressive Soybean Entrepreneurs Association, Indian Institute of packaging, Food Industry Capacity & Skill Initiative (FICSI), Ernst & Young, DuPont Nutrition, Marico etc. talked about various aspects of the soy food processing, skill development in food processing sector and the entrepreneurship development in the soy food processing sector. A special session was organised for the soy food entrepreneurs to understand their issues and problems.
Speaking during this conference Dr. Ratan Sharma from the USSEC deliberated that the global soy food market was estimated to be worth of $39.9 billion in 2015 and will reach to $54.5 billion by 2020, growing at a CAGR of 6.43%. The global soy food market is expected to see steady growth during the forecast period of 2015-2020 because of the rise in demand for soy food products and increasing knowledge & awareness about the benefits of soy among the consumers. A decline in demand for dairy beverages has also increased the demand for soy-based beverages. The overall market reported positive growth because of the rising awareness of veganism and soy food products.
Recently soy food processing has emerged as an excellent option in the food processing sector creating considerable employment opportunities on a small, medium and large scale, providing the low cost nutrition to the masses in India. Although the soy food processing sector is growing at a faster rate of 12% annually but still needs to develop with a pace to bridge the protein gap of the country and soy processing industries should be integrated to the nutrition intervention programs of the government.
Talking on the soy oil Dr. Sharma explained that demand of edible oils in the country is 23.00 MT, and 15.5 MT of the edible oil is imported from other countries and rest is produced locally. Soy oil is the second largest consumed edible oil in the country contributing 23% share whereas Consumption of palm oil is now nearly 42%.
After the restriction on the junk foods many of the investors are eying towards the soy food business on a large scale. India is a highly malnourished country predominantly with the protein calorie malnutrition. Soy is the least expensive source of high quality protein but the biggest irony of the soy food sector is that it has been fully taxed by the government without any consideration of its high nutritional aspects and making it available for the general masses by giving subsidy or the concession in taxes and duty.
This program was attended by a large number of people from the soy food industry, trade associations, nutrition professionals, scientists and professionals from the multinational companies from all over the country along with the representatives from the press and media.
During this conference Dr. Ratan Sharma received awards from the Association of Food Scientists and Technologists and the Progressive Soy Entrepreneurs Association for his outstanding contribution to the soy food industry in India.
USSEC is a dynamic partnership of key stakeholders representing soybean producers, commodity shippers, merchandisers, allied agribusinesses and agricultural organizations. Through a global network of international offices and strong support in the U.S.USSEC helps build a preference for U.S. soybeans and soybean products, advocate for the use of soy in feed, aquaculture and human consumption, promote the benefits of soy use through education and connect industry leaders through a robust membership program.
