Changing food habits of India- Do we recognise this business opportunity ??
Engel’s law is one of the most established law of economics Engel’s law of economics states that ‘Economic development involves an increase in national and per capita income and the consequent changes in the consumption pattern. A notable change in the pattern of consumption expenditure is expected due to change in per capita income. As the economy develops, the level of income of its people increases and they begin consuming larger quantity and superior quality products. This process though quite gradual brings about changes in the pattern of consumption over time. With the increasing incomes, accelerating urbanisation and improving value chains, the food consumption patterns in India have been dramatically altered in accordance to the Engel’s law. The Tenth Plan has emphasized the need for Nutrition Security with rapid increase in dietary diversification So with the increasing urbanisation in India, people would see more of vegetables and fruit consumption as compared to staple food ...