Papadmalji Agro Foods Ltd. IPO

India is the fourth-largest economy in the world and is projected to be the fastest-growing among major G20 countries, with GDP growth estimated at 6.9% in FY26. The food processing sector has emerged as one of the key contributors to this growth, supported by progressive policies of the Ministry ... of Food Processing Industries (MoFPI). The market is valued at Rs. 30,49,800 crore (US$ 354.5 billion) in 2024 and is expected to reach Rs. 65,24,480 crore (US$ 758.4 billion) by 2028, growing at a CAGR of 8.38% during 2025-33. Exports remain a strong driver of the sector. Between April and August FY26, processed fruits and vegetables exports stood at Rs. 6,251 crore (US$ 729 million), animal products at Rs. 10,223 crore (US$ 1.19 billion), and other processed foods at Rs. 11,054 crore (US$ 1.29 billion). The total exports of floriculture, fresh and processed fruits and vegetables, animal products, cereals, cashew, herbal, and medicinal plants reached Rs. 59,118 crore (US$ 6.9 billion) during the same period. The sector has also been attracting steady foreign investment. Between April 2000 and June 2025, it drew Rs. 1,15,596 crore (US$ 13.4 billion) in FDI, aided by favourable policies, tax benefits, and government schemes. Initiatives like the Production Linked Incentive Scheme for Food Processing Industry (PLISFPI), with an outlay of Rs. 10,900 crore (US$ 1.3 billion), and the PLI scheme for Millet-Based Products (PLISMBP), launched in FY23 with Rs. 800 crore (US$ 96 million) are expected to further accelerate growth and global competitiveness. Infrastructure support has been another key focus. By June 2024, MoFPI had approved 41 Mega Food Parks, 399 Cold Chain projects, 76 Agro-processing Clusters, and 588 Food Processing Units under PMKSY schemes. As of FY25 (April-December 2024), 394 integrated cold chain projects were taken up, of which 286 were completed, creating 10.06 lakh MT of cold storage, 331 MT/hour of quick-freezing capacity, 190.98 LLPD of milk processing/storage, and 1,918 reefer vehicles. The industry also benefits from India’s vast agricultural base. Diverse agro-climatic conditions provide a strong raw material supply for sub-sectors such as fruits and vegetables, poultry and meat, dairy, fisheries, grains, spices, nutraceuticals, and ready-to-eat segments. In 2022-23, horticulture production was estimated at 351.92 million tonnes, making India the second-largest producer of fruits and vegetables. It is also the world’s largest producer of spices, with 11.26 million tonnes of major spices produced that year. India leads the world in milk production, contributing about 25% to global output in 2023-24. Milk production grew from 146.3 million tonnes in FY15 to 239.2 million tonnes in FY24, registering a 63.6% rise at an annual growth rate of 5.7%. Egg production grew at 6.58% CAGR from FY19 to FY24, while meat production rose at 4.8% during the same period, ranking India second in eggs and fifth in meat globally. Read more