MUMBAI: The country’s food industry is expected to grow 11 percent annually to reach $65.4 billion (about Rs 4 lakh crore) by 2018, according to a research report.

The industry is presently valued at $39.71 billion (Rs 2,476.8 billion), the joint report by IIM-Calcutta and Academic Foundation said.

“Food and grocery constitute a substantial part of India’s consumption accounting for around 31 per cent of the consumption basket,” the report said.