Purpose- This research aims to study the changing trends of Food and Beverage sector sinceiberalization and to analyse the key segments of Food and Beverage sector of India. Research Methodology- The data regarding the sales of key segments like Confectionary, Bread, Fun food and Snack, and Food Juices and Concentrates is collected from year 1990 to 2010. Findings- Out of foursegments, the total growth rate of Bread segment is maximum i.e. 3.54 percent. Originality- This paper is unique because the paper is focussing on Food and Beverage Sector which is an emerging sector in Indian economy. The analysis of various segments of the sector has been done through growth rates considering the sales from year 1990 to 2010 which includes the sales of recessionary period as well.