India is booming with food joints with a new restaurant coming up every now and then. Consumers now have their choice of food right at their doorstep. Online ordering and home delivery, cashback, reward points and heavy discounts summarize the current delights that restaurants offer to the consumers. Customers are also accepting the offers that restaurants put on their plate and rewarding them with extra profits. Confirming the revenues, National Restaurant Association of India (NRAI) released the 3rd instalment of their Indian Food Service report stating some big numbers.
Indian Food Service Market Report
The report is a compilation of statistics and results which have been acquired after interaction with over 50 CEOs and surveys conducted in 20 cities of India covering more than 2000 people. The report stated that the current restaurant market in India is worth over 3.09 Lakh Crores in 2016 and will contribute almost Rs 22,400 Crore by way of taxes in the current year. The report also stated that the food market of the country directly employs more than 5.8 million as of 2016. The 2nd instalment of the report came out in 2013 and the food market has seen a growth of almost 7.7% since then.
Apart from the current scenario, the future of the food sector of India seems to be soaring as well. As per the reports, the food services will be valued at almost 5 Lakh Crores in 2021, witnessing a Compound Annual Growth Rate (CAGR) of 10%. Also, by 2021 the restaurant sector will contribute almost 2.1 percent to the nation’s GDP.
Niti Aayog CEO Amitabh Kant stated that “India’s exponential growth and consumption in terms of regularity of eating out and testing with cuisines and concepts have given the F&B services sector such a boost that the industry is presently projected to be valued at USD 48 billion in terms of overall market size”.
The recent growth in the food and beverages business across the country is believed to be due to the increase in restaurants, which in turn give a boost to other subsidiary industries which all together boost the entire restaurant ecosystem.