Food Industry is one of the growing industries in the market giving ascension to exhilarating new concepts. This industry has shown tremendous growth in past few years due to its gigantic potency.
The current size of Indian food industry is INR 247,680 and is projected to grow to INR 408,040 crore by 2018 at a CAGR of 11 per cent, states a report by NRAI. Plus In terms of market segments, the Quick Service Restaurants (QSR) and casual dine formats account 74 per cent of the total chain market, while cafes make up for 12 per cent. The Indian dispersion of Indian cuisine and culture presents a significant assemblage of opportunities in the food service domain. ‘An ever increasing consumer base expected to surpass China by 2022 offers eye- catching prospects for foreign and Indian investors alike’, states reports by KPMG.
Customers have become convenience friendly today and restaurateurs know that very well. They just do not want any beleaguers for the consumers which act as mysterious ingredient in Indian food service industry growth recipe. Technology has played a pivotal role in food business across various facets of food service value starting from finding food, tracking order and receiving it at your doorsteps. It’s really convenient and amazing at the same time that a consumer could get ready-to-eat food delivered at the deserved location with a single touch. And, that is because various mobile applications and websites are present for the tech-savvy consumers.
In the intensifying Indian society, food industry is showing unprecedented growth. Driven by the changing demographics, stable government, favorable economic policies and a positive sentiment, the country’s domestic gross product (GDP) is projected to grow at 7.4 per cent, as estimated by the International Monetary Fund (IMF).
"The food business will experience the wildest roller coaster ride ever. In fact, even now we are on it,” believes Hitesh Keswani, Director Silver Beach Hospitality Private Ltd, adding that restaurants will get brand centric, driven by systems and operations. There will be a massive surge on new restaurants in tier 2 and also tier 3. The experts were also of the opinion that decor and dining will marry more than before and everyone in the industry will try their best to develop fresher concept driven spaces to keep the guest experience alive and engaged. Also, there will be a systematic rise in the neighbourhood restaurants, especially, in metropolitans’ cities.
And, as restaurateurs continue to innovate and showcase new ideas keeping in mind original culinary is most alluring. "While the pursuit of global cuisine shall continue in the next few years, regional recipes and locally cultivated food will find its own way into the homes and hearts of culinary enthusiasts and restaurant patrons. We have been looking too far to satiate our palate despite the fact that a lot has to be explored from within our great country”, says Nishek Jain, founder of the Pan India vegetarian restaurant called 29.
The fastest growing Indian economy has increased the demand of Indian brands. They are going international due to the country’s diverse culture, rich food and cuisine. Restaurants today are not only focused about food, consumers are looking for an experience. Starting from plating to ambiance and quality of service are becoming the new headliners.