Indian food services industry to grow at 8.1 pc by FY28: NRAI
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The Indian food services sector is projected to grow to Rs 7,76,511 crore by FY28, achieving a CAGR (compound annual growth rate) of 8.1 per cent overall, with the organised segment expected to grow at a CAGR of 13.2 per cent, a new report by the National Restaurant Association of India (NRAI) showed on Wednesday.
According to the report, the Indian food services industry is estimated to be valued at Rs 5,69,487 crore as of FY24.
"Despite the setbacks during the Covid-19 pandemic, the food service industry in India is experiencing rapid growth. The sector directly employs 85.5 lakh people and contributes Rs 33,809 crore to the Indian Exchequer," said Kabir Suri, President, NRAI, and Co-Founder & Director, Azure Hospitality.
The survey includes in-depth interaction with restaurants, meetings with over 140 CEOs and consumer research covering more than 5,300 people across over 40 cities in India.
According to Nitin Saluja, Chairman of the Report Steering Committee, NRAI and Founder, Chaayos, over the past five years, the industry has undergone significant change, with food delivery increasingly replacing home-cooked meals.
"This sector is crucial, providing livelihoods for many Indians and supporting those who have migrated to major cities in search of better opportunities, often lacking the time to prepare daily meals," he said.
Saluja further mentioned that the report aims to offer unique and valuable insights to "our members, establishing itself as the most credible source of information regarding industry size, segments, and growth opportunities".
