Amitabh Kant launches NRAI India Food Services Report 2019
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Indian food service industry’s market size at Rs. 4,23,865 crore in 2018-19 which is expected to grow at a CAGR of nine per cent to reach Rs. 5,99,782 crore by 2022-23, India Food Services Report 2019, released by the National Restaurant Association of India, said. The report was launched by Amitabh Kant, CEO, NITI Aayog, in New Delhi yesterday.
The Food Service industry is evolving rapidly with India being the youngest country with internet and tech-savvy consumer base, having a high disposable income with little time to cook indoors. This is reflected in the number of eating out frequency – an average of 6.6. per month in the country, providing food service players an exciting opportunity to expand,” Kant said while releasing the report.
He further added, “India is the 7th largest travel and tourism economy in the world according to the World Travel and Tourism Council. Globally, food businesses are being promoted to boost tourism. A similar effort can be implemented in India capitalising on the diversity that the country has to offer. Food hubs, envisaged as experience centers can serve as places for experiencing local and regional cuisines as part of a larger culture.”
Rahul Singh, President, NRAI said, “It is the largest industry in the service sector in the country after retail and insurance and is 20x of the film industry, 4.7x of hotels and 1.5x of the pharmaceutical sector.”
Singh informed that the Indian Restaurant Industry employed 7.3 million people in 2018-19. “The organised food service sector, which is only 35 per cent of the total market, contributed a whopping INR 18,000 crore as way of taxes in 2018-19. The number is expected to more than double if the unorganised sector becomes organised,” he added.