NRAI India Food Services Report 2019 (NRAI IFSR 2019) was launched by Shri Amitabh Kant, CEO, NITI Aayog (National Institution for Transforming India), GOI in the national capital.
NRAI IFSR 2019 - the 4th edition of National Restaurant Association of India’s research study mapping trends, opportunities and challenges of the restaurant sector in India- is a comprehensive compilation of data on India’s food service sector gathered from in-depth interactions with over 130 restaurant CEOs and 3500 consumers across 24 cities in India.
The NRAI IFSR 2019 estimates Indian food service industry’s market size atINR 4,23,865 crore in 2018-19 which is expected to grow at a CAGR of 9% to reach INR 5,99,782 crore by 2022-23. 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.”
Shri Amitabh Kant, CEO, NITI Aayog, GOI, while releasing the report and congratulating the NRAI, said, “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.”
He further added, “India is the 7thlargest 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 capitalizing 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, while noting contributions of the Restaurant sector mentioned, “The Indian Restaurant Industry employed 7.3 million people in 2018-19. The organized food service sector, which is only 35%of the total market, contributed a whopping INR18,000 crore as way of taxes in 2018-19. The number is expected to more than double if the unorganised sector becomes organised.”
Introducing the trade report to the audience, Mr. Samir Kuckreja, Past President and Trustee, NRAI said, “NRAI IFSR 2019 is an in-depth research study which maps out the scale and impact of India’s food services sector. This report is crucial for the industry to garner the necessary support and recognition from the government and its agencies for providing a fillip for consistent and sustained growth. I would like to thank all the NRAI members for their contribution to the research study.”
While the food services industry has seen a steady growth over last three years, the report reveals that the industry has its fair share of roadblocks and challenges like high real estate and manpower costs, inadequate supply chain infrastructure, financing issues and majorly policy formulation. The mail aim of the report is to aid entrepreneurs and investors take informed decisions and unite the industry under one banner.
The mega launch of the trade report in Delhi had the Indian Food Industry’s Crème Brûlée in attendance such as Pratik Pota from Domino’s, Riyaaz Amlani from Social, Kabir Suri from Mamagoto, PriyankSukhijafrom Lord of the Drinks, Nitin Saluja from Chaayos, Rohit Khattarfrom Indian Accent, Sharad Batra from Cafe Delhi Heights, Kabir Advani from Berco’s,Sam Chopra from Carl’s Jr.,Vinod Gulati from Gulati’s, RajeshChughfrom Nizam’s, SagarDaryani from Wow! Momo, Aseem Grover from Big Chill, Manpreet Singh from Zen, Varun Tuli from Yum Yum Cha, Thomas Fenn from Mahabelly amongst others.