The National Restaurant Association of India (NRAI) unveiled its highly anticipated Indian Food Services Industry Report 2024 (NRAI IFSR 2024) in New Delhi on July 9. Mr. Bhushan Gagrani, IAS, Municipal Commissioner of Brihanmumbai Municipal Corporation (BMC), launched the report today in Mumbai. The launch included a special focus on the city’s food services sector.
Indian Food Services Industry Ranks 3rd Largest
This fifth edition of the NRAI India Food Services Report offers a comprehensive analysis of the industry, combining insights from industry stakeholders and consumer voices. The report delves into operational practises, investment strategies, dining trends, and sustainability initiatives shaping the landscape.
The report highlights Mumbai’s position as the national leader in the organised food services sector, boasting an estimated market size of ₹55,181 crores. Several factors are fueling this trend: rising urbanisation, changing consumer preferences, a growing hunger for efficient food delivery, and advancements in food technology.
All-India Food Services Industry
The NRAI IFSR 2024 paints a promising picture for the all-India food services industry. It projected an overall Compound Annual Growth Rate (CAGR) of 8.1% between 2024 and 2028. The organised segment is expected to witness an even more impressive growth rate of 13.2%.
The report reveals that the Indian food services industry currently ranks as the third largest in India. The Indian food services industry is a powerhouse, valued at ₹5.69 lakh crore and contributing 1.9% to the nation’s GDP. This sector is expected to reach an even greater value of ₹7.76 lakh crore by 2028. It’s also the second-largest employer in India, currently providing jobs to 85.5 lakh individuals. This number is expected to climb to 103.2 lakh by 2028.
Consumers are demonstrating a growing interest in higher-quality and fine-dining experiences, significantly impacting the industry. Social media platforms also play a crucial role in shaping consumer demand. The NRAI IFSR 2024 aims to be a go-to information source for everyone in the industry. It details the industry’s size, segments, and growth potential. This report equips restaurant owners with knowledge to understand what drives business growth and make profitable decisions.
The food services industry has demonstrated remarkable resilience in its post-pandemic recovery. This report highlights the key trends shaping the industry’s future. The NRAI, by continuing to collaborate with the Indian food services industry and prioritising innovation, will position both entities for a future brimming with delicious possibilities and mutual success.
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