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~Data insights from the IFSRR are resulting from in-depth interaction with restaurants, meetings with over 140 plus CEOs and consumer research covering 5300+ people across 40+ cities in India~ |
National Data:
• Food Services sector to grow by 8.1% CAGR during 2024-2028. Organized to Grow at 13.2%
• Third Largest Industry in India valued at 5.69 Lakh crores contributing 1.9% to India’s GDP; Estimated to grow to 7.76 Lakh crores by 2028
• Tax contribution of ₹33,809 Crore in 2024, reaching ₹55,594 Crore by 2028.
• Size of food services sector is 33.5x of Indian Film Industry, 2.18x of the Hotel Industry and 1.26x of Pharmaceuticals Industry of India
• Second largest employer with 85.5 Lakhs in 2024; estimated to increase to 103.2 Lakhs by 2028
• Organised sector to grow to 52.9% in 2028 from 43.8%; CDRs segment is the largest with 48% share
• India to be the 3rd Largest Food Services Market by 2028 overtaking Japan. 2nd Fastest growing Food Services Industry Globally after Brazil.
• Contributes 1.4% to GST collection.
Mumbai, July 11th, 2024: The National Restaurant Association of India, the voice of the Indian restaurant industry released its long-awaited India Food Services Report 2024 (NRAI IFSR 2024) in New Delhi on July 9th. Today, in Mumbai, the report along with a special booklet on the food services sector in Mumbai was launched by Mr. Bhushan Gagrani, IAS, Municipal Commissioner of Brihanmumbai Municipal Corporation (BMC).
In Mumbai, gracing the occasion with their presence were the Office Bearers of Mumbai Chapter of NRAI, Ms. Rachel Goenka, Mumbai Chapter Head, NRAI and Mr. Pranav Rungta, Vice President and National Committee Member, NRAI
The 5th edition of the NRAI India Food Services Report along with a brief report on the Food Services sector in Mumbai provides an in-depth analysis shared by the industry stakeholders and consumer voices. The report delivers valuable insights into operational models and practices, investment strategies, dining trends, and sustainability efforts.
Ms. Rachel Goenka Chapter Head, NRAI, CEO, The Chocolate Spoon Company Pvt. Ltd. said, “Mumbai today has the largest number of restaurants in the country. This trend has been the result of increasing urbanisation, evolving customer tastes and preferences, increasing demand for more efficient food delivery and vast improvements in the food tech space. The Report clearly shows that restaurants in Mumbai in particular are becoming trendsetters by integrating state of the art technologies like AI, Robotics, and automation to optimise operations and improve efficiencies to elevate customer experiences across the board.”
Mr. Bhushan Gagrani, Municipal Commissioner of Mumbai expresses his enthusiasm and says, "I extend my heartfelt congratulations to the National Restaurant Association of India (NRAI) and its dedicated members for their remarkable efforts. This report is not merely a compilation of statistics; it provides a visionary path for our thriving food service industry, a sector vital to our nation’s economic growth and development. The passion and dedication of industry leaders have transformed the food service industry into a vibrant and essential part of modern life. From maintaining high standards of hygiene and service to fostering innovation and sustainability, your contributions have been invaluable. Thank you for your unwavering efforts in elevating the food industry and setting a benchmark for excellence. Together, we look forward to a future filled with delicious possibilities, continued collaboration, and shared success. Congratulations once again to the entire NRAI team!"
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