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India’s food service market to reach USD79.65 billion by 2028

Day-one of eleventh edition of Indian Restaurant Congress 2022 which is currently taking place at the Pullman Hotel in Aerocity, New Delhi on 21 st and 22 nd November was power packed with hot trends and visionary messages led by top leaders in the Restaurant industry and the brightest professionals in food service. Along with the valuable takeaways from industry’s game changers and a Whitepaper on “Food service & Restaurant Business Report 22-23”, Co-Produced by Francorp &, was also released today.

Over 100 speakers shared their experiences on the day-1 of the India's most prominent restaurant show, including renowned operators in the food and beverage industry such as Navin Gurnaney, CEO, Tim Hortons India; Unnat Varma, Managing Director (Asia Pacific) - Pizza Hut (Yum! Restaurants Inc.); Atul Kochhar, Michelin-Starred Chef & Restaurateur; Raghav Joshi, Cofounder, Rebel Foods; Rohit Kapoor, Chief Executive Officer, Swiggy - Food Marketplace.

The New and Next of Restaurants & Food service: Key Trends, Growth, and Outlook for the
Restaurant Industry was the topic of the sessions opening discussion. The keynote presenters for the opening session were Mr. Navin Gurnaney, CEO of Tim Hortons India, and Akshay Bector, Chairman & Managing Director of Cremica Food Industries Limited. It was followed by a keynote Session by Unnat Varma MD, Pizza Hut- Asia Pacific.

On the sidelines of India Restaurant Congress, a whitepaper was also released by Francorp & which contained important findings. The food service market in India was valued at USD 41 billion in 2022 and is projected to rise at a CAGR of 11.19% and reach USD 79.65 billion by 2028, according to the report, which emphasised the growth. Sales for the global food service sector are anticipated to reach $4.43 trillion in 2022.

The reports also showed that 96% of operators faced supply delays or shortages of essential food or drink goods in 2021, and it is expected that these issues will persist in 2022–2033.

A significant conclusion of the study was that approximately 51% of consumers are ordering less frequently or eating out less frequently as a result of inflation. Almost 40% of shoppers are placing orders that include fewer or less priced items. It also highlighted the employment statistics for the Indian food services sector. In 2021, it exceeded 7.3 million. The industry is predicted to grow to 10 million by 2025, despite the fact that over two million jobs were lost at the height of the COVID-19 pandemic.

The whitepaper has stated that the market for quick service restaurants in India is predicted to reach USD 1069.3 Mn by 2027, rising at a CAGR of 9.15%, from an anticipated USD 690.21 Mn in 2022. The QSR chain market is anticipated to experience the fastest rate of growth among all foodservice market subsegments between FY20 and FY25, with a CAGR of 23 percent.

According to the report, internet partnerships have allowed restaurants to raise their overall top line by 30% thanks to additional sales through the online channel.

Furthermore, the report also indicated that more than 20 Indian Origin brands have expanded to have 75-100 stores and more in India in last half decade where even pandemic could not stop their growth. Of this about 10 Brands have over 100 stores of which 5 brands have over 150+ stores.

The summit included a panel discussion on “Building 21 st Century Restaurant Organization” with Raghav Verma, Co-Founder, Chaayos, Vikrant Batra, Founder, Café Delhi Heights, Japtej Singh Ahluwalia, Co-Founder & ED, Pricol Gourmet, Rohit Kapoor, CEO- Food Marketplace, Swiggy and Sudeep Goenka, Director, Goldiee Group as the speakers while the session was lead and moderated by Ritu Marya, Editor-in-Chief, Franchise India Media & Entrepreneur APAC.

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