Rising innovation in the cuisine and an increasing working population of women are driving the growth in the India Food Service Market in the forecast period.
According to TechSci Research report, “India Food Service Market – Industry Size, Share, Trends, Competition, Opportunities and Forecast, 2018-2028F” The India Food Service Market would potentially project impressive growth in the forecast period, 2023F–2028F, with an impressive CAGR of 11.19% on account of rapidly surging demand from working population and youngsters amid rising urbanization.
In India, the food services industry has progressed from locally owned, family-run businesses to international collaborations with multipolar and integrated corporate models. The Indian food services market has gained momentum in the last few years owing to the changing preference in terms of dining out. The market has seen an increase in a tendency to eat out that had not traditionally been a feature of Indians’ lifestyle. The growing demand is majorly owed to the changing livelihood and increasing working population. For instance, with the opening up of restaurants in 1996 such as McDonald’s, Pizza Hut, and Domino’s Pizza, followed by Subway, KFC, Burger King, Haldiram’s, Moti Mahal, and Taco Bell, among others, the market witnessed a significant shift in food service segment and with the growing market conditions support the presence of domestic and international players increased with the years.
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The India Food Service Market is segmented on the basis of market type, type, ownership, domestic vs. international brands, regional distribution and competitional landscape. Based on type, the market is further fragmented into Dining Service (Hotels, Restaurants), QSR (Quick Service Restaurants), PBCL (Pubs, Bars, Clubs and Lounges), and Others (Cafeteria, Cloud Kitchen, Catering and Vending). QSR (Quick Service Restaurants) sub-segment offering foods like burgers, pizza, donuts, etc., is expected to register the fastest growth in the market because of its various advantages as consumer preferences shift toward customized. These are some of the major factors influencing India’s food service market growth.
Based on ownership, the market is segmented into Chained Outlets and Standalone Outlets. The chained outlet is the fastest growing segment in the India food service market, as the preference for chained outlets has increased in recent years due to the factors such as standardized taste, maintained hygienic factors, and quick as well as the availability of a wide range of foods.
Key market players in the India Food Service Market include:
- Jubilant Foodworks Ltd (Domino’s, Dunkin Donuts, Hong’s Kitchen, Chef Boss, Ekdum!, Popeyes, etc.)
- McDonald’s India Private Limited
- Haldiram Snacks Private Limited
- Devyani International Limited (KFC, Pizza Hut, Costa Coffee, Vaango, etc.)
- Burger King India Limited
- Barbeque-Nation Hospitality Limited
- Rebel Foods Private Limited
- Coffee Day Enterprises Limited
- Tata Starbucks Private Limited
- Bikanervala Foods Private Limited (BFPL)
- Sapphire Foods India Ltd (KFC, Taco Bell, and Yum! Brands)
- Subway Systems India Private Limited
The threat of new competitors in this industry is high due to limited rules and guidelines provided by the government. Moreover, with the rising preference for décor and food quality, people are more attracted to the ambiance of restaurants. So, the investment for constructing reliable and decorative infrastructure is highly in demand among the local cafes, bars, clubs, and fine dining restaurants. Furthermore, the existence of established firms such as Jubilant Foodworks Ltd, McDonald’s India Private Limited, Burger King India Limited, and Devyani International Limited has raised the bar for new players to enter the market with their constant growing presence in tier II and tier III regions of the Indian market.
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As a significant portion of India’s population resides in the northern states, the North India region is expected to contribute to the market’s revenue share. Moreover, the rapidly increasing demand for food services from hospitals, offices, and other institutions is considered to be the primary reason for the growing foodservice market in India.
“Increased economic activity, more significant disposable income, a shift in lifestyle driving a higher need for convenience, and an increase in women in the workforce have all contributed to the growth of the food service industry. Furthermore, the market is influenced by the contribution of the overall consumer economy, the increasing growth of online food delivery services with more digital adoption, rising penetration in smaller cities, development of the branded food services ecosystem, and aggregation of standalone restaurants by online platforms. These are the specific factors that may influence the growth of the India Food Service Market in the upcoming five years.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Food Service Market By Market Type (Organized Segment and Unorganized Segment), By Type (Dining Service (Hotels, Restaurants), QSR (Quick Service Restaurants), PBCL (Pubs, Bars, Clubs and Lounges), and Others (Cafeteria, Cloud Kitchen, Catering and Vending)), By Ownership (Standalone Outlets and Chained Outlets), By Domestic Vs. International Brands, By Region, By Top 3 Leading States, Competition, Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of India Food Service Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India food service market.
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