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.”