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Food services 4.7 times hotels, says Singh at NRAI ’19 report launch
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Saturday, 11 May, 2019, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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The food service industry is the third largest industry in India after retail and insurance. It is 4.7 times hotels, 20 times the film industry and 1.5 times the pharmaceutical sector. This was stated by Rahul Singh, preseident, National Restaurant Association of India (NRAI), at the launch of the NRAI India Food Services Report (IFSR) 2019.
It was the fourth essay of NRAI’s research study, mapping the trends, opportunities and challenges of the restaurant sector in India, and estimated the market size of the Indian food service industry at Rs 4,23,865 crore in 2018-19, adding that it is expected to grow at a CAGR (compound annual growth rate) of nine per cent to reach Rs 5,99,782 crore by 2022-23.
The report was launched by Amitabh Kant, chief executive officer, NITI Aayog (National Institution for Transforming India), Government of India, in New Delhi on Friday. NRAI IFSR 2019 is a comprehensive compilation of data on India’s food service sector, gathered from in-depth interactions with over 130 restaurant chief executive officers and 3,500 consumers across 24 cities in India.
Kant said, “The food service industry is evolving rapidly with India, being the youngest country with an Internet and tech-savvy consumer base, having a high disposable income and ittle 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.”
“India is the seventh largest 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 capitalising on the diversity that the country has to offer. Food hubs, envisaged as experience centres, can serve as places for experiencing local and regional cuisines as part of a larger culture,” he added.
Noting the contributions of the restaurant sector, Singh said, “The Indian restaurant industry employed 7.3 million people in 2018-19. The organised food service sector, which is only 35 per cent of the total market, contributed a whopping Rs 18,000 crore by way of taxes in 2018-19. The number is expected to more than double if the unorganised sector becomes organised.”
Introducing the trade report to the audience, Samir Kuckreja, past president and trustee, NRAI, said, “NRAI IFSR 2019 is an in-depth research study which maps out the scale and impact of India’s food services sector.”
“This report is crucial for the industry to garner the necessary support and recognition from the government and its agencies for providing a fillip for consistent and sustained growth. I would like to thank all the NRAI members for their contribution to the research study,” he added.
While the food services industry has seen a steady growth over last three years, the report revealed that the industry has its fair share of roadblocks and challenges like high real estate and manpower costs, inadequate supply chain infrastructure, financing issues and majorly policy formulation. The main aim of the report is to aid entrepreneurs and investors take informed decisions and unite the industry under one banner.
The mega launch of the trade report had the Indian food industry’s biggest names in attendance.
These included Pratik Pota from Domino’s; Riyaaz Amlani from Social; Kabir Suri from Mamagoto; Priyank Sukhija from Lord of the Drinks; Nitin Saluja from Chaayos; Rohit Khattar from Indian Accent; Sharad Batra from Cafe Delhi Heights; Kabir Advani from Berco’s; Sam Chopra from Carl’s Jr.; Vinod Gulati from Gulati’s; Rajesh Chugh from Nizam’s; Sagar Daryani from Wow! Momo; Aseem Grover from Big Chill; Manpreet Singh from Zen, Varun Tuli from Yum Yum Cha, and Thomas Fenn from Mahabelly, amongst others.
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