DUBLIN–(BUSINESS WIRE)–The “Indian Foodservice Market, By Market Type (Organized Segment and Unorganized Segment), By Type (Foodservice, QSR, PBCL), By Ownership, By National Brands vs. to International Brands, by Region, By Top 3 Leading States, Competition, Forecast & Opportunities, 2018-2028F” report has been added to ResearchAndMarkets.com’s offering.
The Indian catering market is expected to witness robust growth during the forecast period with an impressive CAGR of 11.19% and reach USD 79.65 billion by 2028F owing to changing lifestyles, of growing health awareness, of a large number of young people and workers, who are widely traveled, have double incomes and are experimental as well as tech-savvy, are eating more than their ancestors.
The online food delivery segment in India mainly operates under two business models: restaurant food via consumer delivery, in which meals are ordered online through a restaurant website and delivered directly by the restaurant without any intermediate (e.g. McDonald’s, Domino’s Pizza, Burger King) . And another is through a consumer delivery platform where meals are booked online through a third-party network that handles delivery independently of the restaurant (eg, Zomato, Swiggy, UberEATS).
In the restaurant industry, a few important trends are gaining popularity. Urban consumers are beginning to embrace virtual cooking. Ordering has become a crucial part of the dining experience, and several logistics companies are now offering last-mile delivery services to restaurants.
With most people working from home following the guidelines of the COVID-19 pandemic, the catering industry has seen a subsequent drop in demand for catering services in India. People have become more concerned about buying daily necessities and homemade foods due to the COVID-19 pandemic.
Consumers have become more health conscious due to the pandemic, and their preference for better cleanliness habits is expected to increase significantly. As a result, all restaurants and QSRs are increasingly focusing on providing customers with a safe, clean, hygienic and healthy environment.
Higher experiences in food segment drive market growth
The dynamic and traveling middle class, which is exposed to global trends in terms of new formats and new cuisines, as well as seamless interaction facilitated by the growth of multiple communication channels such as the Internet and mobile phones, is ready to spend money on dining experiences similar to those found around the world. For these reasons, many new restaurants have sprung up, serving cuisines from remote parts of the country.
Growing Middle Class Fuels Market Growth
An increase in households earning between $10,000 and $50,000 per year will increase group indulgence spending. This item is expected to outpace increased spending on restaurants, luxury goods, consumer durables and other consumer categories. India is expected to represent 23% of the global middle class.
Moreover, India’s working population favors all food innovations to reduce extra effort, and catering seems to be a more convenient factor these days.
Increase in growth share of food delivery and takeaway aids market
The increase in busy lifestyles and hectic schedules of the population, expanding urbanization, rapid access to mobile phones, increasing use of e-commerce, increasing demand for fast food and expanding internet penetration for online food ordering has caused various food chain restaurants to bow out. to online distribution channels to boost their overall sales.
Over the past few years, delivery aggregators such as Zomato and Swiggy have expanded their presence in the Indian market, contributing to its growth.
Company Profiles: Detailed analysis of the major companies present in the Indian catering market.
India catering market, by market type:
India catering market, by type:
Restaurant Market in India, by Ownership:
Restaurant market in India, compared to the domestic market. International brands:
India catering market, by region:
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