DUBLIN–( BUSINESS WIRE )–The “Indian Food Service Market, By Market Type (Organized and Unorganized Sector), By Type (Dining Service, QSR, PBCL), By Ownership, By Domestic Vs. International Brands, By Region. , By Three Leading Countries , Competition, Forecast & Opportunities, 2018-2028F” report added to ResearchAndMarkets.com’s offering.
The Indian food service market is expected to project strong growth during the forecast period with an impressive CAGR of 11.19% and reach USD79.65 billion by 2028F due to changing lifestyles, increasing health awareness, a large number of young people and workers, who are. they travel well, have twice as much income, and are experimenting with the tech-smart, consuming more than their ancestors.
The online food delivery sector in India operates mainly under two business models: Restaurant food through customer delivery, in which food is ordered online through the restaurant’s website and delivered directly by the restaurant without an agent (for example, McDonald’s, Domino’s Pizza, Burger King). And one is through a customer delivery platform where food is booked online through a third-party network that handles independent restaurant deliveries (eg, Zomato, Swiggy, UberEATS).
In the Food Services industry, a few key trends are gaining popularity. Consumers in cities are starting to adopt a real kitchen. Ordering in has become an important part of the dining experience, and several logistics companies are now offering last-mile delivery services to restaurants.
With many people working from home following the COVID-19 pandemic guidelines, the food service sector has seen the next drop in demand for food services in India. People are very worried about buying daily necessities and household food due to the COVID-19 pandemic.
Consumers have become more health conscious due to the pandemic, and their interest in hygiene improvements 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.
High Efficiency in Food Sector Drives Market Growth
The well-traveled, powerful middle class, exposed to global trends in terms of new formats and recipes, as well as the seamless interaction facilitated by the growth of multiple communication channels such as the internet and mobile phones, are willing to spend money on. dining experiences are similar to those found around the world. For these reasons, many new restaurants have sprung up, serving food from faraway parts of the country.
A Growing Middle Class Is Driving Market Growth
An increase in households earning between USD10,000 and USD50,000 per year will increase the group’s spending. This factor is expected to exceed increased spending on eating out, luxury goods, consumer durables, and other spending groups. India is expected to account for 23% of the world’s middle class.
Moreover, the working population of India likes all the new food options to reduce the added effort, and food service seems to be the easiest thing these days.
Increasing Share of Food Delivery and Taking-Aids Market Growth
The increase in busy life and the busy schedule of the population, increasing cities, rapid access to mobile devices, increasing use of e-Commerce, increasing demand for fast food, and increasing internet access to order food online have increased the variety of food restaurants to decrease. they are heading towards online distribution channels to increase their overall sales.
Over the past several years, delivery operators like Zomato and Swiggy have increased their presence in the Indian market, contributing to its growth.
Company Profiles: An in-depth analysis of the major companies present in the Indian food service market.
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