NEW DELHI: India’s food market is expected to reach USD 79.65 billion by 2028, growing at a CAGR of 11.19 percent from USD 41.1 billion in 2022, says a report.
Despite more than 20 lakh jobs lost during the peak of the COVID-19 pandemic, the industry is expected to reach 1 crore jobs by 2025, according to the Food and Restaurant Industry Report 2022-23 , by Francorp and restaurantindia.in.
The food and beverage market in the country is divided into two segments, with the unorganized sector having the largest share, the report said, adding that the organized sector also experienced strong growth during the year. 2014 to 2020.
“India’s food service industry is expected to execute a positive growth during the forecast period with an impressive CAGR of 11.19 percent and reach USD 79.65 billion by 2028,” he said.
He also added that the country’s fast food restaurants (QSR) market is estimated at $690.21 million in 2022 and is expected to reach $1069.3 million by 2027, growing at a CAGR of 9.15 percent.
Over FY20-25, the QSR chain market is estimated to be the fastest growing segment — at 23 percent CAGR — in the entire food service market, not just the chain market.
This will be behind large food service chains like McDonald’s, Burger King, and Domino’s, among others, deepening their reach in India’s smaller cities and benefiting from a younger demographic.
According to the report, the annual expenditure of middle class households on fast food restaurants in India’s Tier II and III cities has increased by 108 percent in the last two years. from Rs 2,500 to Rs 5,400.
In terms of employment, the report says that the food service industry in India is expected to employ over 7.3 million in 2021.
“Despite more than two million jobs lost during the COVID-19 pandemic, the industry is expected to reach 10 million by 2025,” he said.
The report also pointed out that, as a result of rising prices, about 51 percent of food consumers, either did not eat, or did not order regularly, while about 40 percent of they order less products, or order products that are not expensive in their system.
The sector’s biggest challenge continues to be slow supply or shortage of food or drink which 96 per cent of operators experienced in 2021 and is likely to continue in 2022-23, he said.
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