Foodservice market will double in 6 years, this market trends in India
Indian Food Market: The food service market in India has seen tremendous growth in the last few years. Food delivery company Swiggy and Bain Company released a report on the growth of the food service market. According to this report, the food service market will reach Rs 9 trillion by 2030. Let us know in detail in this article.
Now if we don't feel like cooking at home, then we immediately order food online. The food delivery market in India has seen tremendous growth in the last few years. Food delivery companies Swiggy and Bain & Company have released a report on the growth of the food service market.
According to this report, the food service market will reach Rs 9 trillion by the end of the current decade. Currently, this market is Rs 5.5 trillion. The market is expected to grow at the rate of 18 percent annually to reach Rs 9 trillion.
Currently, the contribution of the food service market is 8 percent, which can reach 20 percent by 2030. The market is expected to grow due to the increase in the number of outlets along with the customer base and consumption opportunities. Reports said that this sector has seen a tremendous boom after the COVID-19 epidemic.
In the report 'How India Eats', Swiggy CEO Rohit Kapoor said, "This market is quite trending in India. It can increase due to higher income, digitization, and better customer experience. This trend is expected to increase further in the coming years."
He further gave an example and said that China has four times more restaurants per 1 million population than India. In such a situation, we can understand that the number of restaurants will increase in the future, after which the foodservice market will also increase.
If we talk about the changes in the food service market, then there have been many big changes in it in the last few years. The changes in fast-food chains and online food delivery platforms have played an important role in this. Earlier also people did not like to go out and eat and even now people do not like to go out much.
In such a situation, they prefer to order food online and eat. The report said that if the income increases, then the market is also expected to grow.
An interesting trend has been mentioned in the 'How India Eats' report. The report said that customers order many different cuisines in a year on online platforms. In such a situation, one thing has come to light people bring variety to their food experiences on occasion.
