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5 big trends in Indian Food Service

Ravindra Yadav, Partner, Retail And Food Services, Technopak highlights key trends seen in the Indian Food Service sector at the India Food Forum 2024

The food services industry in India is around $61 billion. It is poised to double by 2030. It is one of the hottest sectors right now, which is growing at a rapid rate. The industry is also transforming in many ways. 

Here are 5 key trends as highlighted by Ravindra Yadav, Partner, Retail And Food Services, Technopak on the Day 2 of India Food Forum 2024.

Formalisation: An interesting trend is that in the last five years, the share of organized has picked up considerably—the share of unorganized market will go down from 62% to 42%. “This clearly indicates that formalization of this sector is underway. The Indian food services industry is outpacing that in the UK,” Yadav said.

Increased penetration: Just as retail is expanding beyond metros, organized food services is spreading to Bharat too, moving the top 30 cities. The growth rate in non-metros is around 25%. 

Increase of hyper-local competition: All the leading food service players are struggling with growing beyond a certain rate and have to hence look at their operating excellence and processes. There is pressure on same store sales growth as well as on the bottom line because of the emergence of hyper local players. “The are a lot of regional food players who are now competing with the national players. An example is of Top in Town ice cream, which has over 1,000 outlets and is competing with Baskin Robbins,” Yadav shared. 

Rise of the experiential customer: A key driver of the basket growing is the rise of the experiential customer who are willing to go beyond the usual to try different foods. “Over the last five years, there has been an explosion of cuisines,” Yadav said. Bakery and desserts is also an interesting category where we see a lot of growth. 

Rise of regional cuisine: Recently, there has been rise of Indian cuisine as well. Whether it is Ladakhi food, Bihari food regional cuisine is becoming mainstreams as it is finding takers among the experiential customers,” Yadav concluded.

The post 5 big trends in Indian Food Service appeared first on India Retailing.



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