The NRAI India Food Services Report 2019 estimates market size of Indian food service industry at INR 4,23,865 crore in 2018-19 which is expected to grow at a CAGR of 9% to reach INR 5,99,782 crore by 2022-23.
A recent consumer survey by Puratos revealed an awareness of world consumer trends amongst customers, of experimenting with culinary experiences, a more open palate, while sticking to original world favourites.
With supermarkets or hypermarkets accounting for the largest sector globally, there is no doubt that the future of the industry remains bright with the industry value expected to reach roughly USD 7,500 billion by the end of 2019.
The poll highlighted that 76 per cent parents, mostly both working, with children under five-years in the big cities, are serving easy-to-prepare meals at least 10-12 times per month in some form or the other.
By 2020 it is expected that 35 per cent of India's population will be in urban areas by 2020 totalling to 52 crores compared to the current urban population of 34 crores.