You are here: Home » Economy & Policy » News
Business Standard

Food services to reach Rs 5.52 lakh cr by 2022: FICCI-Technopak report

The food services sector is expected to have generated direct employment for 5.5-6 million people in the financial year 2016

Press Trust of India  |  Mumbai 

Food services to reach Rs 5.52 lakh cr by 2022: FICCI-Technopak report

Indian market is set to grow at 10 per cent annually to reach Rs 5.52 lakh crore in the next five years, according to a report.

The FICCI-Technopak highlights that the food sector has emerged as a high-growth and high-profit sector due to its immense potential for value addition, particularly within the


The sector is expected to have generated direct employment for 5.5-6 million people in the financial year 2016, which is expected to increase to 8.5-9 million by the year financial year 2021, it added.

Indirect employment has seen a growth at of four per cent from 2013-2016 and expected to grow six per cent till 2021.

Further, it pointed out that the market in India (organised and unorganised) is estimated at Rs 3.37 lakh crore in 2017.

Mumbai and Delhi NCR contribute to 22 per cent of the overall market followed by six mini metros (Pune, Ahmedabad, Bengaluru, Chennai, Hyderabad and Kolkata) comprising of 20 per cent share, the report noted.

The high percentage of the young and working population which is well travelled have double incomes and more eating out is driving the growth of the market.

Availability of organised is helping in the consistent growth of Indian and international brands across different formats, the report said.

Space is attracting significant interest from domestic as well as international private equity and venture capital funds, it added.

First Published: Tue, November 14 2017. 17:57 IST
RECOMMENDED FOR YOU