Food for thought: The growing food services market

It is not without reason that the Indian food services market is considered a sunrise sector. The market, according to the National Restaurant Association of India (NRAI), an apex body of food service operators, and Technopak, is estimated to grow at a compounded annual growth rate of 10 per cent over the next five years. This is ahead of the 7.7 per cent the market registered annually between 2013 and 2016. While a discretionary slowdown is still a challenge for most players, especially, organised players, a robust outlook for the market hints that most remain bullish about food services in the country over the medium to long term