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Food service industry to touch Rs 6 trn mark by FY23, to grow at 9%: Report

The report by the National Restaurant Association of India noted that the market size was Rs 4.23 lakh crore in 2018-19

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Food Service Sector  |  Mumbai  |  President

Press Trust of India  |  Mumbai 

Rising preference for doorstep food delivery and increasing number of online aggregators are providing good growth opportunities to QSRs like Jubilant and Westlife
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The overall Indian service industry is estimated to be Rs 5.99 trillion by 2022-23, growing at a compounded annual growth rate of 9 percent, a National Restaurant Association of India (NRAI) report said.

It noted that the market size was Rs 4.23 ltrillion in 2018-19.

"The Indian restaurant industry employed 7.3 million people in 2018-19. The organised service sector, which is only 35 percent of the total market, contributed a whopping Rs 18,000 crore as way of taxes in 2018-19. The number is expected to more than double if the unorganised sector becomes organised," NRAI Rahul Singh said.

Pegging Mumbai's organised service market at Rs 40,480 crore, the report noted it was the highest amongst metros in the country.

The city has approximately 87,650 restaurants and employs over 4,28,000 people.

The average spend per month per household on eating out in the city is Rs 2,890, higher than national average of Rs 2,500, it said, while adding that the average frequency of consuming non-home cooked food in is 4.2 times per month including dine-out, delivery and takeaways.

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First Published: Wed, June 12 2019. 20:20 IST
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