India is exhibiting high growth potential for food services, with continuously surging income and consumption levels. With increase in the number of double income households, the lifestyle of people, including their food habits, is changing. A large base of the population of the country is getting busier, with lesser time to get involved in household activities or to indulge in cooking, further driving the market for food services in the country. Further, due to improved standard of living, people in the country are witnessing a paradigm shift in their tastes & preferences, wherein, they are foregoing conventional food like dal and rice in favor of foreign cuisines, thus creating growth opportunities for international brands operating in the country. Moreover, with changing lifestyle of people, the country has witnessed an increase in the number and frequency of social gatherings outside of work, which is also driving the demand for food services in India.
According to “India Food Services Market Forecast & Opportunities, 2020”, the market for food services in India is expected to grow at a CAGR of over 12% through 2020. Growth in the market is anticipated primarily on account of higher disposable income, improved standard of living and changing preferences of consumers. In addition, expansion of brands into tier II and tier III cities, is also a major factor which is expected to drive growth in food services market of the country over the next five years.In 2013, the market was dominated by unorganized and non-branded players, however, with growth of various foreign and domestic brands, these players are expected to lose their market to organized branded players. Segment-wise, dining food services segment was the largest contributor in India food services market in 2014, on account of the large number of dining restaurants in the country.The segment is expected to retain its dominance in the market over the forecast period as well. “India Food Services Market Forecast & Opportunities, 2020” discusses the following aspects of food services market in India:
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- India Food Services Market Size, Share & Forecast
- Segmental Analysis - By Type, By Region & By Company
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Report Methodology The information contained in this report is based upon both primary and secondary research. Primary research included interviews with food services companies. Secondary research included an exhaustive search of relevant publications like company annual reports, financial reports and proprietary databases.
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