India's organised food services market is expected to grow by 16 per cent over the next five years and touch $28 billion on the back of changing consumption habits of consumers and emergence of new players in the sector, a report said on Tuesday.
The National Restaurant Association of India (NRAI) in its report said that the size of the total market (organised and unorganised) is $13 billion in 2013 and is expected to grow to $78 billion by 2018. Within this, the unorganised market holds a 70 per cent share with an estimated market size of $33.7 billion.
The organised market (chain and licenced standalone outlets) is currently estimated at $13 billion and is expected to touch “$28 billion by 2018”, the report, which was released by commerce and industry minister Anand Sharma here, said. “The organised food services market is slated to witness a double-digit growth of 16 per cent over the next five years, spurred by the changing consumption habits of consumers and the emergence of new players in the space,” it said.
It said that the sector has a vast untapped potential with eating out becoming a regular form of entertainment for consumers today. Pointing out several issues and challenges the industry is facing, it asked the government to address those matters in order to catalyse growth to optimum levels.
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