India's food service market to reach US$ 79.65 billion by 2028, says report
According to a report, the market for food services in India is predicted to increase from US$ 41.1 billion in 2022 to US$ 79.65 billion by 2028, with a CAGR of 11.19%.
According to the Food Service and Restaurant Business Report 2022–23 by Francorp and restaurantindia.in, the industry is predicted to employ 1 crore people by 2025, despite losing over 20 lakh jobs at the height of the COVID–19 pandemic.
The country's restaurant and food service market is split into two segments, with the unorganised segment holding the lion's share of the market, according to the report, which also noted that the organised sector expanded rapidly between 2014 and 2020.
The market for quick service restaurants (QSRs) in the country is predicted to be worth US$ 690.21 million in 2022 and US$ 1069.3 million in 2027, rising at a CAGR of 9.15%, according to the report's additional findings.
The QSR chain market is anticipated to increase at a CAGR of 23% over the course of FY20–25, making it the fastest-growing sub-segment overall in the food service industry.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.