National Restaurant Association of India launches India Food Services Report 2024

Offering valuable insights into operational practices, investment strategies, dining trends, and sustainability initiatives within the food services sector, the National Restaurant Association of India recently launched the fifth edition of India Food Services Report 2024 (NRAI IFSR 2024).  The report also provides an in-depth analysis shared by the industry stakeholders and consumer voices. According to the NRAI IFSR 2024, the Indian Food Services Industry is estimated to be valued at Rs 5,69,487 crore as of FY24 and is projected to grow to Rs 7,76,511 crore by FY28, achieving a CAGR of 8.1 per cent overall, with the organised segment expected to grow at a CAGR of 13.2 per cent.

The NRAI office bearers present on the occasion were Kabir Suri, President -NRAI, Co-Founder & Director - Azure Hospitality; Sagar Daryani, Vice President - NRAI, CEO & Co-Founder - Wow! Momo Foods; Nitin Saluja, Chairman, Report Steering Committee, NRAI, Founder – Chaayos; Pranav Rungta, Vice President – NRAI and Director – Curry Me Up; Rahul Singh, Founder & CEO, The Beer Café and Anand Sharma, Director, Customer Development – PepsiCo India.

Kabir Suri, President, NRAI, Co-Founder & Director, Azure Hospitality said, “Despite the setbacks during the COVID-19 pandemic, the Food Service Industry in India is experiencing rapid growth. The sector directly employs 85.5 lakh people and contributes Rs 33,809 crore to the Indian Exchequer. The post-COVID recovery highlights the resilience of the industry, highlighting the need for the Government to recognize its socio-economic impact and take immediate steps to unlock the sector’s full potential.”

He further added, “The primary objective of this report is to present these critical facts to both the Central and State Governments to enhance our economic contribution to India’s GDP and to serve as the most accurate and definitive source of information on the Food Services sector. I extend my gratitude to all NRAI members for their contributions to this report.”

Speaking on the report, Nitin Saluja, Chairman, Report Steering Committee, NRAI and Founder, Chaayos said, “Over the past five years, the Food Services Industry has undergone significant change, with food delivery increasingly replacing home-cooked meals. This sector is crucial, providing livelihoods for many Indians and supporting those who have migrated to major cities in search of better opportunities, often lacking the time to prepare daily meals. Our report aims to offer unique and valuable insights to our members, establishing itself as the most credible source of information regarding industry size, segments, and growth opportunities. Additionally, it will serve as a guide for restaurant owners and operators, helping them understand key business drivers and boost their revenue. We also hope our Central and State Governments recognize the industry's concerns and take positive actions to accelerate its growth. I am honoured to have led the research project for NRAI India Food Services Report 2024."

Also commenting on the occasion, Sagar Daryani, Vice President, NRAI, CEO & Co-Founder, Wow! Momo Foods, said, “The Food Services Industry in India is evolving rapidly, driven by one of the world's largest young populations, rapid urbanization, greater exposure, and high disposable incomes. Dining out and ordering in has become a popular choice for customers to spend quality time with loved ones, especially during late evenings and dinner times.”

Adding to it, he said, “Our NRAI IFSR Report provides critical findings that serve as a definitive tool for effective strategies and planning. It facilitates better collaborative communication between business partners, investors, vendors, and supply chain providers. This report is essential for the Food Services Industry to gain the necessary support and recognition from the Government, ensuring consistent and sustained growth.”