Last day when I experienced the hurry burry, rush and all sorts of craps in one of the KFC outlet in Kerala to just have a lick on the broast piece, I understood why Indian Restaurant Congress declared that Indian food business is growing!!!!
The news came with some sort of excitement and extended joyfulness for my friend, who is a foodie.!!!My friend expects the news as signal for McDonald’s coming to Kerala (my friend is desperately waiting for McDonalds)!!!..let us keep that excitement to one side and focus on the new findings.
According to second Indian Restaurant Congress held in New Delhi, the Indian food business is growing healthier at a annual growth rate of 17% and is now worth Rs 75,000 crore. They expects the figure to reach Rs 1, 37,000 crore by 2015.
For many years, India has been a lucrative market for food marketers. It has been and still at the top in the list for people who wish to start up their own venture. As per the Congress, even though 70% of the food business is acquired by the unorganized players, the double digit growth shown by Restaurant chains is something promising for the sector to grow further (now you got why my friend is excited??!!).
The double digit growth in the organized sector is shown especially by the international hotel chain and fine dining outlets operated by Indian and private equity majors.
What is mainly driving the growth of the sector is the rising disposable income among the youth in India. Another good reason is the change in the lifestyle of the people and families becoming nuclear. The new trend among the families to come out and get the bite of their favorite dish has drawn in a business of $256mn last year and $43 million this year till date!!!
So what all does this means to consumers and food marketers?? For consumers, they are going to experience more delicious dishes. Well for marketers and investors, definitely its more business but I feel they have to pull their socks hard to meet higher customer expectations as consumer is available with many options to get quality food!!