National Restaurant Association of India Unveils Key Insights with India Food Services Report 2024

The National Restaurant Association of India (NRAI) has released the highly anticipated India Food Services Report 2024 (NRAI IFSR 2024), providing comprehensive insights into the food services sector across India. With a special focus on Mumbai, this report highlights the industry's growth trajectory, economic contributions, and emerging trends, positioning India as a global leader in food services.

Mumbai Food Services Industry Estimated at ? 55,181 Crores in Organised Sector

National Insights from NRAI IFSR 2024: Food Services Sector Growth: Expected to grow by 8.1% CAGR during 2024-2028; Organized sector to grow at 13.2%. Economic Contribution: Third largest industry in India, valued at ? 5.69 lakh crores, contributing 1.9% to GDP; projected to grow to ? 7.76 lakh crores by 2028. Tax Revenue: Contributing ? 33,809 crores in 2024, expected to reach ? 55,594 crores by 2028. Industry Comparison: 33.5 times the size of the Indian Film Industry, 2.18 times the Hotel Industry, and 1.26 times the Pharmaceuticals Industry. Employment: Second largest employer with 85.5 lakhs in 2024, projected to increase to 103.2 lakhs by 2028. Organised Sector Share: Expected to grow to 52.9% in 2028 from 43.8%; CDRs segment largest with 48% share. Global Position: India to become the 3rd largest food services market by 2028, overtaking Japan; 2nd fastest-growing globally after Brazil. GST Contribution: Contributes 1.4% to GST collection. Mumbai Highlights: Mumbai, July 11th, 2024: The National Restaurant Association of India (NRAI) unveiled the India Food Services Report 2024 (NRAI IFSR 2024) in New Delhi on July 9th. The report, along with a special booklet on Mumbai's food services sector, was launched in Mumbai by Mr. Bhushan Gagrani, IAS, Municipal Commissioner of Brihanmumbai Municipal Corporation (BMC). Present at the event were Ms. Rachel Goenka, Mumbai Chapter Head, NRAI, and Mr. Pranav Rungta, Vice President and National Committee Member, NRAI. The 5th edition of the NRAI India Food Services Report offers an in-depth analysis shared by industry stakeholders and consumer voices, delivering valuable insights into operational models, investment strategies, dining trends, and sustainability efforts. Ms. Rachel Goenka, Chapter Head, NRAI, and CEO of The Chocolate Spoon Company Pvt. Ltd., stated, "Mumbai today has the largest number of restaurants in the country. This trend is driven by increasing urbanization, evolving customer tastes, and significant improvements in the food tech space. Restaurants in Mumbai are becoming trendsetters by integrating state-of-the-art technologies like AI, robotics, and automation to optimize operations and improve efficiencies, elevating customer experiences across the board." According to the NRAI IFSR 2024, the organized sector of the Mumbai Food Services Industry is valued at ? 55,181 crores, making it the leader among the top 21 cities. Mumbai boasts 141,456 restaurants in the (Organized + Unorganized) Food Services sector, with Fine Dining and Casual Dining Restaurants being the preferred choices for eating out. Mr. Bhushan Gagrani, Municipal Commissioner of Mumbai, expressed his enthusiasm, "I extend my heartfelt congratulations to the NRAI and its dedicated members for their remarkable efforts. This report is not merely a compilation of statistics; it provides a visionary path for our thriving food service industry, vital to our nation’s economic growth and development. From maintaining high standards of hygiene and service to fostering innovation and sustainability, your contributions have been invaluable. Together, we look forward to a future filled with delicious possibilities, continued collaboration, and shared success." The food services industry has shown remarkable resilience and recovery following the pandemic. Consumers are increasingly investing in higher-quality and fine dining experiences, significantly influencing the industry. Social media platforms have profoundly shaped consumer demand. This report aims to be a credible source of information for all stakeholders, detailing the industry's size, segments, and growth opportunities. It will guide restaurant owners and operators in understanding key drivers of business growth, helping them to increase their revenues profitably. About NRAI: The National Restaurant Association of India (NRAI) is the voice of the Indian Restaurant Industry. Founded in 1982, it represents the interests of over 500,000 restaurants, an industry valued at ? 4.23 lakh crores. The association promotes and strengthens the Indian Food Service Sector. With a pan-India presence, it is governed by a committee of members, led by a President and Office Bearers, including over 30 restaurant CEOs/Owners from various national and international brands in the F&B sector. NRAI works closely with a network of State and City Chapters across the country.