Food service industry to reach Rs. 1.37 lakh crore mark by 2015

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SME Times News Bureau | 30 Aug, 2013
The growth of the Indian food service industry is broadly driven by the consumers and food service operators. The food market is currently estimated at Rs 75000 crore and is touted to reach Rs 1,37,000 crore in the year 2015, says the research at Indian Restaurant Congress held on 29-30 August.

Consumers actively seek quality from food operators and restaurants. Apart from demanding quick service, they are also keen on the health quotient and calorie intake of the food they eat. Assurance of good quality, prompt service and the wholesomeness of the food intake are therefore crucially responsible for the footfalls at outlets which promise all of this.

In his opening remarks, Gaurav Marya, Chairman, Franchise India, said, "The Indian restaurant business is growing at a rate above the world's average year-on-year growth, significantly increasing its share in the global pie. With seasoned representatives from the restaurant industry sharing vital insights about the sector, the Restaurant Congress 2013 has proved to be successful in driving growth by expanding across the business horizon of the Indian economy."

Anjan Chatterjee, Founder & MD, SpecialityGroup of Restaurants stated, "There is a huge demand in the market especially as people are travelling abroad; they are upwardly mobile, and in terms of food they are becoming more experimental, today every consumer loves to be pampered, so for every restaurateur it is important to maintain the Food Consistency Quotient."

"Opportunity lies in the middle of the pyramid, earlier it was daunting for us to initiate talks of Pizzas on Consumers' table as we had to change the consumer preferences from traditional Chappatis to pizzas in dinner. So for every restaurateur, it is very much imperative to establish any new concept in Indian market with Value for Money proposition to gain the initial pull. Value for Money strategy has changed the game for Mc Donalds and it has opened the floodgate of demand for Dominoz as well," said Ajay Kaul, Chief Executive, CEO, Jubilant FoodWorks Limited stated.

"However, every product should not be developed with the same strategy as it tends to lose the essence of the product. However, a discrete marketing strategy on pricing and product puts you on the zone of value for money aspect at one end and good product at the other," he added.