“Indian food service sector size Rs 4 lakh crore, employs 7.3 million”
Riding on urbanisation, rising income levels and improved ...
Riding on urbanisation, rising income levels and improved investment climate, India’s food service sector has grown at 11 per cent in the last three years and is estimated at Rs 423,865 crore in 2018-19, proving employment to some 7.3 million people, a report released in May said.
Growing at 9 per cent, it is projected to reach Rs 599,784 crore by 2022-23, the National Restaurants Association of India (NRAI) said in its India Food Services Report 2019. “The growth is noticeable at the segment and format levels of the sector,” the report said, adding that the organised segment, which holds a 35 per cent share, grew 13 per cent in the last three years and is estimated at Rs 148,353 crore in 2018-19. It is estimated to grow at 15 per cent to Rs 257,907 crore in 2022-23.